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The global home décor market size was valued at USD 697.91 billion in 2023. The market is expected to expand from USD 747.75 billion in 2024 to USD 1,097.51 billion by 2032, exhibiting a CAGR of 4.91% over the study period.
Decorative accents, such as scented candles, throw pillows, and artworks, lead to improvement in the aesthetics of the living spaces. The surging trend of decoration of outdoor living spaces and home gardening is set to bolster the market expansion.
Fortune Business Insights™ provides this information in its research report, titled “Home Décor Market, 2024-2032”.
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List of Key Players Mentioned in the Report:
1888 Mills, LLC. (U.S.)
Inter IKEA Systems B.V.(Netherlands)
Williams-Sonoma Inc. (U.S.)
Ashley Furniture Industries, LLC. (U.S.)
Idea Nuova (U.S.)
Ethan Allen Global, Inc. (U.S.)
American Textile Company (U.S.)
Ralph Lauren Corporation (U.S.)
Welspun Flooring (India)
Kimball International, Inc. (U.S.)
Herman Miller, Inc. (U.S.)
Steelcase, Inc. (U.S.)
Segmentation:
Technological Advancements in the Design of Floor Covering Products to Spur Segment Expansion
On the basis of product, the market is classified into floor covering, furniture & home furnishings, home textile, and others. The floor covering segment occupies the major home décor market share. The developments in technology in the material composition and design of floor covering products impact households to install floorings.
Discount Coupon Offerings Fosters Hypermarkets/Supermarkets Segment Growth
In terms of distribution channel, the market is divided into specialty stores, online channels, hypermarkets & supermarkets, and others. The hypermarkets & supermarkets segment holds the leading position in the market due to the consistent provision of discount coupons associated with décor products by these stores aids product demand.
On the regional front, the market for home décor is segregated into South America, the Middle East & Africa, North America, Europe, and Asia Pacific.
Report Coverage
The research report provides vital insights into the key factors affecting the market growth. In addition, it offers comprehensive coverage of the latest trends, dominating segments, and the impact of the COVID-19 pandemic on the market growth. Other aspects of the report include the strategic measures undertaken by prominent companies to stand out from the competition.
Drivers and Restraints:
Constant Smart Home Offerings to Accelerate Market Growth
The consistent expansion in offerings of smart home with speakers, aesthetic home appliances, and smart decorative lighting boosts product consumption growth rates in several nations across the globe. Furthermore, the home décor market growth is impelled by the surging trend of purchasing connected technology-based décor products equipped with home security, next-generation entertainment, and personalized health management.
However, the steep cost of premium-priced products may hamper the market growth.
Regional Insights:
Asia Pacific Due to Rising Number of Residential Infrastructural Facilities
Asia Pacific holds the largest home décor market share on the back of surging number of commercial and residential infrastructure facilities, which boost the demand for modern living room and kitchen furniture in Southeast Asia and China.
Europe’s market growth is driven by growing demand for sustainable products coupled with efforts of manufacturers toward the production of home décor products made using eco-friendly materials.
Competitive Landscape:
Top Companies Focus on Mergers and Acquisition Strategies to Create Their Product Portfolio
Market players are leveraging different strategic initiatives, such as joint ventures, capacity expansions, and product innovations, to keep ahead of their competition. Prominent companies launch newer stores to boost their retail footprint across the globe. Leading players in the home décor market are also emphasizing mergers & acquisition strategies to build their product portfolio.
Key Industry Development:
July 2021: Hellman & Friedman, a global private equity firm and At Home Group Inc., a living room interior items’ store collectively acquired At Home, a retail chain company to strengthen its market share in the U.S. furniture retailing industry.
Browse Detailed Research Report PDF: https://www.fortunebusinessinsights.com/home-decor-market-109906
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