Home Decor Market

Introduction of the Global Home Decor Market Report

Home decor refers to a method through which internal or external space is made more functionally useful and attractive for its residents. This method is used for decorating an individual’s home with multiple designer elements, including the style of furniture, color, floor design, and others. Most of the time, it is done by interior designers or by a person who is interested in decorating the home.

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Increasing urbanization, changing lifestyle, rapid globalization, and the rising disposable income has bolstered the demand for home décor across developed and developing nations, fuelling the global Home Decor Market growth. For example, the urban population in 2020 was 481,980,332, which represents an increase of 2.32% increase from 2019.In addition, the expansion of real estate sector is a major factor driving the market growth. The market growth is also attributed to the inclination towards fancy items to decorate homes, primarily wooden flooring, furniture, and fixtures. With the growing environmental concern, the demand for sustainable home décor products has increased, supplementing the market growth. Further, as per the Home Decor Market analysis, the desire to renovate their houses after a particular time, rising penetration of e-commerce and smart devices, and easy access to payment options are projected to expand the market growth in the upcoming years. Additionally, rising social media has bolstered the sales of home décor products. Leading producers are expanding their presence through social media platforms to attract the customers towards new launches to make them purchase the products which is bolstering the market growth. However, the increasing prices of raw materials such as wood and leather is anticipated to impede the Home Decor Market Size.

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On the basis of product, the market is segmented into furniture, textile, flooring, and others. Among these, the furniture segment would lead the market during the forecast period. This is due to the increasing disposable income of individuals. Individuals prefer to have attractive furniture for their kitchen, bathroom, living room, and others. Furniture is used both for commercial and residential decoration, wherein shape and design enhance the look of the place, which is an important aspect in the furniture industry that influences the decision making of customers.

Based on the application, the market is segmented into indoor and outdoor. Among these, the indoor segment is projected to grow at a faster CAGR during the forecast period. This is attributed to the multiple high demands for comfortable and attractive products for places like the kitchen, bedroom, bathroom, living areas, and others. Moreover, the outdoor segment would observe a higher CAGR during 2020-2027 owing to the increasing need for comfort for areas like the garden or open spaces in the house.

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Based on region, North America would grow at a faster CAGR during the forecast period owing to the availability of a wide range of products and increasing penetration of online delivery of home décor products. On the other hand, the Asia-Pacific region is projected to grow at a higher CAGR during the forecast period. This is due to the rising urbanization, which has increased the need for construction activities in the region.

The key players operating in the market include IKEA Systems B.V., Kimball International, Inc., Herman Miller, Inc., Hanssem Corporation, HOME24, Koninklijke Philips N.V, Suofeiya Home Collection Co., Ltd., and Springs Window Fashions LLC, among others.

Key Developments:

• • In 2020, IKEA collaborated with Republic of Gamers (ROG) to initiate a new range of cost-effective gaming furniture and accessories to bring the gaming experience at home to a new level. The range includes nearly 30 products to be launched first in China in February 2021, and from October 2021, it will be available in other IKEA markets.
  • In 2020, IKEA Systems B.V partnered with Alibaba.com and opened a virtual store on Alibaba e-commerce platform named Tmall. With this partnership, IKEA Systems B.V is offering its products and home furnishing solutions through the e-commerce platform.
  • In 2019, Herman Miller Inc., acquired 33% additional equity interest in HAY for approximately USD 78 million. With this acquisition, Herman Miller Inc., accelerated profitable growth in the market.

The global home décor market has been segmented on the basis of product, application, distribution channel and region. Based on the product, the market is segmented into furniture, textile, flooring, and others. Based on the application, the market is segmented into indoor, and outdoor. Based on distribution channel, the market is segmented into Supermarkets & Hypermarkets, Specialty Stores, E-commerce, and Others.

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Key questions answered in this research report:

• • At what pace is global home decor market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in global home decor market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global home decor market?
  • Which product generated maximum revenues in 2019 and identify the most promising products during the forecast period?
  • What are the various applications of global home decor market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Home Decor Market by Product

• • Furniture
  • Textile
  • Flooring
  • Others

Global Home Decor Market by Application

• • Indoor
  • Outdoor

Global Home Decor Market by Distribution Channel

• • Supermarkets & Hypermarkets
  • Specialty Stores
  • E-commerce
  • Others

Global Home Decor Market by Region

• • North America Home Decor Market (Option 1: As a part of the free 25% customization)
    • By Product
    • By Application
    • By Distribution Channel
    • US Market All-Up
    • Canada Market All-Up
  • Europe Home Decor Market (Option 2: As a part of the free 25% customization)
    • By Product
    • By Application
    • By Distribution Channel
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Home Decor Market (Option 3: As a part of the free 25% customization)
    • By Product
    • By Application
    • By Distribution Channel
    • India Market All-Up
    • China Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Home Decor Market (Option 4: As a part of the free 25% customization)
    • By Product
    • By Application
    • By Distribution Channel
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Home Decor Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • IKEA Systems B.V.
  • Kimball International, Inc.
  • Herman Miller, Inc.
  • Hanssem Corporation
  • HOME24
  • Koninklijke Philips N.V
  • Suofeiya Home Collection Co., Ltd.
  • Springs Window Fashions LLC