Global Home Decor Market Size, Industry Trends Report, 2019-2025 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Home Decor Market


The global home decor market size was valued at USD 663.1 billion in 2018. Rising demand for furniture and fixtures as well upholstery products will boost the product demand in the market. The product demand is fueled by consumer preferences for fancy items to decorate in homes, particularly wooden flooring and furniture. Furthermore, inclination towards adoption of eco-friendly products that put less stress on the environment has increased the demand for creative home décor products manufactured with different raw materials, thereby fueling the demand for home décor products over the forecast period.
Shifting trend of consumers towards urban lifestyle on account of increasing rate of urbanization has fueled the market growth. Change in lifestyle incurs proper setting of furniture and furnishings pertaining to premium products with excellent quality. According to United Nations, 55.0% of the global population is residing in urban areas in 2018. Therefore, this increasing rate will pose a positive effect on the demand for home décor products in the forecast period. Furthermore, expansion and development in the real estate sector is expected to supplement the growth of the home decor market.
 
Globalization has led to a wider market for consumers, which facilitate easier product availability with a variety of products across various distribution channels. In addition, growth of the interior designing industry has paved the way for fancy and premium home décor products that provide a ravishing experience for the visitors. These fancy and premium products help in providing a spiritual and aesthetic pleasure, which also adds to the sophistication of consumers living in the house. Growing consumer preference for renovation of their house after a certain time period boosts the availability of different home décor products such as wooden or marble flooring, decorative lighting, and eco-friendly furniture.
Furthermore, increasing penetration of e-commerce and smart devices like mobile phones and tablets with easy payment and distribution options has increased the adoption of online home décor products as a medium of shopping. Easy access to products as well as wider availability have also fueled the market growth with different home décor products. However, these products are often available at costlier prices, which makes it difficult for consumers across all income level to purchase. Moreover, increasing cost of raw materials associated with the products such as wood and leather is also responsible for hampering the growth of the market.

Market Segmentation, Outlook & Viewpoint: Global Home Decor Market


Product Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

Furniture

Textile

Flooring

Others


Application Market Segmentation & Outlook (Revenue, USD Billion, 2014 - 2025)

Indoor

Outdoor


Key Players, Recent Developments & Regional Insights: Global Home Decor Market


Furniture was the largest product segment in 2018, accounting for 51.1% share of the overall revenue. Increasing preference for wooden furniture on account of premium quality and looks has fueled the segment growth. In addition, influence of the western culture plays an important role in increasing adoption of modular kitchen and wardrobes.
Shifting trend towards adoption of eco-friendly products has increased the application of the product in different locations of the house such as bedroom, bathroom, outdoor, and indoor. Various raw materials used in the manufacturing of furniture such as metal, plastic, glass, and leather, in combination with pine wood as an alternative, have gained traction in the market. Moreover, increasing popularity of multifunctional furniture owing to its greater convenience is boosting the growth of furniture in the market.
Textile is expected to register a revenue-based CAGR of 7.2% from 2019 to 2025. Home textile products include products such as bed linen, curtains, kitchen linen, bathroom linen, floor covering, and upholstery. Application of these products has increased in the market increasing inclination towards hygiene and safety as well as maintenance of homely environment. Moreover, increasing adoption of oversized beds and mattresses as a result of western culture influence is expected to supplement the growth of the segment.
Application Insights
The indoor application segment accounted for the largest share of 92.6% in 2018. Indoor application pertains to indoor living space such as bedroom, living room, bathroom, kitchen, and other covered areas inside a house. Shifting trend towards creative and innovative furnishing as well as furniture has influenced the consumers to invest in these products. Increasing preference for compact products in the house has driven the market of foldable furniture, which provides ease of storage and convenience.
For instance, in February 2019, Inter IKEA Systems B.V. have launched space saving shelves under its IVAR storage system product line. The product is manufactured particularly for small space dwellers. Increasing usage of upholstery in various applications also pose a great potential in the indoor home décor market. While, increasing adoption of western culture lifestyle has largely influenced consumers to buy luxury products, particularly for bathroom and bedroom. Whereas, increased experiments with different types of lightings decorating the living room space have gained greater demand in the market.
 
The outdoor application segment is projected to expand at a CAGR of 7.6% from 2019 to 2025 owing to increasing influence of western culture lifestyle. Increasing preference for outdoor seating of residential homes is driving the segment. Consumer inclination towards open space seating with fresh air and floral surroundings that provide a feel of close to nature and growing preference for such surroundings among majority of the urban consumers are the key driving factors.
Rise in urban population has helped increase the popularity of outdoor home décor. These urban consumers in order to relish their outdoor experience are largely investing in outdoor décor products such as furniture for outdoor seating, wooden or grassy floorings, and decorative lightings.

Regional Insights
North America was the largest regional market in 2018, accounting for 37.7% share of global revenue. The growth of the market is attributed to wider product accessibility, along with increased penetration of online as well as offline channels of home décor. The region with a large number of market players witnesses the highest penetration of different décor products such as furniture, lighting, decorative flooring, and usage of textiles. Moreover, U.S. dominates the global outdoor furniture market due to rising willingness of consumers to spend on home décor products.
Asia Pacific is likely to witness significant growth in the market on account of shifting population to the urban areas. The region is witnessing robust growth of the real estate sector implying the construction of new houses and buildings. Therefore, new construction derives new and innovative décor products available in the market. Growth of the interior design industry in developing countries such as Indonesia, China, and India has surged the demand for home décor products. Moreover, rising inclination towards eco-friendly products have increased the trend of waste material application to derive a fashionable look. This, in turn, has increased the creativity factor in manufacturing home décor products.
Home Decor Market Share Insights
Key manufacturers in the industry include Inter IKEA Systems B.V.; Kimball International Inc.; Herman Miller, Inc.; home24; Hanssem Corporation; Koninklijke Philips N.V.; Conair Corporation; Suofeiya Home Collection Co., Ltd.; Springs Window Fashions LLC; and Siemens AG. The leading players in the market are stressing on product innovation as a result of new product development, which helps them gain a greater market share on a global level. The new product launches in the market help keep the interest alive of the consumers on account of increasing preference for supreme and luxury lifestyle in majority of the regions.

Key Insights Covered: Global Home Decor Market
1.  North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Home Decor industry.
2. Global major manufacturers' operating situation (sales, revenue, growth rate and gross margin) of Home Decor industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Home Decor industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Home Decor industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Home Decor industry.

Research Methodology: Global Home Decor Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
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