With the rising number of individuals owing homes, especially in developing countries, the home décor market is on a rise globally. In home décor, things like furniture, textiles and floor covering are used to enhance the living space. One factor responsible for the rapid increase in the home décor market is the expansion of the real estate industry. In addition, due to factors such as globalization, new kinds of designs and a variety of items for home decoration are available to people easily and this is encouraging the growth of this market.
To give a further fillip to the home décor market is the rise of the online retail segment. Due to the rise of the online retail, furniture and other items used for home décor are available at a discounted price and have become more affordable. Hence, a large number of people are accessing these online retail outlets to decorate their homes. Other factors that are encouraging the growth of this market are the rise in the disposable incomes and improving lifestyle of people. However, there are some restraints that are slowing the market growth of home décor products like the increasing price of raw materials like wood and leather.The global home decor market is slated to touch a value of nearly US$ 855,680 Mn in the year 2022 and grow at a robust CAGR during the assessment period.
4 Forecast Highlights on Global Home Decor Market
As per the forecast of Future Market Insights, the rugs segment is slated to touch a value of nearly US$ 155,460 Mn in the year 2022. This represents a robust CAGR growth during the assessment period of 2017-2022. The rugs segment is estimated to account for nearly one-fifth of the revenue share of the product type segment by the year 2017 end and is expected to gain in market share by the year 2022 end.
As per the forecast of Future Market Insights, the direct to consumer segment will reach a value of nearly US$ 127,733 Mn in the year 2017. This represents a robust CAGR growth during the forecast period. The direct to consumer segment is estimated to account for more than one-fifth of the revenue share of the distribution channel segment in the year 2017 end and is expected to lose market share by the end of the year 2022.
As per the forecast of Future Market Insights, the indoor segment is slated to reach a value of nearly US$ 560,205 Mn in 2022. The indoor segment is expected to lose some market value by the end of the year 2022. The largest share is contributed by the APEJ region in the indoor segment.
Future Market Insights forecasts the China home décor market to grow from US$ 79,955 Mn in 2017 to US$ 109,434 Mn in 2022. This represents a compound annual growth rate (CAGR) of 6.5% from 2017 to 2022.
The report has also profiled leading players in the global market for home decor, which will remain active through 2022. These include companies such as Samson Holding Ltd., Koninklijke Philips N.V., Springs Window Fashions LLC, The Oneida Group, Inc., Siemens AG, Suofeiya Home Collection Co., Ltd., Conair Corporation, Inter Ikea Systems B.V, Hanssem Co., Ltd. and Zepter International Inc.
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