Report Overview
The global home decor market size was valued at USD 663.1 billion in 2018. Rising demand for furniture and fixtures as well as 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 the 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.
he shifting trend of consumers towards urban lifestyle on account of the increasing rate of urbanization has fueled market growth. Change in lifestyle incurs proper setting of furniture and furnishings about premium products with excellent quality. According to the 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 are expected to supplement the growth of the home decor market.
Globalization has led to a wider market for consumers, which facilitates easier product availability with a variety of products across various distribution channels. Also, the 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 the renovation of their house after a certain 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 has 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 levels to purchase. Moreover, increasing the cost of raw materials associated with products such as wood and leather is also responsible for hampering the growth of the market.
Product Insights
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. Besides, the influence of western culture plays an important role in increasing the adoption of modular kitchen and wardrobes.
Shifting trends towards the 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 pinewood as an alternative, have gained traction in the market. Moreover, the 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. The application of these products has increased in the market increasing inclination towards hygiene and safety as well as maintenance of a homely environment. Moreover, increasing the adoption of oversized beds and mattresses as a result of western culture influence is expected to supplement the growth of the segment.
Segments Covered in the Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For this study, Grand View Research has segmented the global home decor market report based on product, application, and region:
- Product Outlook (Revenue, USD Billion, 2015 – 2025)
- Furniture
- Textile
- Flooring
- Others
- Application Outlook (Revenue, USD Billion, 2015 – 2025)
- Indoor
- Outdoor
- Regional Outlook (Revenue, USD Billion, 2015 – 2025)
- North America
- The U.S.
- Europe
- Germany
- U.K.
- Asia Pacific
- China
- India
- Middle East & Africa (MEA)
- South Africa
- Central & South America
- Brazil
- North America
