Home decor consists of the decoration of a livable interior where layout and furnishings of a space are enhanced using ornamentation and beautification. Consumers are inclining towards renovation and redesigning homes with the help of home decor in order to make their homes more attractive and a better place. Global home decor market revenue is expected to expand at a significant CAGR over the forecast period. Rise in construction activities in various countries across the globe acting as one of the major factors for growth of the target market.
Global market report has been segmented on the basis of product, and region.
On the basis of product, the target market is segmented into home textile, floor covering and furniture. Furniture segment has witnessed an increasing adoption owing to the increased disposable income and influence of western culture, especially growing adoption of modular kitchen and lighting.
Based on region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in Asia Pacific is projected to account for highest share in terms of revenue over the forecast period, owing to growing building & construction activities, rising urbanization, changing consumer preferences and supportive government measures. Markets in China and India are expected to witness growing demand for construction activities, which will further contribute to revenue growth of the global market in next 10 years. Europe dominated the global online home decor market and held a significant market share due to increasing sale of premium-priced and customized home decor products in the U.K., France, Italy, and Germany as well as presence of major players like IKEA in the region will contribute to growth of this market in Europe in the coming period.
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According to CMTC manufacturing which is affiliated with the National Institute of Standards and Technology (NIST), the U.S. furniture market is expected to experience growth. The market registered around 4% increase in growth in 2016, placing its overall value at approximately US$ 110 Bn.
Key players operating in the global home decor market include Kimball International, Herman Miller, Ashley Furniture Industries, Inc., IKEA, Armstrong World Industries, Inc., Mannington Mills Inc., Mohawk Industries Inc., Shaw Industries, Herman Miller Inc., and Others.