WILMINGTON, DE / ACCESSWIRE / January 5, 2023 / Transparency Market Research Inc. - According to the online home decor industry research report by Transparency Market Research, the market was valued at USD$ 161.2 Bn in 2021 and is projected to increase at a CAGR of 7.2% during the forecast period 2022-2031. Leading players are focusing on expanding their customer base and launching new products to increase their online home decor market share.
Products for home decor are used to decorate and beautify a home's interior and exterior spaces. Home decor comes in a variety of themes depending on the season and current trends. Plants and flowers, key holders, wall cabinets, mirrors, magazine holders, clocks, candles and candle holders, personal note boards, couches, sofa coverings, cushion covers, and dining tables and chairs are examples of products used as home decor .
The COVID-19 pandemic significantly increased online sales of home decor. Furthermore, the rise in disposable income of people in developing countries has led to high spending on lifestyle products. Rapid urbanization has resulted in a considerable expansion of the building and construction industry. This is anticipated to boost online home decor industry demand throughout the forecast period.
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Online Home Decor Market: Growth Drivers
- The urban population is expanding rapidly in emerging economies including China, India, and Australia, leading to increased investment in residential buildings. The urban population is increasingly demanding imaginative panel artworks to improve the aesthetic appeal of their residences. This is projected to support the online home decor business growth.
- The building and construction industry was negatively affected during the COVID-19 pandemic. However, the industry is expected to return to normalcy due to government initiatives to help residential construction operations. Additionally, commercial spaces including businesses, universities, restaurants, and schools are keen on developing their interiors, which is anticipated to drive online home decor market value in the upcoming years.
Key Findings of Online Home Decor Market
- The furniture segment is expected to dominate in terms of value during the forecast period, according to online home decor market trends. Increase in spending on interior design and growth in disposable income has opened up new opportunities for the market.
- Rise in demand for bed linen and bath linen goods has created opportunities for the textiles segment. Thus, the segment is predicted to rise significantly between 2022 and 2031.
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Online Home Decor Market: Regional Perspective
The online home decor market report estimates that Europe will have the largest share of the global industry throughout the forecast period, followed by Asia Pacific and Latin America. Market revenue in Europe is being driven by an increase in sales of trendy, innovative, and multipurpose home decor products through online platforms and an increase in millennial demand for home furnishings. Vendors in the region are providing exclusive and affordable products to boost their revenues. These aspects may bring exponential growth for the online home decor market.
Online Home Decor Market: Competitive Insights
The online home decor market is fragmented with the presence of numerous small and large vendors. Large vendors holding sizable share are making significant investments in R&D for development of novel products. Manufacturers consider mergers and acquisitions and product portfolio expansion as crucial strategies.
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Leading players in this market include
- Home Depot
- Inter IKEA Systems B.V.
- Kimball International Inc.
- Ashley Home Stores, Ltd.
- Signify Holding
- Springs Window Fashions
- Pepperfry
- Herman Miller, Inc.
- Home 24 SE
- Lowe's Companies, Inc.
Furniture
Living Room
Dining Room
Bedroom
Kitchen
Others
Textiles
Bed Linen
Bath Linen
Kitchen Linen
Upholstery
Others
Flooring
Ceramic & Stone Tiles
Wood & Laminates
Vinyl Flooring
Carpets & Rugs
Others
Wall Decor
Wall Stickers
Clocks
Hanging
Frame Works
Metal Works
Shelves
Others
Lighting
Chandeliers
Lamps & Shades
Light Bulbs
Others
By Price Category
- Mass
- Premium
By Distribution Channel
- Company Websites
- E-commerce Websites
By Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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