NEW YORK, USA, March 7, 2024 (GLOBE NEWSWIRE) — Upholstery furniture and fabrics are used in a variety of settings, including spas, offices, clean rooms, restaurants, campgrounds, outdoor spaces, libraries, and retail stores. used in Furniture, home textiles and flooring are just a few examples of products used for interior decoration. Depending on the intended use, furniture designs can be modified using machine-based and hand-made techniques. Currently, the expansion of the global interior decoration market is driven by the real estate sector. Furthermore, the increase in the number of small homes has encouraged the use of products with high storage capacity and improved the aesthetics of homes.
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Rising consumer interest in home decor drives global market
According to Straits Research, “The global interior decoration market revenue in 2021 was valued at USD 665,917.5 million. It is projected to reach USD 939,637.2 million by 2030 and during the forecast period (2022-2030) will grow at a CAGR of 3.9%.” In recent years, consumer interest in home decor has increased significantly around the world. Research shows that U.S. consumers are now focused on home improvement. The real estate market has grown significantly in developing countries such as China and India. Customers in these countries are willing to spend money on home furnishings, textiles, and flooring, which is driving the growth of the global market.
Increased disposable income and improved lifestyles create huge opportunities
Around the world, people have more money at their disposal. According to the Office for National Statistics, Gross Disposable Household Income (GDHI) per capita is increasing across the United Kingdom (ONS). Additionally, people's disposable income has increased in North America and Asia Pacific. Therefore, increasing disposable income of individuals is expected to drive market expansion. Furthermore, the rapid increase in construction activity and the affluent lifestyles of customers, as well as the evolution of furniture, textiles and flooring into important elements of modern life, are driving demand for these products. Rising trend of spending on home décor items by customers is anticipated to create lucrative opportunities to expand the global market as these products enhance the visual appeal of homes.
regional analysis
Asia Pacific home decoration market share It is expected to grow at a CAGR of 3.2% during the forecast period. Rising disposable income and rapid urbanization of Asian countries such as India, China, and Vietnam are driving the expansion of the Asia-Pacific market. China currently holds the top position in furniture sales in the Asia-Pacific region due to its growing middle class and local real estate industry. Changes in people's lives in Asia are impacting consumer purchasing trends. Additionally, the real estate market in the region is growing, driving market growth. Improving lifestyles, increasing disposable income, and increasing number of home renovation projects are key factors driving market expansion.
Europe is expected to grow at a CAGR of 3.8% during the forecast period. In Europe, residential applications account for the majority of interior decoration applications, followed by the commercial sector. Spain currently dominates the world's interior decoration products in terms of income due to the increasing use of items in residential applications. Government regulations also require hospital furniture to be specially created and manufactured. Additionally, adaptable furniture is in great need due to the lack of space in this region.
The United States dominates the global market for upholstery products due to high domestic demand. Large manufacturers will seek to recapture the North American market by introducing cutting-edge manufacturing and marketing techniques, offering faster delivery times, more specific product offerings, and higher quality artistry. In the United States, it is illegal to sell flooring products that contain hazardous substances. Due to increasing environmental awareness, consumer trends towards eco-friendly products are increasing the demand for eco-friendly organic home decor in North America as well. In countries like the United States, strict government regulations are putting pressure on manufacturers to produce environmentally friendly upholstery products.
Main highlights
- Based on product type, the global interior decoration market is bifurcated into home textiles, flooring, and furniture. The flooring segment contributes the most to the market and is expected to grow at a CAGR of 4.1% during the forecast period.
- Based on distribution channel, the global upholstery market is divided into supermarkets and hypermarkets, specialty stores, e-commerce, etc. The specialty stores segment occupied the highest market share and is expected to grow at a CAGR of 3.7% during the forecast period.
- The global home decor market is divided into premium market and mass market based on price. The mass segment contributes the most to the market and is expected to grow at a CAGR of 3.7% during the forecast period.
- Based on income group, the global interior decoration market is divided into lower middle income group, upper middle income group, and high income group. Higher income is contributing the most to the market and is expected to grow at a CAGR of 3.9% during the forecast period.
- Asia Pacific is the largest shareholder in the global interior decoration market and is expected to grow at a CAGR of 3.2% during the forecast period.
competitive player
The major players in the global interior decoration market are: Inter Ikea Systems BV, Forbo International Sa, Armstrong World Industries, Inc, Mannington Mills Inc, Mohawk Industries Inc, Shaw Industries Group, Inc, Herman Miller Inc, Ashley Furniture Industries Ltd, Kimball International, Duresta Upholstery Ltd.
market news
- In July 2022, Armstrong World Industries, Inc., a leading innovator in the commercial construction industry, and Price Industries, Inc. announced a partnership focused on accelerating the development of comprehensive solutions to promote healthy indoor spaces. announced the expansion of
- In September 2022, IKEA plans to release the OBEGRÄNSAD collection in collaboration with Swedish House Mafia in the fall of 2022.
Global Interior Decoration Market: Segmentation
By product type
- home textiles
- floor rug
- furniture
By distribution channel
- supermarkets and hypermarkets
- specialty shop
- e-commerce
- others
By price
By income bracket
- low middle income group
- upper middle income group
- high income
By region
- North America
- Europe
- Asia Pacific
- Ramea
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