Home Decor- Market Scope
Home decor is the practice of enhancing the interior of a home to create a visually appealing and comfortable environment. This involves the thoughtful selection and arrangement of furniture, color schemes, decorative items, and other elements to reflect personal style and establish a cohesive and inviting space.There are different styles of home décor, including furniture colours and styles, antiquities, sculptures, and others.The growing demand for furniture and fixtures positively impacts the market demand of the home décor market
According to AMA, the Global Home Decor- market is expected to see growth rate of 21.7%The home decor market is highly consolidated. by key vendors investing heavily in research and development activities to build innovative products. These advanced products capture huge attention from end users, which enhances the global market size. Research Analyst at AMA estimates that United States Vendors will contribute to the maximum growth of Global Home Decor- market throughout the predicted period.
Ashley Furniture (United States), Ikea USA (United States), American Textile Systems (United States), Acuity Brands Lighting Inc. (United States), Generation Lighting (United States), Mohawak Flooring (United States), Shaw Industries Group Inc. (United States), Mannington Mills Inc.(United States), Kimball International (United States) and Armstrong Flooring (United States) are some of the key players that are part of study coverage. Additionally, the Vendors which are also part of the research are Herman Miller Inc. (United States), Crane & Canopy Inc. (United States), Bed Bath & Beyond Inc. (New Jersey), Wayfair Inc.Pier 1 (United States) and Imports Inc.Craste & Barrel (California).
Segmentation Overview
The study have segmented the market of Global Home Decor- market by Type (Home Furniture, Rugs, Bath Textiles, Bed Textiles, Kitchen and Dining Textiles, Tiles, Wood & Laminate Flooring, Vinyl & Rubber Flooring, Lighting and Others), by Application (Indoor, Outdoor and Others) and Region with country level break-up.
On the basis of geography, the market of Home Decor- has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
Influencing Trend:
Focus on sustainable and hand-made home decor products and Rising Demand for Customized and high-quality decoration
Market Growth Drivers:
The growing income of consumers and the increased inclination of consumers toward interior designing and unique designer home imprudent products
Challenges:
Furniture industries and retailers are increasingly using social media and digital marketing for furniture product
Restraints:
Home Decor products are higher prices and The higher cost of Raw Materials
Opportunities:
Growing adoption of virtual reality home decor and online shopping and Growing e-Commerce sector and social media influence
Market Leaders and their Expansionary Development Strategies
In July 2023, Lighting and home décor company Elk Home last month acquired Norwell Lighting, a Massachusetts-based designer and distributor of interior and exterior residential lighting fixtures, expanding Elk’s product portfolio and enhancing its lighting offering with the addition of Norwell’s exterior and interior lighting designs, categories that have continued to expand for Elk. Norwell’s inventory has been relocated to Elk’s distribution center in Rabun Gap, Ga.
In September 2023, Artarium, a prominent home decor company, is gearing up to significantly increase its investment in Research and Development (R&D) and is poised to introduce a disruptive range of products by the close of 2023.
Key Target Audience
Manufacturing, Suppliers, Providers, Distributers and Others
About Approach
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from the total available market.