According to the market report published by Future Market Insights titled ‘Wall Décor Market: Global Industry Analysis (2013 – 2017) & Opportunity Assessment (2018 – 2027),’ the revenue generated from wall décor is estimated to be valued at over US$ 50,015.5 Mn in 2018, which is projected to increase at a CAGR of 4.0% during the forecast period (2018-2027).
The global wall décor market has been surging in terms of value sales over the past couple of decades, which can be attributed to growth in the demand for various wall décor products such as shelves, wall stickers, hangings, frame works, mirror works as well as the metal works. In the household sector, consumers are focused on increasing the attractiveness and comfort of their homes to promote positive vibes, for which wall décor plays an important role. Due to the availability of customized wall décor products and services, the wall décor market is poised to witness significant growth over the forecast period in terms of value sales.
Like the household sector, commercial sectors, such as the hospitality sector, offices & showrooms, restaurants and educational institutes, have boosted the demand for wall décor products. The sole reason for the high demand for wall décor from these sectors is that attractive wall décor helps in the promotion of their products and services in a much more effective manner, which provides a positive customer experience. It helps increase the customer base as well as boost the number of footfalls in these facilities.
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At present, consumers are looking to create unique interior decoration in their respective properties, and the manufacturers of wall décor and looking for new ways to keep their customer engaged through their products and services.
Over the forecast period, the digital printing of wall papers, frame works as well as mirror works is expected to be adopted by a large number of target sectors, which include households, the hospitality industry, showrooms, restaurants, educational institutions, etc. Digital printing is considered to be one of the most effective and easy ways to translate one’s creativity into reality. In case of custom murals, wallpapers or wall art, digital printing provides artistic as well as practical applications. Hence, digital printing is considered one of the most influential factors in the future as it effectively caters to the varying needs and requirements of customers, and this is expected to help drive the global demand for the wall décor market. For instance, AtmosFX, a digital decorating company, announced the expansion of its digital decoration collections with two new decorations on the occasion of Thanksgiving and Christmas.
Moreover, increasing population and growth in the adoption of e-commerce for selling products globally has led to a surge in the growth of B2C businesses in various domains. Over the few years, there has been a drastic change in consumer behaviour, and an increasing number of consumers are seeking products online and purchasing various products, such as FMCG products, clothes and others, through e-commerce. The global growth of online sales channels, along with increasing product portfolios through new product launches, is projected to boost the wall décor market. E-commerce platforms promote products and services as well as help target customers procure them with ease. Thus e-commerce is expected to be another influential component responsible for the growth of the global wall décor market over the forecast period. For instance, in September 2017, Wayfair launched Perigold, an online retailer of luxury home décor.
Sighting critical opportunities in the global wall décor market in terms of burgeoning demand for wall décor products and a simultaneous increase in the customer base, most of the major shareholding manufacturers are now planning to launch their own independent home décor divisions. For instance, iDealFurniture, one of the key business licensing firms, launched a new home décor division, i.e. KozyHome, in October 2018.
Wall Decor Market is Expected to Grow at a CAGR of 32.3% by the End of 2027 – Future Market Insights
