Home Decor Market Expected To Reach $ 838.6 Billion By 2027 – Allied Market Research | IKEA Group, Forbo International SA, Armstrong World Industries, Inc., Mannington Mills – KSU
According to a new report released by Allied Market Research, titled “Home Decor Market by Product Type, Revenue Group, Price and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2020-2027,“The global interior design market was valued at $ 616.6 billion in 2019 and is expected to reach $ 838.6 billion by 2027, registering a CAGR of 3.9% from 2020 to 2027. In 2019, the Flooring segment accounted for a significant revenue share in the total global interior design market and is expected to grow at a CAGR of 4.0% throughout the forecast period. North America is one of the most important regions, which accounted for a significant share of the total market in 2019.
The global interior design market has witnessed significant growth over the years and is expected to grow at a steady rate during the forecast period. This is attributed to the fact that market players are focusing on the development of environmentally friendly products, due to increased environmental awareness.
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“The increase in urbanized population in emerging economies, coupled with increased spending on home decor products such as raw textiles and carpets, has contributed significantly to the growth of the global market. According to the analysis of the global interior design market, the flooring segment generated the highest revenue in 2019 and is expected to remain dominant throughout the forecast period. This is attributed to the increased demand for stylish flooring products among consumers. In addition, the increase in the popularity of interior design products, along with the increase in demand for various designs and customizations, is positively impacting the growth of the global interior design market. “
The flooring segment occupied the largest share of the overall interior design market in 2019 and is expected to maintain its leading position throughout the forecast period, owing to the wide adoption of flooring in scale. global. In addition, surging disposable income and improving living standards in emerging countries such as China and India, as well as rising consumer affinity for user-friendly home decor products are expected to boost demand. interior decoration products. However, the availability of low-quality and counterfeit products and fluctuations in the prices of the raw materials used to make these products limit the growth of the market. Conversely, the surge in demand for fashionable and unique furniture is expected to provide lucrative growth opportunities for the interior design industry.
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Major players featured in this report include Inter IKEA Group, 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 and Duresta Upholstery Ltd. These players are focusing on the development of ecological home decoration products in order to strengthen their presence in the market.
Main conclusions of the study
On the basis of product type, the furniture segment is expected to experience the fastest growth, registering a CAGR of 4.0% during the forecast period.
In 2019, by distribution channel, the specialty stores segment captured around half of the global market share.
In 2019, by price point, the mass segment held the highest share and is expected to grow at a CAGR of 3.6% during the forecast period.
The higher income group segment dominated the market in 2019, accounting for a significant home decor market share globally.
In 2019, China was the largest market in the Asia-Pacific region and is expected to grow at a significant CAGR throughout the forecast period.