Wall Decoration Market 2022 | 2027 Current and Future Industry Scope | Paragon Décor Inc., PTM Images, Artissimo Designs, Green Front Furniture, Surya Inc., Neiman Marcus, Kohl’s Illinois Inc.,
In 2019, global wall decor sales are expected to reach a valuation of US$52 billion, representing a steady revenue increase of just under 4% year-over-year. The Global wall decoration market is expected to increase moderately over the next few years, primarily due to changing consumer lifestyle preferences and growing prosperity in developing economies.
|Estimated size of the wall decoration market 2022||$58.2 billion|
|Projected Wall Decor (2028) Market Size||US$70.9 billion|
|CAGR Value (2022-2027)||4%|
|Share of top wall decoration market players in 2021.||15%-20%|
According to a recent intelligence report published by Future Market Insights, booming tourism and hospitality industries continue to play a key role in the consumption of wall decoration products globally, especially in the commercial sector. In addition, the changing structure of interior design, and hence its increasing importance, propels the global sales of wall decor and related products.
The market is currently witnessing a thriving trend of introducing specialty wall décor items that suit distinct consumer segments and demographics, which opens up a high-potential yet relatively untapped opportunity in the market – specifically targeting the high-end consumer class. According to the report, material and technological innovations are also identified as the major factors influencing the performance of the wall decoration products market.
Handmade, recycled and sustainable wall decorations indicate a trend with great potential in the market that has been developed with the aim of solving the problems associated with recycling materials and disposing of waste.
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Small market players need to focus on R&D and competitive pricing
According to the report, approximately 40% of the competitive landscape belongs to organized players, the majority of which are market players.
Although developing regional markets emerge as territories with high potential for investors, the report indicates that a majority of organized players derive more than half of their revenues from markets outside developing regions.
An in-depth analysis of the competitive strategies adopted by leading competitors in the wall decoration landscape reveals that a low-cost production strategy is likely to help small players to achieve better market shares. These companies should also emphasize investments in research and development of products and technologies.
On the other hand, market leaders are adopting a shift towards online sales for a stronger global footprint.
Acte Deco recently announced the launch of its new line of custom flooring solutions. The company generates a large portion of its revenue from custom wall decor solutions for residential and commercial end consumers.
Themed wall decor is another growing trend that businesses are capitalizing on. Artissimo Designs Inc., one of the leading companies operating in the global wall décor landscape, is currently focused on building strategic partnerships with major entertainment studios, artists, business entities, professional sports leagues and design publishers to exclusive wall decoration design projects.
Digital printing creates a hub of opportunity
Wall laminates and printed wall decorations were the top-selling wall decoration products, driving sales especially in the industrial field. As the retail industry continues to see modern wall decor as an essential part of customer satisfaction strategy.
The advent of digital printing technology is fueling a few fast-growing trends in the wall decor landscape. Digitally printed wallpaper, picture frames and mirrors represent some of the top selling wall decor items in high end residences, businesses, hotels, educational institutions and showrooms. Digitally printed custom murals and wall arts are expected to see an increase in sales in the near future.
US company AtmosFX, a leading provider of digital decoration products and services, recently completed an expansion of its flagship digital decoration collections. New collections include digitally printed wall hangings and other products specially designed for Thanksgiving and Christmas occasions.
The source of information:
Europe continues to increase sales of wall decorations
Europe, the largest consumer market for wall decoration products, currently holds around 20% of the global market value. The region continues to dominate, mainly driven by sales of wooden wall decorations and continued demand for mirrors. According to the report, the expansion of the hospitality sector in Europe is likely to further drive regional revenue growth in the wall decoration landscape. North America, APEJ and MEA are the next key markets for wall décor investors.
In developing economies, consumers continue to demand superior aesthetics and durability from high quality wall decor products, convenient maintenance and competitive cost. This remains a long-term challenge for manufacturers, technology innovators, distributors, and other supply chain stakeholders of the wall decoration market. Companies are, however, making efforts to adapt to changing market trends, keeping the cost of their wall decor and related products relatively competitive.
About Future Market Insights (IMF)
Future Market Insights (FMI) is a leading provider of market information and advisory services, serving clients in over 150 countries. FMI is headquartered in Dubai and has delivery centers in the UK, USA and India. FMI’s latest market research reports and industry analysis help businesses meet challenges and make critical decisions with confidence and clarity amidst fierce competition. Our custom and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of analysts led by FMI experts continuously monitor emerging trends and events across a wide range of industries to ensure our clients are prepared for the changing needs of their consumers.
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