Portland,OR, Aug. 10, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research,the global home décor market generated $616.62billion in 2019, and is estimated to reach $838.63billion by 2027, registering a CAGR of 3.9% from 2020 to 2027.The report offers anextensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in consumer preferenceforeco-friendly products and rise in disposable income of consumers in developed as well as emerging nations drive the growth of the global home decor market.However,fluctuating price of raw materials restrain the market growth. Furthermore,change in lifestyle of the consumers and rise in demand for unique and trending furniture are expected to provide new growth opportunitiesfor the market playersin the near future.
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Covid-19 scenario:
- Home decor manufactrurers across the globe havehalted their production due to disrupted supply of raw materials such as wood and metals (steel and aluminum)with restrictions on logistic mobility amid the lockdown.
- The demand for home decor is expected to surge during the Covid-19 pandemic as large number of employees have been working from home and require office setups.
- During the Covid-19 pandemic,the buying behaviour of consumers has been changed and they now perfer buying the home decor products using e-commerce platforms instead of physicalstores.
The report offers a detailed segmentation of the global home decor market based onproduct type, distribution channel, price, income group, and region.
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Based on product type, the floor coverings segmentcontributed to the largest share in 2019, accounting formore than two-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. In addition, it is estimated to portray the highest CAGR of 4.0% during the forecast period.
Based on distribution channel, the speciality storessegmentaccounted for the largest share in 2019, holding more than two-fifthsof the total share, and is expected to maintain the largest share throughout the forecast period. However,the e-commerce segmentis expected to register the highest CAGR of 4.4% from 2020 to 2027.
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Based on region, Asia-Pacificcontributed the highest share, accounting fornearlyone-third of the total market sharein 2019, and will maintain its dominance throughout the forecast period.However,LAMEAisexpected to grow at the highest CAGR of 4.7% from 2020 to 2027.
Leading market players analyzed in the research include Forbo International SA, Inter IKEA Group,Mannington Mills, Inc.,Armstrong World Industries, Inc., Shaw Industries Group, Inc., Mohawk Industries Inc., Ashley Furniture Industries Ltd.,Herman Miller, Inc.,Duresta Upholstery Ltd, and Kimball International.
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