LONDON--(BUSINESS WIRE)--Technavio analysts forecast the wall decor market in the US to grow at a CAGR of close to 9% during the forecast period, according to their latest market research report. The growth momentum of the market is expected to accelerate in the year-over-year growth.
The increasing trend for interior designing is one of the major trends being witnessed in the wall decor market in the US 2019-2023. The US economy has been strengthening over the last five years and this has raised consumer spending over the years. Consumer spending on home improvement, interior designing and décor products such as on designer wall décor has also increased. Also, online platforms play a major role in generating interest and motivating consumers to invest in interior designing. Thus, the increasing trend of interior designing propels the demand for wall decor in the US.
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According to Technavio analysts, one of the key factors contributing to the growth of the wall decor market in the US is the improved standard of living and increasing the introduction of premium products:
Wall decor market in the US: Improved standard of living increasing introduction of premium products
Home renovation has increased in the US, mostly led by an improved standard of living and rising disposable income. The demand for home renovation is further propelled by modern and designer home décor products that include wall décor items. Also, the demand for innovative products led by advances in technology in the consumer goods industry is high. To meet this growing and varying consumer demands, vendors widen their product portfolios continually. Thus, improved standard of living and demand for innovative and premium products that suit the interior and aesthetics of the home propel the demand for wall décor products in the US.
According to a senior analyst at Technavio, “The demand for digital and illuminated photo frames is quite high. This compels vendors to constantly invest in R&D and innovation to sustain in the market. 3D printing, CAD and nanography are some major innovations that help vendors to introduce innovative wall décor products.”
Wall décor market in the US: Segmentation analysis
The wall decor market in the US research report provides market segmentation by distribution channel (offline and online) and by-product (wall art, picture frames, wall clock, and other decorative accents). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Based on product segmentation, the wall art held the largest share of the market in 2018, accounting for close to 36% share. It was followed by picture frames, wall clock, and other decorative accents respectively. The dominance of the wall art can be attributed to the high price of the products owing to the creativity involved in manufacturing them and artists selling products at premium prices.
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- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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