LONDON--(BUSINESS WIRE)--The global online home décor market is expected to post a CAGR of almost 13% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Increasing residential construction is one of the key factors driving the growth of the market. Developed countries such as the US and Canada are making significant investments in infrastructural development, which has increased the number of new residential construction projects in these countries. In addition, the growing number of renovation and modification projects and the rising focus on the development of infrastructure and real estate in developing countries such as China and India have increased the demand for furniture and furnishings. Also, factors such as the growth of e-commerce resulting from the increase in internet penetration and growth of the organized retail sector are encouraging the tech-savvy population to order home furnishing items online.
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As per Technavio, the enhancement of consumer experience through technologies will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2020-2024.
Global Online Home Décor Market: Enhancement of Consumer Experience Through Technologies
Vendors are integrating the latest technologies such as AR and VR to help customers choose the best home décor products for their homes. For instance, some vendors are introducing apps that let customers enter the dimensions of their rooms and virtually experience the space equipped with home décor and furnishing products. Hereafter, customers can order the items online with the help of mobile applications. Such technological advances are expected to boost the growth of the market during the forecast period.
“Growing demand for eco-friendly home décor items and the increasing demand for contractual furniture will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Online Home Décor Market: Segmentation Analysis
This market report segments the global online home décor market by geography (APAC, Europe, MEA, North America, and South America) and product (online home furniture, online home furnishings, and other online home decorative products).
The European region led the market in 2019, followed by North America, APAC, South America, and MEA respectively. During the forecast period, the European region is expected to maintain its dominance over the market. This is due to the growing number of residential construction activities in the region and the presence of an established e-commerce and m-commerce sector in the region.
Technavio’s sample reports are free of charge and contain multiple sections of the report, such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Geographic comparison
- Key leading countries
- Landscape disruption
- Competitive scenario
- Vendors covered
- Vendor classification
- Market positioning of vendors
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