LONDON--(BUSINESS WIRE)--The wall decor market in US is expected to grow by USD 8.19 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Enhanced lifestyles and better disposable incomes are increasing home renovation activities in the US. In addition, the high penetration of the internet and social media has increased the awareness of various décor trends among consumers. The market is also witnessing a surge in the demand for handicraft wall products from other countries such as India. To meet such growing demands, vendors are increasing their R&D efforts to introduce innovative and premium products that suit the interior and aesthetics of the home. This is one of the key factors driving the growth of the wall decor market in the US.
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As per Technavio, the increased demand for personalized and customized wall décor will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Wall Decor Market: Increased Demand for Personalized and Customized Wall Décor
Consumers in the US tend to spend more on personalized products. The growing trend of personalization in the country is encouraging many retailers to offer personalized services on a wide range of products. For instance, Amazon’s exclusive customization service in the wall décor space known as Amazon Prints allows customers to customize their products based on their preferences. Similarly, retailers such as Walmart and Inter IKEA Systems are also offering personalized wall décor items at both macro and micro levels. This trend is expected to boost the growth of the wall décor market in the US during the forecast period.
“Increasing demand for interior designing and the rising online demand for home décor products will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Wall Decor Market: Segmentation Analysis
This market research report segments the wall decor market in US by product (wall art, picture frames, wall clock, and other decorative accents) and distribution channel (offline and online).
The wall art segment led the wall decor market in 2019, followed by picture frames, wall clock, and other decorative accents. During the forecast period, the wall art segment is expected to register the highest incremental growth due to an increase in the sales of smartphones, tablets, and personal digital assistants (PDAs).
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:
- Wall art
- Picture frames
- Wall clock
- Other decorative accents
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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