According to a new report published by Allied Market Research titled, “Home Decor Market – Global Opportunity Analysis and Industry Forecast, 2014 – 2020“, the home decor market is estimated to garner $664.0 billion by 2020, registering a CAGR of 4.2% during the forecast period (2015 – 2020). Home decor products have generated substantial demand among consumers owing to the growing consumers interest towards the concept of home decor. Asia-Pacific is the leading market, occupying around 31% of the market share followed by Europe.

The market players are focusing on developing eco-friendly products since popularity of these products is growing among consumers, owing to rising environment awareness. Among the three key product segments; home textiles, floor coverings and furniture, floor covering segment occupied the largest share in the overall home decor market in 2014. The segment is expected to maintain its leading position throughout the forecast period, owing to the wide adoption of floor coverings in different geographical markets. In 2014, Asia-Pacific occupied the highest market share in floor covering segment. Rapid urbanization, increasing disposable income and growing/booming real estate sector in the region, are main driving forces for the growth of home decor market in the region.

The three product segments are further bifurcated into sub categories based on their type. In 2014, floor covering segment was dominated by carpets & rugs, followed by tiles. North America held the largest share in vinyl & rubber flooring segment and is expected to maintain its share during 2015-2020, owing to stringent government regulations restricting the use of hazardous floor covering materials. Additionally, low maintenance, high durability and comparatively lower price than other flooring materials, are other factors that have driven the high demand of vinyl and rubber flooring in North America.

Geographically, APAC is the leading market for home decor products. In emerging markets such as India, China and Brazil, the residential real estate industry has witnessed a considerable growth in the recent past, thereby fostering favorable environment for the home decor market in the region. Additionally, high urbanization rate, increasing disposable income and improving life style are other important factors spurring the market growth in the region.

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Growing consumer interest towards home decor:

Number of homeowners has increased significantly in the recent years, especially in emerging economies, thereby spurring a growing interest, among these owners. Additionally, home décor products have gained a high acceptance among home owners who want to renovate the home interior and exteriors. The impact of this factor would increase during the forecast period, thereby consequentially fostering the demand of home décor products, during the forecast period. Real estate industry has witnessed significant market growth worldwide, owing to the increasing disposable income.

Growth in real estate industry:

Real estate industry has experienced growth in the last few decades in residential as well as commercial sector. Booming real estate industry is driving the growth of the home décor market. Increasing growth rate of new constructions, especially in developing Asian countries would influence the market by 2020.

Increasing rate of urbanization:

Increasing urban population is one of the strong impacting factors affecting the home decor market. Urban culture influences an individuals’ living style. Presently, most of the world population lives in rural areas.   According to the data released by United Nations, near about 54% of the world’s population were living in urban areas in 2014, and more of rural population is expected to shift to urban areas during the forecast period. The impact of this factor would increase during the forecast period, thereby consequentially fostering the demand of home décor products in the near future.

Increasing cost of raw material:

Cost and availability of raw materials play a vital role in home decor market. Raw materials such as metal, wood, plastic, glass, leathers, rattan, fabrics and stone are used for manufacturing furniture. For floor covering, manufacturing tiles, wood & laminate, vinyl & rubber, carpet & rugs and others (linoleum, cork, bamboo, concrete), are essential raw materials. Cost of raw materials has increased significantly in the past few years. However, by 2020, it is expected that the cost of raw materials such as plastic and glass, would decrease owing to advancements in production technology of these raw materials Thereby, these factors would create a favorable environment for home decor market in future.

Value chain analysis

Value chain of the home decor market comprises various stakeholders, such as raw materials and components suppliers, manufacturers or furniture integrators and distribution channel. Each of these stakeholders share a specific value at their point of operation, which, in turn, contributes to the competitive value of the product. Materials, design, style and furnishing of the home décor products enhance the value associated with the end deliverable by each players.

Key Findings of Home Decor Market:

  • The global market for home decor product, is expected to grow owing to the growth in real estate industry and increasing urbanization in developing countries during the forecast period (2015-2020)
  • Floor covering segment would continue to maintain its growth trend during the forecast period
  • Asia-Pacific was the largest market for home decor products in 2014, owing to the high growth in real estate sector and increasing urban population in the region

Home Decor Market Key Segments:

The world home decor market is segmented as:

Market by Product

  • Furniture
    • Kitchen
    • Living & bedroom
    • Bathroom
    • Outdoor
    • Lighting
  • Textiles
    • Rugs
    • Bath Textiles
    • Bed Textiles
    • Kitchen and Dining Textiles
    • Living room Textiles
  • Floor coverings
    • Tiles
    • Wood & Laminate
    • Vinyl & Rubber
    • Carpet & Rugs
    • Others (Linoleum, Cork, Bamboo, Concrete)

Market by Geography

  • North America
  • Europe
  • Asia-Pacific
  • LAMEA

Global home decor market comprises players such as Inter IKEA Group, Forbo International SA, Armstrong World Industries, Inc., Mannington Mills Inc., Mohawk Industries Inc., Shaw Industries, Herman Miller Inc., Ashley Furniture Industries, Inc., Kimball International and Duresta Upholstery Ltd. The leading players are acquiring smaller players to widen their customer base. Leading players are consistently introducing new products with a wide range of design and style in order to increase their market share. Besides this, many furniture manufacturers are partnering with interior designers to create and offer a wide range of customized furniture.

Order World Home Decor Market – Opportunities and Forecasts, 2014 – 2020 Research Report @ http://www.marketintelreports.com/purchase.php?id=allied0097.

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