Portland, Oregon, Blog Article, Elizabeth G. Yokel, May 24, 2016: Allied Market Research published the "World Home Decor Market-Opportunities and Forecasts, 2014-2020", which suggests that the world home decor market is estimated to garner $664.0 billion by 2020, registering a CAGR of 4.2% during the forecast period. Home décor products have generated substantial demand among consumers; attributed to the growing consumer's interest towards the concept of home décor. Asia-Pacific is the leading market, occupying approximately 31% of the market share followed by Europe.
Suppliers are focusing on developing eco-friendly products largely because popularity of the products is growing among consumers, attributed to rising awareness of the environment. Of the three key product segments; home textiles, floor coverings and furniture, the floor covering segment occupied the largest share in the overall home decor market in 2014, which is expected to maintain its leading position throughout the forecast period, attributed 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 décor 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.
In developed countries such as the U.S. and U.K, eco-friendly home décor products have generated a high demand attributed to the increased environmental awareness. Multifunctional furniture is popular among the consumers in developing countries. Online buying of home décor products is gaining popularity, worldwide. Globally, consumers are more inclined towards buying stylish and luxury home décor products.
Geographically, APAC is the leading market for home décor 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 a favorable environment for the home décor market in the region. Additionally; the high urbanization rate, increasing disposable income and improving life style, are other important factors spurring the market growth in the region.
Key findings include that the world market for home decor products is expected to grow (due to growth in the real estate industry and the increasing urbanization in developing countries), that the floor covering segment would continue its growth trend and that the Asia-Pacific was the largest market for home décor products in 2014 (due to growth in the real estate sector and increasing urban population in the region).
World 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.
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