The Worldwide Wall Art Industry is Projected to Reach $34.7 Billion by 2031 - ResearchAndMarkets.com
The global wall art market was valued at $20.40 billion in 2021, and is projected to reach $34.77 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.
The "Wall Art Market By Type, By Price Point, By Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global wall art market was valued at $20.40 billion in 2021, and is projected to reach $34.77 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.
The application of wall decor is a practical and cost-effective technique to revitalize the room's interior. A rise in desire for individualized and personalized wall decor is what is fueling the wall art market's expansion. Its expansion is being fueled by the availability of high-end products in the market.
Directly influencing the expansion of the wall art market are the customer's financial capacity and newly built or renovated properties. Walls are being updated with frames and murals for a new look in homes and offices. The market for wall art is being boosted by the rise in demand from the residential and commercial sectors.
The rise in the level of living and the increased availability of high-end goods are two major reasons fueling the expansion of the wall art market. The rise in home remodeling is primarily attributable to improved lifestyles and greater disposable income. The popularity of the Internet and social media, as well as contemporary and trendy home decor items like wall decor, are driving up demand for house improvements.
Due to widespread acceptance and consumer preference for personalized goods, wall art is in greater demand. Major wall art dealers are diversifying their product offerings in response to the increasing and varied demand brought on by globalization. The rising level of life and the need for premium, innovative products that complement the design and aesthetics of homes will additionally fuel demand for wall art during the forecast period.
The impact of the COVID-19 outbreak was negative on the growth of the global wall art market. The trade restrictions and lockdown resulted into halting of production and manufacturing units. Conversely, the recovery of the wall art market is expected in near future.
The prospect for investing in interior design has been recognized by interior designers and design firms, who are attempting to establish trends that will encourage homeowners to do so. The tendency toward interior design and designer wall art is further increased by increased media penetration and awareness of the artistic talent of various locations. The interest in interior design is greatly raised by the rising number of working women and their increased involvement in domestic decision-making.
Key Benefits
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the wall art market analysis from 2021 to 2031 to identify the prevailing wall art market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the wall art market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global wall art market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Modern
- Abstract
- Others
By Price Point
- Premium
- Mass
By Sales Channel
- Auction Houses
- Specialty Stores
- E commerce
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- United Arab Emirates
- Brazil
- South Africa
- Nigeria
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Minted
- Art.com
- Z gallerie
- One kings lane
- Wayfair
- Etsy
- Society 6
- Saatchi art
- 1000 museums
- Paintru
- Artfinder
- Red bubble
For more information about this report visit https://www.researchandmarkets.com/r/nl1va0
View source version on businesswire.com: https://www.businesswire.com/news/home/20221206005889/en/