The entire sales of wall décor are anticipated to reach a valuation of US$ 52 Bn in 2019, with a consistent revenue growth rate of slightly around 4% year over year. The global wall décor market has moderate growth prospects for the upcoming several years, mostly due to consumers’ shifting lifestyle preferences and rising wealth across developing economies.
According to recent intelligence analysis by Future Market Insights, the growing travel and hospitality industries continue to be crucial in driving up demand for wall décor goods globally, particularly in the commercial sector. Additionally, the expanding prominence of interior design and its changing organizational structure has boosted sales of wall décor and related goods globally.
The market is currently observing a booming trend of the introduction of specialist wall décor goods that cater to different consumer categories and demographics, prompting a high potential yet relatively unexplored opportunity in the market – specifically targeting the premium consumer class. The analysis identifies material and technology advances as the key elements affecting how well wall décor goods succeed on the market.
To solve the problems associated with material recycling and trash disposal, handcrafted, recycled, and sustainable wall décor is indicating a high potential trend in the market.
Smaller Market Players to Focus on R&D and Competitive Pricing
According to the survey, organized entities, the majority of which are market players, control around 40% of the competitive landscape.
Even though investing in developing regional markets is becoming increasingly popular, the survey shows that the bulk of organized players gets more than half of their income from markets outside of developing areas.
A thorough examination of the competitive tactics used by the top companies in the wall décor market suggests that a low-cost manufacturing strategy is likely to aid smaller businesses in increasing their market shares. These businesses are also anticipated to prioritize R&D spending on both products and technologies.
On the other hand, market leaders are switching to internet sales to expand their reach internationally.
The launch of Acte Deco’s new customizable line of floor covering options was recently announced. The majority of the company’s income comes from providing personalized wall décor options to end-users in the residential and commercial sectors.
Companies are leveraging the growing trend of theme-based wall decor. One of the well-known businesses in the world of wall decor, Artissimo Designs Inc., is right now concentrating on fortifying strategic partnerships with top entertainment studios, artists, businesses, professional sports leagues, and design publishers for exclusive wall décor design projects.
Digital Printing Creates a Hub of Opportunities
Best-selling wall décor items include wall laminates and printed wall art, which have boosted sales, particularly in the industrial sector. While modern wall decor is still regarded by the retail industry as a crucial component of its consumer happiness strategy.
The development of digital printing technology has sparked a few quickly expanding trends in the world of wall décor. Some of the most popular wall décor products in homes, businesses, hotels, schools, and high-end showrooms are digital wallpaper printing, frameworks, and mirror artwork. Shortly, it’s expected that sales of digitally produced custom murals and wall artwork will increase.
Leading provider of digital decoration goods and services based in the US, AtmosFX, just expanded its premier digital decoration collections. For the holidays of Thanksgiving and Christmas, the new collections provide wall décor with digital printing and other items.
Europe Continues to Uplift Wall Décor Sales
The largest consumer market for wall décor products, Europe, now accounts for about 20% of the total market value. The region’s continued dominance is mostly due to the selling of hardwood wall décor and enduring demand for mirror artwork. The analysis predicts that the rise of the European hotel industry will continue to drive regional sales growth in the wall décor industry. The following major wall décor markets for investors are North America, APEJ, and MEA.
Consumers continue to want high-quality wall décor goods with exceptional aesthetics and durability at competitive prices across developing nations. Manufacturers, technology developers, distributors, and other market participants face this ongoing difficulty throughout the supply chain for wall décor. However, businesses are attempting to adapt.