DIY Home Decor Market New Opportunities and Expansion Factors |  Forbo International SA, Herman Miller Inc

DIY Home Decor Market New Opportunities and Expansion Factors | Forbo International SA, Herman Miller Inc

DIY Home Decor Market – Amr

The rising rate of urbanization in emerging nations and increased spending on home décor items, such as rough textiles and carpets.

PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, or 97220U, US, Sep 27, 2022 / EINPresswire.com/ – Rising urban populations in emerging economies coupled with increased spending on home décor products such as coarse textiles and rugs have contributed significantly in the growth of the global market. However, the availability of low-quality fakes and fluctuations in the prices of raw materials used in the manufacture of these products restrict the growth of the market. On the contrary, the increase in the demand for modern and unique furniture is expected to provide profitable growth opportunities for the DIY home decor industry.

According to a new report published by Allied Market Research, “DIY Home Décor Market,” the handmade home décor market was valued at $240.64 billion in 2021 and is estimated to reach $372.06 billion by 2031, at a compound annual growth rate of 4.7%. From 2022 to 2031. Floor covering segment captured significant revenue from DIY home decor market share in the total global home decor market and is expected to grow at a CAGR of 4.0% throughout the forecast period. North America is one of the prominent regions, which captured a large share of the total market in 2019.

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The global DIY home decor market has witnessed significant growth over the years and is expected to grow at a steady pace during the forecast period. This is due to the fact that market players are focusing on developing environmentally friendly products, due to the increased awareness of the environment. The floor covering segment occupied the largest share in the overall home décor market in 2019 and is expected to maintain its leading position throughout the forecast period, due to the wide adoption of floor coverings globally. In addition, the increase in disposable income and improvement in living standards in emerging countries like China and India along with increased consumer affinity towards consumer friendly home decor products is expected to increase the demand for home decor products. However, the availability of low-quality imitations and fluctuations in the prices of raw materials used to manufacture these products are restricting the growth of the DIY home decor market. On the contrary, the increase in the demand for modern and unique furniture is expected to provide profitable growth opportunities in the DIY home decor market for players

The report segments the DIY Home Decoration market on the basis of product type, income group, price point, distribution channel, and region. On the basis of product type, the market is segmented into furniture, home textile, and floor coverings. By income category, it is broken down into lower middle income, higher middle income, and higher income. By price point, it is divided into mass and premium. Depending on the channel of distribution, it is separated into supermarkets, hypermarkets, specialty stores, e-commerce and others. In terms of region, it is studied across North America, Europe, Asia Pacific and Llama.

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Rising urban population in emerging economies along with increased spending on home decor products such as rough textiles and carpets has contributed significantly to the growth of global home decor market trends. According to the global DIY home decor market analysis, the floor covering segment generated the highest revenue in 2019 and is expected to remain dominant throughout the forecast period.

This is due to the high demand for stylish flooring products among consumers. Additionally, the increasing popularity of home decor products along with the increasing demand for various designs and customizations are positively impacting the growth of the global home decor market.

In 2021, floor coverings were the most prominent segments that captured the largest share in the global market. This can be attributed to the rise of the home decoration trend as well as the standard lifestyle. However, the e-commerce sector is expected to witness the highest growth, due to the increased penetration of the Internet and online shopping.

Depending on the DIY home decor market forecast, the Asia Pacific region captured the maximum share in the global market in 2021, and this trend is expected to continue in the near future. This is attributed to increased consumer spending on luxury home décor products and improving the standard of living. Moreover, the developed retail structure and endorsement of famous brands helps increase sales in this region. Moreover, China is expected to grow at the highest compound annual growth rate, due to the rapid improvement of infrastructure and changes in the purchasing behavior of people due to the increase in disposable income.

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The major players identified in the DIY home décor industry include Inter IKEA Group, Forbo International SA, Armstrong World Industries, Inc. and Mannington Mills, Inc. and Mohawk Industries Inc. and Shaw Industries Group, Inc. and Herman Miller, Inc. Ashley Furniture Industries Ltd. , Kimball International, Overstock.com, Inc. , Target Corporation, Walmart Inc. Wayfair Inc. , Williams-Sonoma, Inc. Duresta Upholstery Ltd., Overstock.com, Inc. , Target Corporation, Walmart Inc. Wayfair Inc. and Williams-Sonoma, Inc. These two players focus on developing eco-friendly home décor products to strengthen their foothold in the market.

The main results of the study

Depending on product type, the floor covering segment was the largest contributor to global home decor demand in 2021 and is expected to grow at a compound annual growth rate of 3.9%.
Depending on the income group, the lower middle income segment is expected to grow at the highest compound annual growth rate of 5.5% from 2022 to 2031.
Based on the region, the home decor market size in the Asia Pacific region is expected to grow at a CAGR of 4.8% from 2022 to 2031.
Based on the price point, the cluster segment is expected to grow at a CAGR of 4.0% from 2022 to 2031

Source: – https://www.dailyreportsworld.com

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