The wall decor market to be worth US$ 58.2 billion in 2022 and US$ 70.9 billion by 2027. From 2013 to 2021, the market expanded at a CAGR of 3.5 percent. Nearly 1% of the whole home decor business is made up of the wall décor sector.
As indicated by a recent intelligence study published by Future Market Insights, the expanding tourism and hospitality sectors continue to play a pivotal role in boosting the consumption of wall décor products worldwide, especially in the commercial sector. Moreover, the evolving structure of interior designing and thereby the growing significance, catalyze the global sales of wall décor and related products.
The market is currently witnessing a thriving trend of introduction of specialty wall décor items that suit distinct consumer segments and demographics, which prompts at a high potential yet relatively untapped opportunity in the market – specifically targeting the premium consumer class. Material and technological innovations are also identified as the prime factors influencing the market performance of wall décor products, according to the report.
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Smaller Market Players to Focus on R&D and Competitive Pricing
Around 40% share of the competitive landscape belongs to organized players, a majority of which are the market players, according to the report.
Although developing regional markets are emerging as high potential territories for investors, the report indicates that a majority of organized players generate more than half of their revenue from markets other than developing regions.
An extensive analysis of competitive strategies adopted by leading competitors in the wall décor landscape reveals that low cost production strategy is likely to help smaller players attain improved market shares. These companies are also projected to emphasize investments in product and technology R&D.
On the other side, market leaders are adopting a shift to online sales for a stronger global footprint.
Acte Deco recently announced the launch of their new customized range of solutions for floor coverings. The company generates a major portion of the revenue from custom wall décor solutions for residential as well as commercial end-consumers.
Theme-based wall décor is another growing trend that companies are capitalizing on. Artissimo Designs Inc., one of the prominent companies operating in the global wall décor landscape, is currently focusing on strengthening strategic associations with leading entertainment studios, artists, commercial entities, professional sports leagues, and design publishers for exclusive wall décor design projects.
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Digital Printing Creates a Hub of Opportunities
Wall laminates and printed wall décor have been the bestselling wall décor products, pushing the sales especially in the industrial domain. Whereas, the retail sector continues to consider modern wall décor as a vital part of the customer satisfaction strategy.
The advent of digital printing technology is fueling a few rapidly growing trends in the wall décor landscape. Digital wall paper printing, frame works, and mirror works represent some of the top selling wall décor items in residential, commercial, hospitality, educational institutes, and high-end showrooms. Digitally printed custom murals and wall arts are likely to witness higher sales in the near future.
US-based AtmosFX, a leading digital decorating products and services provider, recently executed an expansion of its flagship digital decoration collections. The new collections include digital printing wall décor and other products specifically for the occasions of Thanksgiving and Christmas.
Europe Continues to Uplift Wall Décor Sales
Europe, the largest consumer market for wall décor products, currently holds around 20% share in the global market value. The region continues to dominate, prominently driven by wooden wall décor sales and persistent demand for mirror works. Expansion of Europe’s hospitality sector is likely to further push regional revenue growth in the wall décor landscape, according to the report. North America, APEJ, and MEA are the next key markets for investors in wall décor items.
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Across developing economies, consumers continue to demand high quality superior aesthetics and durability with wall décor products, at convenient maintenance and competitive cost. This remains a long-term challenge for manufacturers, technology innovators, distributors, and other stakeholders across the wall décor market supply chain. Companies are however taking efforts to adapt to evolving market trends, keeping the cost of their wall décor and related products relatively competitive.
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