Rising urbanization of the population in emerging economies coupled with rising spending on home decor products such as rough textiles and carpets are contributing significantly to the growth of the global market. However, availability of low quality and counterfeit products and fluctuating prices of raw materials used in the manufacturing of these products are restraining the market growth. Conversely, surge in demand for trendy and unique furniture is expected to provide lucrative growth opportunities for the DIY home decor industry.
According to a new report titled “DIY Home Decoration Market” published by Allied Market Research, the DIY home decoration market is estimated to be valued at $240.64 billion in 2021 and reach $372.06 billion by 2031, growing at a CAGR of 4.7%. The flooring segment accounts for a significant revenue of the DIY home decoration market share in the overall global interior decoration market, and is anticipated to grow at a CAGR of 4.0% throughout the forecast period. North America is one of the prominent regions, accounting for a significant share of the overall 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 can be attributed to the fact that market players are focusing on developing environmentally friendly products due to rising environmental awareness. The flooring segment accounted for the largest share in the overall DIY interior decoration market in 2019 and is expected to maintain its leading position throughout the forecast period due to wide adoption of flooring across the globe. In addition, demand for interior products is expected to increase due to rapidly increasing disposable income, improving living standards, and growing affinity for consumer-friendly interior products in emerging countries such as China and India. However, availability of low-quality counterfeit products and fluctuations in prices of raw materials used in manufacturing these products are restraining the growth of the DIY home decoration market. On the contrary, surge in demand for trendy and unique furniture is expected to provide lucrative growth DIY home decoration market opportunities for players
This report segments the DIY Home Decoration market on the basis of product type, income group, price range, distribution channel, and region. Based on product type, the market is segmented into furniture, home textiles, and flooring. By income bracket, it is divided into lower middle income, upper middle income, and high income. By price, it is divided into mass and premium. Depending on the distribution channel, they are classified into supermarkets, hypermarkets, specialty stores, e-commerce, etc. Regionally, research spans North America, Europe, Asia-Pacific, and LAMEA.
Increasing urbanized population in emerging economies, coupled with increasing spending on upholstery products such as rough fabrics and carpets, is contributing significantly to the growth of the global DIY upholstery market trend. According to the global DIY interior decoration market analysis, the flooring segment generated the highest revenue in 2019 and is expected to continue to dominate throughout the forecast period.
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This can be attributed to the growing demand for stylish flooring products among consumers. Additionally, the growing popularity of home décor products and the growing demand for various designs and customizations are positively impacting the growth of the global DIY home décor market.
In 2021, flooring was the most prominent segment accounting for the largest share in the global market. This can be attributed to the rise in home decor trends and standard lifestyles. However, the e-commerce segment is expected to witness the highest growth due to the rising penetration of the internet and online shopping.
According to DIY home decoration market forecasts, Asia Pacific accounted for the largest share of the global market in 2021 and this trend is expected to continue in the near future. This can be attributed to the rapid increase in consumer spending on luxury home decor products and rising standards of living. Additionally, a well-developed retail structure and celebrity brand endorsements are helping to boost sales in the region. Additionally, China is expected to grow at the highest CAGR due to rapid infrastructure development and changes in people's purchasing behavior due to rising disposable income.
Key companies profiled in the DIY home décor industry include Inter IKEA Group, Forbo International SA, Armstrong World Industries, Inc., Mannington Mills, Inc., Mohawk Industries Inc., Shaw Industries Group, Inc., 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., Williams-Sonoma, Inc. These companies are focusing on developing eco-friendly home décor products to strengthen their foothold in the market.
Main findings of the study
Based on product type, the flooring segment is the highest contributor to the global DIY interior decor market demand in 2021, and is projected to grow at a CAGR of 3.9%.
Based on income groups, the lower-middle income segment is expected to grow at the highest CAGR of 5.5% from 2022 to 2031.
Regionally, the DIY home decoration market size in Asia Pacific is expected to grow at a CAGR of 4.8% from 2022 to 2031.
Based on price band, the mass segment is expected to grow at a CAGR of 4.0% from 2022 to 2031.
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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides unmatched high-quality “Market Research Reports” and “Business Intelligence Solutions” to global enterprises and small and medium-sized businesses. AMR has a targeted focus of providing business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.
Pawan CEO of Allied Market Research leads the organization towards delivering high quality data and insights. We have professional corporate relationships with various companies, which helps us generate accurate research data tables and unearth market data that helps in confirming the highest accuracy of market forecasts. All data presented in the reports we publish are extracted through primary interviews with top executives from leading companies in the sector. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with knowledgeable industry experts and analysts.
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