by Market Overview:
The global Online Home Décor Market is estimated to reach a valuation of US$ 171.0 Bn in 2023 and is expected to exhibit a steady CAGR of 7.0% during the forecast period of 2023-2030, as per the report published by Coherent Market Insights. Online home décor products offer a wide range of options to consumers to decorate and personalize their living spaces. They provide convenience, affordability, and easy accessibility for customers looking to enhance the aesthetics and functionality of their homes. The growing interest in home improvement, increasing disposable incomes, and the shift towards e-commerce platforms are driving the demand for online home décor products globally.
Market Key Trends:
Organic and Sustainable Home Décor Products:
One notable trend in the online home décor market is the increased demand for organic and sustainable products. Consumers are increasingly conscious about the environmental impact of their choices and are seeking products made from eco-friendly materials such as bamboo, reclaimed wood, organic textiles, and recyclable materials. This trend is driven by the growing awareness of sustainability and the desire to create environmentally-friendly homes. Manufacturers and retailers are responding to this trend by offering a wide variety of sustainable and eco-friendly home décor options, thereby driving the growth of the online home décor market.
Segment Analysis:
The online home décor market can be segmented based on product type, price range, and distribution channel. Among these segments, the dominant sub-segment is the furniture segment. The furniture segment holds the largest market share within the online home décor market due to its high demand and wide variety of products available. Online furniture shopping offers convenience, easy browsing, and customization options, which have attracted a large customer base. Furthermore, the increasing preference for unique and trendy furniture designs, along with the rising popularity of e-commerce platforms, has fueled the growth of the furniture segment in the online home décor market.
Key Takeaways:
The Global Online Home Décor Market Demand is expected to witness high growth, exhibiting a CAGR of 7.0% over the forecast period (2023-2030). This growth can be attributed to several factors. Firstly, the increasing penetration of smartphones and internet connectivity across the globe has led to the growing popularity of online shopping channels for home décor products. Consumers are increasingly opting for online platforms due to their convenience, variety, and competitive pricing.
Regionally, North America is the fastest-growing and dominating region in the online home décor market. Factors such as the high disposable income of consumers, the presence of established e-commerce players, and the rising demand for interior decoration products contribute to the growth of this region. Additionally, the growing trend of home renovation and improvement projects in North America further boosts the demand for online home décor products.
Key players operating in the online home décor market include Inter IKEA Systems B.V., Home Depot Product Authority, LLC, Kimball International, Inc., Herman Miller, Inc., Ashley Home Stores, Ltd., Home 24 SE, Lowe’s Companies, Inc., Signify Holding (Philips), Springs Window Fashions, and Pepperfry. These key players have a strong market presence and are actively engaged in strategic initiatives such as product launches, collaborations, and mergers & acquisitions to enhance their market position and expand their customer base.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
