Wall Art Market (Industry) Growing Demand, New Trends, Expansion Opportunities and Prospects

PORTLAND, OREGON, USA, September 20, 2022 /EINPresswire.com/ — Wall art market By Type (Modern, Abstract, Others), By Price Tier (Premium, Mass), By Sales Channel (Auction Hotels, Specialty Stores, E-Commerce, Others): Global Opportunity Analysis and Industry Forecast , 2021-2031 is a current report by Allied Market Research. According to the analysis, the global wall art market is projected to grow at a CAGR of 5.6% from 2022 to 2031, growing from approximately $20.40 billion in 2021 to $34.77 billion in 2031. The research provides in-depth analysis of changing industry trends, major market segments, significant investment areas, value chains, regional environments and competitive scenarios.

Request a free sample report @https://www.alliedmarketresearch.com/request-sample/17281

Opportunities, constraints and driving factors

The increase in decoration applications in spas, salons, restaurants and other establishments, the increase in preferences for the use of personalized decorative products and the growing demand for a specific design of decoration are some of the factors important and essential that, according to the CXOs of large companies, stimulate interest in giving an aesthetic look to homes and offices. However, the growing use of smartphones and internet portals, along with the prevalence of better sales channels, will also contribute significantly to the growth of the wall art market over the forecast period by creating vast opportunities .

This increase in the demand for wall art is a result of changing consumer tastes and preferences as well as their changing lifestyles. In affluent countries like the United States, Germany, United Kingdom and France, among others, the real estate market has also experienced a significant recovery in recent years, which is driving the demand for home decor items like wall art. GDP expansion in wealthy countries is another factor fueling the demand for wall art.

The abstract segment will dominate the global market in terms of revenue by 2031

Based on type, the abstract segment contributed the highest market share in 2021, accounting for nearly half of the global wall art market share. Reportedly, this segment is expected to make a major contribution to the overall market share by 2031. The growth can be attributed to young people’s attraction to abstract arts and painting. However, the modern segment is expected to register the fastest CAGR of almost 6.0% from 2022 to 2031. The growth of the segment can be attributed to the increase in the number of customers preferring modern paintings with contemporary aesthetic value.

Schedule a FREE consultation call with our analysts/industry experts to find a solution for your business @ https://www.alliedmarketresearch.com/connect-to-analyst/17281

The mass segment will hold the major market share from 2022 to 2031

Based on price, the mass segment contributed the highest market share in 2021, accounting for approximately three-fifths of the global wall art market share. Reportedly, this segment is expected to majorly contribute to an overall market share in 2031. The segmental growth over the forecast period can be attributed to an increase in preference for mass art products by consumers belonging to the middle income group population. However, the high-end segment is expected to register the highest CAGR of 6.1% over the forecast period. The segment’s growth over the forecast period can be attributed to an increase in customer spending on high-end wall art due to an increase in disposable income and improved lifestyles.

The specialty store segment will dominate the global market by 2031

In terms of sales channel, the specialty store segment contributed the highest market share in 2021, accounting for nearly half of the global wall art market share. Reportedly, this segment is expected to majorly contribute to an overall market share in 2031. The expansion of this segment over the forecast period is due to an increase in the sale of wall art products through specialty stores and a growing trend of customers physically examining products before making a purchase. However, the e-commerce segment is expected to register the fastest CAGR of almost 6.2% from 2022 to 2031. The segmental surge may be due to the predominant use of smartphones and mobile devices as well as changing buying habits of millennials. The report also includes other segments such as auction houses and others.

North America will maintain its dominance in the global market from 2022 to 2031

By region, North America notably contributed an overall market share in 2021 and is expected to continue to dominate during the forecast period. The region accounted for nearly two-fifths of the global wall art market in 2021. The market growth in the region over the forecast period can be attributed to massive consumer demand for home decor items manufactured by artisans, including sculptures, drawings and paintings in the United States. However, the Asia-Pacific region is expected to register the fastest CAGR of 7.1% from 2022 to 2031. The growth of the regional market over the forecast period can be attributed to the high expenditures by people in the region to maintain the attractiveness of their homes. In addition, consumers in the subcontinent buy fully furnished homes and need wall decoration products to decorate their homes. This has created a demand for wall art in the subcontinent, thereby driving the growth of the wall art market in the Asia-Pacific region. The report also analyzes other segments, including LAMEA and Europe.

For a purchase request @https://www.alliedmarketresearch.com/purchase-enquiry/17281

Main market players

Etsy, Inc.
Company 6
Saatchi art.com
1000 museums,.com
Paint
Art Discovery Society
Redbubble
School
Urban Outfitters, Inc.
Rifle Paper Co.
A path of kings
Great wall decor
Wayfair.com
Company Z Gallery
Art.com

The report analyzes these key players in the global wall art market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances and joint ventures to improve market penetration and strengthen their position in the industry. The report helps the target audience to determine the performance of the market, the performance of each segment, the development of the product portfolio in the market, and the contributions made by each player to the expansion of the market.

Related Report:-
Sustainable interior decoration market: https://www.alliedmarketresearch.com/sustainable-home-d%C3%A9cor-market-A16902
US Sanitary Ware Market: https://www.alliedmarketresearch.com/us-sanitary-ware-market
Demister Mirror Market: https://www.alliedmarketresearch.com/fogless-mirrors-market-A06031
Home decoration and accessories market in North America and Europe: https://www.alliedmarketresearch.com/north-america-and-europe-home-decor-and-accessories-market-A15880

David Correa
Allied Analytics LLP
800-792-5285
write to us here
Visit us on social media:
Facebook
Twitter
LinkedIn

Back To Top