Wall art market size reaches $34.77 billion by 2031, growing 5.6%

Allied Market Research recently released a report titled “Wall Art Market by Type (Modern, Abstract, Others), By Price Tier (Premium, Mass), By Sales Channel (Auction Hotels, Specialty Stores, e-commerce, others): Global Opportunities Analysis and Industry Forecast, 2021-2031.” According to the report, the global wall art industry was estimated at $20.40 billion in 2021 and is expected to reach $34.77 billion by 2031, growing at a CAGR of 5.6% 2022 to 2031. The report offers a detailed analysis of changing market trends. , major segments, major investment pockets, value chains, regional landscapes and competitive scenarios.

Drivers, constraints and opportunities

Rising disposable income, growing global population and booming real estate sector are driving the growth of the global wall art market. A massive increase in the number of households due to urbanization will drive the growth trends in the global market. The growing demand for modern and abstract wall art in the commercial and residential sectors is expected to create new growth opportunities for the global market. However, fluctuations in raw material costs may restrain the expansion of the global market.

Covid-19 scenario:

The COVID-19 pandemic has negatively impacted the growth of the global wall art market due to supply chain disruption, lack of availability of raw materials, and restrictions on transit of goods.
Delays at national borders have created barriers to exporting and supplying wall art across the world during the COVID-19 pandemic.
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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 the attraction of young people to abstract arts and paintings. 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.

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.

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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.

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Allied Market Research (AMR) is a full-service market research and business consulting division of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unparalleled quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market area.

This press release was published on openPR.

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