Wall Art Market to Generate $34.77 Billion by 2031 | North America should grow by 5.0%. From 2022 to 2031

PORTLAND, OREGON, USA, August 17, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled “Wall art market“Wall Art Market size was valued at $20.40 Billion in 2021 and is projected to reach $34.77 Billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031 .

The wall art market is booming, attributed to rising disposable incomes, recovery in the real estate sector, rising rates of urbanization and rising levels of awareness. Increasing rates of urbanization lead to an increase in the creation of new households. The fact that more than half of the world’s population already lives in urban areas and that this percentage is expected to increase further in the coming years will have a positive impact on the wall art market. An additional significant driver of this market is the growing popularity of the online retail industry. Since the advent of online commerce, buying wall art has become easy, affordable and convenient.

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The growing demand for wall art from the construction industry to provide furnished and ready-to-live-in homes, increasing decorating applications in spas, salons, restaurants and other establishments, increasing preferences for the use of personalized decorative products and the growing demand for specific design of decoration are some of the important and essential factors which in the opinion of CXOs of large companies. On the other hand, the growing use of smartphones and internet portals, along with the presence of better sales channels, will help provide significant opportunities that will fuel the growth of the wall art market throughout the period of projection.

Another major driver of demand for wall art is the increase in consumer disposable income. High-paying customers rarely pay much attention to such purchases for their home. Changing tastes and preferences of customers along with changing lifestyles are contributing to this increase in demand for wall art. Moreover, the real estate market in developed countries such as the United States, Germany, the United Kingdom and France, among others, has seen a considerable increase in recent years, which is fueling the demand for style items. life like wall art. Another element driving the demand for wall art is GDP growth in developed countries.

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The global wall art market is segmented into type, price, sales channel and region. By type, the market is split into modern, abstract, and others. Among these, the abstract segment occupied the major part of the wall art market in 2021 and is expected to maintain its dominance during the forecast period. Modern art that does not represent real world images is called abstract art. Even though it features colors, lines and shapes, none of them are meant to resemble real objects or living beings. Abstract concepts and ideas have often impacted artworks. As a result, abstract wall art is in high demand among consumers.

According to the global wall art market estimation, North America held the largest market share in 2021 and is expected to continue to do so in the near future. Rising consumer spending on high-end home design and decorative items and rising living standards are driving the growth of the wall art market in North America. Sales in this area are further boosted by a well-developed retail infrastructure and celebrity brand endorsements. Additionally, the United States is expected to grow at the highest CAGR due to its rapidly developing infrastructure and changes in consumer behavior brought about by an increase in disposable income.

The COVID-19 outbreak has had a negative effect on the global wall art market. The disruption of the supply chain due to the pandemic, the shortage of raw materials and the restrictions on the transit of goods have had an effect on the wall art market. Additionally, delays and disruptions at national borders have made it difficult to export and supply wall art worldwide.

One of the reasons affecting wall art sales is the expansion of social media. The majority of Americans have acknowledged that they get more of their decorating ideas from publications, friends and family homes, TV stores, and more. Manufacturers are also increasing their social media presence in an effort to increase customer awareness of new product launches. and boost sales. Due to the increasing number of millennials and Generation X, effective marketing strategies are also very common in the country.

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Top players analyzed for global wall art industry are Etsy, Society 6, Saatchi art, 1000 Museums, Paintru, Artfinder, Redbubble, Schoolhouse, Urban Outfitters, Rifle Paperco, One Kings Lane, Big Wall Decor, Wayfair, Z Gallery and Art.com.

KEY FINDINGS OF THE STUDY

By type, the abstract segment was the largest revenue contributor in the market, with $9,798.2 million in 2021, and is expected to reach $16,480.3 million by 2031, growing at a CAGR of 5.5%. .

According to price, the mass segment was the largest contributor of market revenue, with $12,294.9 million in 2021, and is expected to reach $20,385.1 million by 2031, with a CAGR of 5 .4%.

According to sales channel, the specialty store segment was the largest contributor to market revenue, with $9,845.1 million in 2021, and is expected to reach $16,401.8 million by 2031, with a 5.4% CAGR.

Regionally, North America was the largest revenue contributor, accounting for $7,895.3 million in 2021, and is expected to reach $12,621.8 million by 2031, with a CAGR of 5, 0%.

David Correa
Allied Analytics LLP
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