The global wall art market 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 application of wall décor is a practical and cost-effective technique to revitalize the room's interior. A rise in desire for individualized and personalized wall decor is what is fueling the wall art market's expansion. Its expansion is being fueled by the availability of high-end products in the market. Directly influencing the expansion of the wall art market are the customer's financial capacity and newly built or renovated properties. Walls are being updated with frames and murals for a new look in homes and offices. The market for wall art is being boosted by the rise in demand from the residential and commercial sectors.
The rise in the level of living and the increased availability of high-end goods are two major reasons fueling the expansion of the wall art market. The rise in home remodeling is primarily attributable to improved lifestyles and greater disposable income. The popularity of the Internet and social media, as well as contemporary and trendy home decor items like wall decor, are driving up demand for house improvements. Due to widespread acceptance and consumer preference for personalized goods, wall art is in greater demand. Major wall art dealers are diversifying their product offerings in response to the increasing and varied demand brought on by globalization. The rising level of life and the need for premium, innovative products that complement the design and aesthetics of homes will additionally fuel demand for wall art during the forecast period.
The wall art market is analyzed on the basis of type, price point, sales channel, and region. By type, the market is divided into modern, abstract, and others. By price point, it is classified into premium and mass. By sales channel, the market is divided into auction houses, specialty stores, e-commerce, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (United Arab Emirates, Brazil, South Africa, Nigeria, Saudi Arabia, and rest of LAMEA).
The impact of the COVID-19 outbreak was negative on the growth of the global wall art market. The trade restrictions and lockdown resulted into halting of production and manufacturing units. Conversely, the recovery of the wall art market is expected in near future.
The prospect for investing in interior design has been recognized by interior designers and design firms, who are attempting to establish trends that will encourage homeowners to do so. The tendency toward interior design and designer wall art is further increased by increased media penetration and awareness of the artistic talent of various locations. The interest in interior design is greatly raised by the rising number of working women and their increased involvement in domestic decision-making.
The major players operating in the global wall art market are Etsy, Society 6, Saatchi art, 1000 Museums, Paintru, Artfinder, Redbubble, Schoolhouse, Urban Outfitters, Rifle Paperco, One Kings Lane, Big Wall Decor, Wayfair, Z Gallerie, and Art.com.
The rise in the level of living and the increased availability of high-end goods are two major reasons fueling the expansion of the wall art market. The rise in home remodeling is primarily attributable to improved lifestyles and greater disposable income. The popularity of the Internet and social media, as well as contemporary and trendy home decor items like wall decor, are driving up demand for house improvements. Due to widespread acceptance and consumer preference for personalized goods, wall art is in greater demand. Major wall art dealers are diversifying their product offerings in response to the increasing and varied demand brought on by globalization. The rising level of life and the need for premium, innovative products that complement the design and aesthetics of homes will additionally fuel demand for wall art during the forecast period.
The wall art market is analyzed on the basis of type, price point, sales channel, and region. By type, the market is divided into modern, abstract, and others. By price point, it is classified into premium and mass. By sales channel, the market is divided into auction houses, specialty stores, e-commerce, and others. Region wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, the UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and rest of Asia-Pacific), and LAMEA (United Arab Emirates, Brazil, South Africa, Nigeria, Saudi Arabia, and rest of LAMEA).
The impact of the COVID-19 outbreak was negative on the growth of the global wall art market. The trade restrictions and lockdown resulted into halting of production and manufacturing units. Conversely, the recovery of the wall art market is expected in near future.
The prospect for investing in interior design has been recognized by interior designers and design firms, who are attempting to establish trends that will encourage homeowners to do so. The tendency toward interior design and designer wall art is further increased by increased media penetration and awareness of the artistic talent of various locations. The interest in interior design is greatly raised by the rising number of working women and their increased involvement in domestic decision-making.
The major players operating in the global wall art market are Etsy, Society 6, Saatchi art, 1000 Museums, Paintru, Artfinder, Redbubble, Schoolhouse, Urban Outfitters, Rifle Paperco, One Kings Lane, Big Wall Decor, Wayfair, Z Gallerie, and Art.com.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the wall art market analysis from 2021 to 2031 to identify the prevailing wall art market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the wall art market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global wall art market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Modern
- Abstract
- Others
By Price Point
- Premium
- Mass
By Sales Channel
- Auction Houses
- Specialty Stores
- E commerce
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- United Arab Emirates
- Brazil
- South Africa
- Nigeria
- Saudi Arabia
- Rest of LAMEA
Key Market Players
- Minted
- Art.com
- Z gallerie
- One kings lane
- Wayfair
- Etsy
- Society 6
- Saatchi art
- 1000 museums
- Paintru
- Artfinder
- Red bubble
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: WALL ART MARKET, BY TYPE
CHAPTER 5: WALL ART MARKET, BY PRICE POINT
CHAPTER 6: WALL ART MARKET, BY SALES CHANNEL
CHAPTER 7: WALL ART MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Wall Art Market," the wall art market size was valued at $20.40 billion in 2021, and is estimated to reach $34.77 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.In terms of revenue, the abstract segment contributed significantly to the overall global wall art market in 2021 and is predicted to expand at a CAGR of 5.5% over the course of the forecast period. One of the key areas, North America, represented a sizable portion of the global market in 2021. Over the years, there has been tremendous expansion in the wall art market, and these wall art market trends is anticipated to continue steadily during the projected period.
The market will expand due to the home decor sector's quick development and expansion in developing economies. Since manufacturers are concentrating on creating innovative wall paintings and drawings, the wall art market demand for abstract and modern wall art from the residential and commercial sectors is rising. This is projected to have an impact on the wall art market growth over the course of the forecast period. One of the factors propelling the wall art market's growth over the forecast period is the movement of people from rural to urban areas, where they are embracing the modern lifestyle. But the market's expansion is being constrained by shifting raw material prices.
The global wall art market is segmented into type, price point, sales channel, and region. By type, the market is divided into modern, abstract, and others. Among these, the abstract segment occupied the major wall art market share of the market in 2021, and is projected to maintain its dominance during the forecast period. Modern art that does not depict imagery from the real world is called abstract art. Even though it features color, lines, and shapes, neither of them is intended to resemble actual objects or live beings. The abstract concepts and ideas frequently had an impact on the works of art. As a result, abstract wall art is greatly demanded by consumers.
According to the estimate for the global market for wall art, North America held the largest share of the market in 2021 and is expected to keep doing so in the near future. The increase in consumer spending on high-end home design and décor items and the rise in living standards are driving the growth of wall art market in North America region. Sales in this area are further boosted by a well-developed retail infrastructure and celebrity brand endorsements. Additionally, the U.S. is anticipated to expand at the greatest CAGR because of its fast-developing infrastructure and alterations in consumer behavior brought on by an increase in disposable income.
The COVID-19 epidemic had an adverse effect on the global market for wall art. The pandemic's disruption of the supply chain, shortage of raw material availability, and restrictions on the transit of commodities had an effect on the market for wall art. Additionally, delays and disruptions at national borders have made it difficult to export and supply wall art around the globe.
One of the reasons affecting the sales of wall art is the expanding social media. The majority of Americans have acknowledged that they get more of their decorating ideas from publications, the houses of their friends and family, television shops, etc. The manufacturers are also increasing their social media presence in an effort to increase customer awareness of new product introductions and drive sales. Due to the growing numbers of millennials and generation X, the effective marketing strategies are also very common in the nation.
The major 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 Gallerie, and Art.com.
Key Findings of the Study
- By type, the abstract segment was the highest revenue contributor to the market, with $9,798.2 million in 2021, and is estimated to reach $16,480.3 million by 2031, with a CAGR of 5.5%.
- Depending on price point, the mass segment was the highest revenue contributor to the market, with $12,294.9 million in 2021, and is estimated to reach $20,385.1 million by 2031, with a CAGR of 5.4%.
- As per sales channel, the specialty stores segment was the highest revenue contributor to the market, with $9,845.1 million in 2021, and is estimated to reach $16,401.8 million by 2031, with a CAGR of 5.4%.
- Region wise, North America was the highest revenue contributor, accounting for $7,895.3 million in 2021, and is estimated to reach $12,621.8 million by 2031, with a CAGR of 5.0%.
Companies Mentioned
- Minted
- Art.Com
- Z Gallerie
- One Kings Lane
- Wayfair
- Etsy
- Society 6
- Saatchi Art
- 1000 Museums
- Paintru
- Artfinder
- Red Bubble
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 280 |
| Published | July 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 20.4 billion |
| Forecasted Market Value ( USD | $ 34.77 billion |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 12 |
