LONDON--(BUSINESS WIRE)--The global online home decor market size is poised to grow by USD 83.32 billion during 2020-2024, progressing at a CAGR of almost 13% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
The growth of the global real estate and commercial construction industry is one of the key factors driving the growth of the online home decor market. The other significant factor contributing to online home decor sales is the increasing number of renovation and modification projects. Factors such as the growing tech-savvy population, increasing internet penetration, and the growth of the organized online retail sector have encouraged residents to order home furnishing items online. Moreover, the availability of various online home decor vendors, with wide product offerings, is providing customers with a wide range of furniture and furnishings to choose from. As a result, the online home decor market growth should be substantial over the forecast period.
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Report Highlights:
- The major online home decor market growth came from the online home furniture segment. The increasing use of digital platforms such as Instagram, Facebook, and LinkedIn has augmented online sales of furniture. Moreover, the integration of AR/VR technologies has enhanced the online shopping experience for customers. Vendors are using these technologies to render a digital version of the customers’ homes, allowing them to view the suitability of various models of furniture virtually. As a result, customers can make appropriate shopping decisions. These factors will positively influence market growth.
- Europe was the largest market for online home decor in 2019, and the region will continue to offer maximum growth opportunities to market vendors during the forecast period. The expansion of the urban population, increasing the need for residential construction projects, which will contribute to the online home decor market growth in the region. Moreover, the growing organized online retail sector is contributing to the market growth in the region.
- The global online home decor market is fragmented. Bed Bath & Beyond Inc., Chairish Inc., Coyuchi Inc., Herman Miller Inc., Home24 SE, Inter IKEA Holding B.V., Lowe's Companies Inc., Pier 1 Imports Inc., Trendsutra Platform Services Pvt. Ltd., and Urban Ladder Home Décor Solutions Pvt. Ltd. are some of the major market participants. To help clients improve their market position, this online home decor market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global online home decor market 2020-2024 is expected to have Negative and Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
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Enhancement of Consumer Experience through Technological Advancements will be a Key Market Trend
The integration of various technologies such as AR/VR by vendors has helped customers in making smart purchase decisions. For instance, IKEA launched a VR application, which allows customers to virtually experience rooms equipped with its home decor and home furnishing products. The application also allows users to input dimensions of rooms and then select items from the company’s catalog before the final purchase. These factors will boost the market growth.
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Online Home Decor Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist online home decor market growth during the next five years
- Estimation of the online home decor market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the online home decor market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of online home decor market vendors
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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
- Preface
- Currency conversion rates for US$
PART 03: MARKET LANDSCAPE
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Value chain analysis
PART 04: MARKET SIZING
- Market definition
- Market size
- Market sizing 2019
- Market outlook
- Market size and forecast 2019-2024
PART 05: FIVE FORCES ANALYSIS
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
PART 06: MARKET SEGMENTATION BY PRODUCT
- Market segmentation by product
- Comparison by product
- Online home furniture - Market size and forecast 2019-2024
- Online home furnishings - Market size and forecast 2019-2024
- Other online home decorative products - Market size and forecast 2019-2024
- Market opportunity by product
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
- Geographic segmentation
- Geographic comparison
- Europe - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- APAC - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity
- PART 09: DECISION FRAMEWORK
- PART 10: DRIVERS AND CHALLENGES
- Market drivers
- Market challenges
PART 11: MARKET TRENDS
- Growing demand for eco-friendly home decor items
- Enhancement of consumer experience through technologies
- Increasing demand for contractual furniture
PART 12: VENDOR LANDSCAPE
- Overview
- Landscape disruption
- Competitive scenario
PART 13: VENDOR ANALYSIS
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Bed Bath & Beyond Inc.
- Chairish Inc.
- Coyuchi Inc.
- Herman Miller, Inc.
- Home24 SE
- Inter IKEA Holding B.V.
- Lowe's Companies Inc.
- Pier 1 Imports Inc.
- Trendsutra Platform Services Pvt. Ltd.
- Urban Ladder Home Décor Solutions Pvt. Ltd.
PART 14: APPENDIX
- Research methodology
- List of abbreviations
- Definition of market positioning of vendors
PART 15: EXPLORE TECHNAVIO
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