Online Home Decor Market: Introduction
Transparency Market Research delivers key insights on the global online home decor market. In terms of revenue, the global online home decor market is estimated to expand at a CAGR of ~8% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in the global online home decor market report.
In this market report, TMR predicts the growing demand for home decor across the globe to have a noteworthy impact on the overall online home decor market. The advancements in product design and the introduction of multi-functional home furnishing products are anticipated to propel the sale of online home decor in the Europe region.
The growing popularity of interior decoration and rapid growth in residential construction activities are expected to propel the market during the forecast period. Furthermore, increasing trend of shopping through online platforms by customers using their smartphones is also influencing users to opt for online home decor products and bridging the gap, which is driving their demand. The boom in the e-Commerce industry has created huge opportunities for manufacturers and distributors operating in the online home decor market. Producers and suppliers of home decor products are focusing on selling their products on various e-Commerce websites across the globe to cater to a comprehensive range of customers across the world. Several home interior designers and retailers are entering the online space and offering newly designed home decor products. They are also providing attractive discounts, exchange offers, and instalment schemes to customers to direct their attention toward their exclusive range of products.
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In terms of product type, the online home decor market has been segmented into furniture, textiles, flooring, wall décor, lighting, and others. During the forecast period, the online home decor market is anticipated to be dominated by the furniture segment. Based on price category, the online home decor market has been categorized into mass and premium. The increasing demand for mass products by users is expected to drive the online home decor market in the next few years.
In terms of distribution channel, the online home decor market has been classified into e-Commerce websites and company-owned websites. The e-Commerce websites segment is anticipated to expand at a significant growth rate during the forecast period. Europe has seen a surge in the adoption of e-Commerce among consumers, which, in turn, has increased online sales of home décor products.
Online Home Decor Market: Prominent Regions
The Europe region led the online home decor market in 2019 and the region is expected to retain its dominance during the forecast period. Germany and the U.K are considered the major markets for online home decor in Europe. Apart from Europe, Asia Pacific also significantly contributes to the growth of the global online home decor market. Increasing disposable income of consumers and rising penetration of Internet-based devices providing access for online shopping are likely to fuel demand for online home decor products in Asia Pacific. In addition, rapid growth in the demand for home décor products in developing countries, such as China and India is influencing end users to opt for online shopping platforms to purchase home décor products. This is also a major factor driving the expansion of the online home decor market.