What will be the Future of Wall Art Industry?
The global wall art market size is expected to gain traction owing to the thriving growth of museums in various countries during the forecast period. The increased demand for customized décor, availability of high-end items, financial capability of customers, newly constructed properties, have a direct impact on the growth of the wall art business. Walls are being renovated with beautiful murals and frames to change the look of offices and homes. The rising demand for products from the commercial and residential sectors is expected to drive the market.
Supply Chain Disruption to Hamper Growth
Covid-19 has hampered the market because of government restrictions, and demand for consumer and retail goods has declined due to the pandemic. Movement of goods reduced due to disruption in the supply chain. However, as people have started to spend more time at home, the majority of them decided to remodel their homes, resulting in increased market revenue.
By type, the market is segmented into modern, traditional, and abstract. On the basis of material use, the market is segregated into wood, metal, canvas, and others. On the basis of end-use, the market is fragmented into household, and commercial. Finally, by geography, the market is divided into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Increasing Presence of Online Retailing to Stimulate Growth
The global wall art market is expected to grow due to increasing presence of social media during the projected period. The rapid expansion of internet, technological improvements, availability of 4G and 5G internet connections, have enticed manufacturers to sell their products online. This offers them access to a larger customer base. Furthermore, the beginning of various e-commerce organizations in recent years, manufacturers have participated in aggressive marketing and promotional activities, such as offering enticing discounts to attract the customers.
Increasing Residential Construction to Promote Growth in North America
North America is expected to hold the largest global wall art market share during the forecast period. The increasing construction of new homes, art fairs in the region, and consumption of home decoration are major factors driving the market.
Asia Pacific is anticipated to hold a significant position in the market. This is due to rising numbers of dual-income households, consumer spending, growth of the home decoration market in various countries in the region and numbers of hotels have escalated the demand for the market.
Manufacturers to Focus on R&D Investments to Offer Advanced Products
Players in the market are forming strategic partnerships, introducing new goods to meet changing client expectations, and increasing their market share. Companies in the market frequently collaborate with international designers to create aesthetically pleasing wall coverings that incorporate the new designs and vibrant colors, and that perfectly complement home interiors, shops, hotels, cafés, and restaurants, and exhibition stands.
Key Industry Development-
- December 2020: Reemami announced the launch of wall art inspired by its quirky prints.