NEWARK, Del, Sept. 19, 2023 (GLOBE NEWSWIRE) -- By 2033, the value of the global wall art market is anticipated to reach US$ 94.8 billion. It is expected to see a CAGR of 5.4% from 2023 to 2033. By the end of 2023, the worldwide wall art industry is anticipated to be worth around US$ 56.2 billion. It is expected to generate a total financial potential worth US$ 38.6 billion in the predicted period.
Through 2033, demand for wall art in North America is expected to increase due to minimalism's fast-rising popularity. Minimalist design concepts aim to improve a space's aesthetics by focusing on essential components, clear lines, and simplicity. Modern consumers are expected to favor minimalist home design since it helps to offer visual intrigue and personal touch without detracting from the aesthetic.
The tendency to promote and value budding artists has grown quickly in nations such as the United States and Canada. The minimalist trend has become more popular in several nations due to this.
Several upcoming artists want to provide minimalist wall artworks offering distinctive notions. A continuing synthesis between new artists and minimalist designs is projected to drive the wall art industry in North America. By 2033, growing European residential and personal spaces will likely support the wall art market. Several people are expected to spend money on improving and adding to their homes.
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The need for designing and modifying living spaces to express one's personality will likely increase as the number of homeowners rises. This is anticipated to raise the demand for wall art as it is the ideal way to start personalizing, allowing homeowners to decorate their homes to their tastes.
A high rate of wall art adoption is anticipated in Asia Pacific throughout the study period due to the growing influence of Pinterest and Instagram. Both social media platforms are quite visual and frequently feature a range of DIY projects, designs, and ideas for wall art.
Both platforms have helped DIY fans discover various wall art ideas, from complex to straightforward. This visual motivation would inspire individuals to work on new DIY projects by igniting their imagination.
Key Takeaways from Wall Art Market Study
- The global wall art industry grew at a decent CAGR of 6.7% in the historical period between 2018 and 2022.
- The United States wall art industry is expected to top a valuation of US$ 16.3 billion by 2033.
- China wall art industry is likely to showcase a CAGR of around 5.4% from 2023 to 2033.
- In terms of type, the wallpapers/stickers/wall coverings segment is anticipated to witness a CAGR of 5.2% in the forecast period.
- Based on application, the residential segment is anticipated to showcase a CAGR of 5.0% in the assessment period.
“Digital art is anticipated to make it possible to reproduce iconic works of art in high-definition and detail thanks to ongoing technological advancements. This method should guarantee that the finished work of art retains all of the subtleties and details of the original. It is projected to create new growth avenues for leading wall art providers.” – says a lead analyst at Future Market Insights (FMI).
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Competitive Landscape
Leading suppliers of wall art are implementing diverse organic and inorganic techniques to compete with their rivals in the changing market of today. Several businesses are entering into license arrangements for well-known artworks or collaborating with artists to produce original designs. They might be able to produce an appealing line of art styles and reach fan audiences as a result.
Reputable businesses are also concentrating on extending their geographic reach outside of their native markets. They would do this to learn about several cultural preferences and seize fresh business opportunities.
The rapid growth of internet marketplaces and e-commerce platforms is projected to change how wall art is offered for sale and bought. Several vendors are steadfastly working to build their online presence through well-known online marketplaces or their own websites. This plan will enable them to deliver their goods to customers' doorsteps and boost sales.
For instance,
- A Kolkata-based company A Square Designs debuted its new ‘Power of Wall Art’ line in September 2023. Its latest exhibition serves as evidence that skillfully chosen wall art can elevate any space from ordinary to extraordinary.
- Art Prints AI, a producer of wall art and prints created by artificial intelligence (AI), revealed its recent collection on its official website in July 2023. The original landscapes, abstract designs, and portrait photographs in the collection were created with a variety of aesthetics in mind.
Get More Valuable Insights into Wall Art Market
Future Market Insights (FMI) has released an objective assessment of the global wall art market, presenting past demand data from 2018 to 2022 and projecting forecast statistics for the 2023 to 2033 period.
The wall art market is segmented by type (wallpapers/stickers/wall coverings, hangings, frameworks, décor shelves, others), sales channel (offline [hypermarkets and supermarkets, specialty stores, others), application (residential, commercial), and region from 2023 to 2033.
Scope of the Wall Art Market Report
| Attribute | Details | |
| Estimated Wall Art Market Size (2023) | US$ 56.2 billion | |
| Projected Wall Art Market Valuation (2033) | US$ 94.8 billion | |
| Value-based Wall Art Market CAGR (2023 to 2033) | 5.4 % | |
| Historical Data | 2018 to 2022 | |
| Forecast Period | 2023 to 2033 | |
| Quantitative Units | Value (US$ billion) | |
| Segments Covered in Wall Art Market Study |
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| Regions Covered in Wall Art Market Report | North America, Latin America, East Asia, South Asia Pacific, Western Europe, Eastern Europe, Middle East & Africa | |
| Key Countries Covered in Worldwide Wall Art Market | United States, Canada, Brazil, Mexico, Germany, Italy, France, United Kingdom, Spain, Russia, GCC Countries, India, China, Japan and Australia | |
| Wall Art Market Top Players |
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About the Consumer Product Division at Future Market Insights (FMI)
Future Market Insights (FMI) consumer product team offers comprehensive business intelligence services, with a vast array of reports and data points analyzed across 50+ countries over a decade. The team provides consulting services and end-to-end research, offering expert analysis, actionable insights, and strategic recommendations to clients worldwide. Contact them to explore how they can assist with your unique business intelligence needs.
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Author
Sneha Varghese (Senior Consultant, Consumer Products & Goods) has 6+ years of experience in the market research and consulting industry. She has worked on 200+ research assignments pertaining to Consumer Retail Goods.
Her work is primarily focused on facilitating strategic decisions, planning and managing cross-functional business operations, technology projects, and driving successful implementations. She has helped create insightful, relevant analysis of Food & Beverage market reports and studies that include consumer market, retail, and manufacturer research perspective. She has also been involved in several bulletins in food magazines and journals.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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