An increase in disposable income, an increase in the global population, and a booming real estate sector are driving the growth of the global wall art market.
PORTLAND, Oregon., September 2, 2022 /PRNewswire/ — Allied Market Research recently released a report titled “Wall art market By Type (Modern, Abstract, Others), By Price Tier (Premium, Mass), By Sales Channel (Auction Hotels, Specialty Stores, E-Commerce, Others): Global Opportunity Analysis and Industry Forecast , 2021-2031.“According to the report, the global wall art industry was estimated at $20.40 billion in 2021, and should reach $34.77 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031. The report offers detailed analysis of changing market trends, major segments, major investment pockets, value, regional landscapes and competitive scenarios.
Drivers, constraints and opportunities
Rising disposable income, growing global population and booming real estate sector are driving the growth of the global wall art market. A massive increase in the number of households due to urbanization will drive the growth trends in the global market. The growing demand for modern and abstract wall art in the commercial and residential sectors is expected to create new growth opportunities for the global market. However, fluctuations in raw material costs may restrain the expansion of the global market.
- The COVID-19 pandemic has negatively impacted the growth of the global wall art market due to supply chain disruption, lack of availability of raw materials, and restrictions on transit of goods.
- Delays at national borders have created barriers to exporting and supplying wall art across the world during the COVID-19 pandemic.
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The abstract segment will dominate the global market in terms of revenue by 2031
Based on type, the abstract segment contributed the highest market share in 2021, accounting for nearly half of the global wall art market share. Reportedly, this segment is expected to make a major contribution to the overall market share by 2031. The growth can be attributed to young people’s attraction to abstract arts and painting. However, the modern segment is expected to register the fastest CAGR of almost 6.0% from 2022 to 2031. The growth of the segment can be attributed to the increase in the number of customers preferring modern paintings with contemporary aesthetic value.
The mass segment will hold the major market share from 2022 to 2031
Based on price, the mass segment contributed the highest market share in 2021, accounting for approximately three-fifths of the global wall art market share. Reportedly, this segment is expected to majorly contribute to an overall market share in 2031. The segmental growth over the forecast period can be attributed to an increase in preference for mass art products by consumers belonging to the middle income group population. However, the high-end segment is expected to register the highest CAGR of 6.1% over the forecast period. The segment’s growth over the forecast period can be attributed to an increase in customer spending on high-end wall art due to an increase in disposable income and improved lifestyles.
The specialty store segment will dominate the global market by 2031
In terms of sales channel, the specialty store segment contributed the highest market share in 2021, accounting for nearly half of the global wall art market share. Reportedly, this segment is expected to majorly contribute to an overall market share in 2031. The expansion of this segment over the forecast period is due to an increase in the sale of wall art products through specialty stores and a growing trend of customers physically examining products before making a purchase. However, the e-commerce segment is expected to register the fastest CAGR of almost 6.2% from 2022 to 2031. The segmental surge may be due to the predominant use of smartphones and mobile devices as well as changing buying habits of millennials. The report also includes other segments such as auction houses and others.
North America maintain global market dominance over the period 2022-2031
By region, North America notably contributed an overall market share in 2021 and is expected to continue to dominate during the forecast period. The region accounted for nearly two-fifths of the global wall art market in 2021. The market growth in the region over the forecast period can be attributed to massive consumer demand for home decor items manufactured by artisans, including sculptures, drawings and paintings in the United States. However, the Asia Pacific The region is expected to register the fastest CAGR of 7.1% from 2022 to 2031. The growth of the regional market during the forecast period can be attributed to the high expenditures by the inhabitants of the region to maintain the attractiveness of their homes . In addition, consumers in the subcontinent buy fully furnished homes and need wall decoration products to decorate their homes. This has created a demand for wall art in the subcontinent, thus driving the growth of the wall art market in the Asia Pacific area. The report also analyzes other segments including LAMEA and Europe.
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Main market players
- Etsy, Inc.
- Company 6
- Saatchi art.com
- 1000 museums,.com
- Art Discovery Society
- Urban Outfitters, Inc.
- Rifle Paper Co.
- A path of kings
- Great wall decor
- Company Z Gallery
The report analyzes these key players in the global wall art market. These players have implemented key business strategies such as strategic expansion, new product launches, alliances and joint ventures to improve market penetration and strengthen their position in the industry. The report helps the target audience to determine the performance of the market, the performance of each segment, the development of the product portfolio in the market, and the contributions made by each player to the expansion of the market.
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