Wall Art Market to Grow at a CAGR of 5.6% from 2022 to 2031: Allied Market Research

Wall Art Market to Grow at a CAGR of 5.6% from 2022 to 2031: Allied Market Research

According to the report published by Allied Market Research, the global wall art market is expected to garner $20.40 billion in 2021, and is projected to reach $34.77 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031.

Wall art significantly enhances any social setting as it expands the art to various genres at once. Most artists across the globe cannot essentially afford the immaculate scale and price of wall paintings. Thus, sponsors who organize these exhibition programs offer impressive sponsorships on the behalf of a dominant manufacturer or the government. Wall paintings directly impact the daily lives of the people where they work and live. Wall art is more common among homeowners who strive to keep their homes beautiful and more enticing.

The major driving factors of the wall art market include the exponential surge and expansion of the home d├ęcor sector in developing economies. Moreover, increase in the creation of innovative wall paintings and drawings in the residential and commercial sectors boosts the growth of the market. On the other hand, fluctuating prices of raw materials are expected to hinder the growth to some extent. However, rapid urbanization, rise in disposable income, and change in lifestyle of people across the globe are expected to create ample opportunities for the industry.

The global wall art market had a negative impact on the pandemic. This is majorly due to the stringent precautionary measures undertaken by the governments of different countries around the world to curb the spread of the virus. All sorts of art exhibitions were closed, which adversely impacted the market. Besides, disruption of the supply chain, lack of raw material availability, and limitations on the transit of goods further aggravated the impact on the market.

Based on type, the abstract segment held the highest market share in 2021, and is expected to maintain its dominance during the forecast period. The growth of the segment is driven by the extensive use of colors, forms, shapes, and gestural marks in abstract art so as to avoid precisely depictinga particular aspect of visual reality.

Based on price point, the mass segment held the dominating market share in 2021, and is expected to maintain its dominance during the forecast period. A significant surge in the consumption of mass pricing products, particularly by the upper middle and lower-middle class consumers drive the growth of the segment.

Based on sales channel, the specialty stores segment held the largest market share in 2021, and is expected to maintain its dominance during the forecast period. Specialty stores provide a wide range of wall art, thereby, making it easy for customers to choose and get a hands-on experience for the right product according to their home.

Based on region, the market across North America held the largest market share in 2021, and is and is expected to maintain its dominance during the forecast period. The growth of the market in this region is driven by the presence of highly developed retail infrastructure, high consumer spending, and rapid change in lifestyle. The Asia-Pacific region is expected to cite the fastest CAGR of 7.1% during the forecast period. The growth in this region is mainly attributed due to the rapid inclination towards fully-furnished homes among people and increase in the number of commercial buildings.

KEY FINDINGS OF THE STUDY

  • Based on type, the abstract segment held the highest market share in 2021, and is expected to maintain this trend during the forecast period.
  • Based on price point, the mass segment held the dominating market share in 2021, and is expected to maintain this trend during the forecast period.
  • Based on sales channel, the specialty stores segment held the largest market share in 2021, and is expected to maintain this trend during the forecast period.
  • Based on region, the market across North America held the largest market share in 2021, and is and is expected to maintain this trend during the forecast period. However, the Asia-Pacific region is expected to cite the fastest CAGR of 7.1% from 2022 to 2031.

 

 

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