NEW YORK, The “Wall Decor Market in Europe by Product (Wall art, Picture frames, Wall clocks, WPS, and Others) and Geographic (Germany, UK, France, Italy, and the Rest of Europe) – Forecast and Analysis 2020-2024” report has been added to Technavio’s offering. With ISO 9001:2015 certification, Technavio is proudly partnering with more than 100 Fortune 500 companies for over 16 years. The wall art segment will account for the largest wall décor market share in Europe during the forecast period. Market growth in this segment will be faster than the growth of the market in the picture frames, wall clocks, and WPS segments. A major share of the population in the region considers wall arts to be an investment that gains value over time and hence is investing heavily on purchasing these items over other wall décor products. Moreover, factors such as the growing adoption of luxury products to meet their social status are also expected to contribute to market growth
The potential growth difference for the wall decor market in Europe between 2019 and 2024 is USD 9.56 billion. To get the exact yearly growth variance and the Y-O-Y growth rate, Talk to our analyst.
Key Market Dynamics: Drivers & Challenges
Market Driver – The wall décor market in Europe is expected to grow significantly during the forecast period, owing to the increasing sales of a wide range of wall décors in the region. The sales of wall décor products are registering an increase in tandem with the growing sales of gifts and home accents. The sales value for gift and home accent retailers increased by 30% in the last decade or the sales value of gifts and home accent products. Product sales during the festive season and holidays have increased in recent years and are contributing to the growth of the market. Holiday retail sales of gifts and home accent products are growing significantly through the online medium in developed markets such as the UK, Germany, France, Italy, Spain, the Netherlands, and Switzerland.Market Challenges – The wall décor market in Europe is expected to face a strong threat from the low differentiation of products under each segment of the market. For products like wall décor, pricing is one of the prime strategies adopted by retailers to build a competitive advantage in the market. Even though retailers try to differentiate their offerings from their competitors by providing various collections and products at different price ranges, the opportunity for product differentiation is low in the wall décor space. Therefore, the price war to build sustainability becomes unavoidable for most retailers operating in this space.
Key Market Dynamics: Segmentation Analysis
The wall decor market report is segmented by Product (Wall art, Picture frames, Wall clocks, WPS, and Others) and Geographic (Germany, UK, France, Italy, and the Rest of Europe).
Some Companies Mentioned
The market is fragmented with the presence of many global retailers as well as local and regional retailers. Some of the competitive strategies followed by these vendors include the development of new products with the changing lifestyle, consumer preferences, and international trends, exploring different retail channels, and attending trade shows to explore new international and European designs and materials.
Amazon.com Inc.Carrefour GroupCostco Wholesale Corp.Inter IKEA Holding BVKingfisher PlcOtto GroupTesco PlcWalmart Inc.Wayfair Inc.Williams-Sonoma Inc.To gain access to more vendor profiles with their key offerings available with Technavio, Click Here
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