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NEW YORK, July 14, 2022 /PRNewswire/ — The global online home decor market is forecasted to grow by USD 52.95 billionaccelerating at a CAGR of 9% between 2020 and 2025. Technavio segments the market by product (online home furniture, online home furnishings, and other online home decorative products) and geography (Europe, North AmericaAPAC, South Americaand MEA). The report provides a comprehensive analysis of recent developments, new product launches, major revenue-generating segments, and market behavior across geographies.
Key points covered in the online home decor market study:
- Market estimates and forecast 2021-2025
- Key drivers, trends, and challenges impacting market growth
- Segment-wise, region-wise, and country-wide analysis
- Analysis on market share by vendors
- Key product launches and regulatory climate
- Post-COVID-19 impact on the market landscape. Download PDF Report Sample
Globalization has created various channels for the import and export of home decor products across the world. This is encouraging many global manufacturing companies to expand their production networks across geographies. For instance, In September 2019IKEA announced its plans to invest USD 1.4 billion in China and open a few more stores in the country. In December 2020the company opened its store in Mumbai, India. In addition, growing urbanization and the expansion of the real estate industry have increased the construction and sales of luxury apartments and high-end villas in emerging markets. Many such factors are creating significant growth opportunities for vendors operating in the online home decor market.
Technavio categorizes the global online home decor market as a part of the global home furnishings market within the global household durables industry. The parent global home furnishings market covers products and companies engaged in manufacturing/marketing of furniture, home textiles, floor coverings, and decorative products.
The online home decor market is primarily driven by the rise in online spending and smartphone penetration. Shopping through online channels has gained significant popularity over the years. Factors such as the high penetration of internet services, improved economic growth, and the emergence of m-commerce have increased consumer spending online. To capitalize on this trend, many vendors in the market are launching their own applications and ensure secure online payments, free delivery, improved online customer services, and customer-friendly designs. Such developments are expected to have a positive impact on the growth of the online home decor market during the forecast period.
The full report provides information on other drivers, trends, and challenges that are impacting the growth of the market. Request…
Full story available on Benzinga.com
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