Wall Art Market

• Infrastructure expansion in the residential and commercial sectors will support the market growth

In order to maintain their home's elegance, homeowners are using creative panels more frequently today. Therefore, increasing commercial and residential construction will boost product demand. Recent data from the National Association of Realtors (NAR) show that existing home sales in the United States reached 6.34 million in October 2021, an increase of 0.8% from the month before.

More consumers will adopt these products as a result of rising museum attendance in various nations.  For instance, the Asian Civilizations Museum (ACM) and the National Museum of Singapore recorded a 40% increase in museum attendance from July 2020 to November 2020 compared to a comparable time last year.

The increased introduction of luxury goods and the rising standard of living are two major drivers fueling expansion in the wall art industry. Home remodelling has increased, mostly due to better lifestyles and more discretionary cash. Demand for home upgrades is rising due to the widespread use of social media and the Internet, as well as the appeal of modern and stylish wall art and other home décor pieces. Due to widespread adoption and consumer preference for personalized goods, the need for wall art items is also increasing.

Moreover, to fulfill the broadening and changing demand, prominent merchants of wall art products are also diversifying their product lines with the help of ization. During the projected period, demand for wall art will also be driven by an improved quality of living and consumer demand for premium, innovative products that complement home interiors and aesthetics.

The wall art market is growing, and this trend is anticipated to have a favorable effect in the years to come. The worldwide economy has been improving over the past five years, contributing to the expanding GDP. Spending on home decor and remodeling products has increased as a result. Designer wall art has drawn a lot of interest. Given this chance, interior designers and design firms are attempting to establish trends that would encourage homeowners to spend money on interior decoration.

The taste for designer wall art and interior design is further encouraged by increased media exposure and knowledge of artistic skill. The growing number of working women and their greater participation in household decision-making has increased interest in interior design. These factors will expedite the growth of the market in the projected duration.

These days, workplaces, classrooms, and other professional settings are using digital wall art frames more often to inform or inspire people. Consequently, enterprises will possess greater opportunities to expand inside the digital artwork industry. Additionally, more customers' adoption of personalized digital artwork displays in their homes will open up new growth prospects for the sector. In addition, changing home décor trends will influence product demand. Thus, driving the wall art market revenue.

The Global Wall Art Market Industry appears to be significantly influenced by the increasing disposable income of consumers worldwide. As individuals experience enhanced financial stability, they are more inclined to invest in home decor, including wall art. This trend is particularly evident in emerging economies where urbanization and economic growth are driving consumer spending. For instance, the market is projected to reach 64.1 USD Billion in 2024, reflecting a growing appetite for aesthetic home environments. This shift indicates that as disposable incomes rise, consumers are likely to prioritize personalized and artistic expressions in their living spaces.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American wall art market area will dominate this market. Due to the significant demand from American customers for artisan-made home decor items including paintings, drawings, and sculptures, this region is leading the world wall art market.

In a poll of more than 2,000 Americans done in 2022 by the art printing company Canvas pop, 51% of the respondents said they preferred buying pieces of art that had personal significance for their homes, while 39% said they preferred buying works of art that complemented their home decor demands.

Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2:  WALL ART MARKET SHARE BY REGION 2022 (USD Billion)

Source Secondary Research, Primary Research, Market Research Future Database and Analyst Review

Europe wall art market accounts for the second-largest market share because more people are visiting art museums in France and the United Kingdom, which is boosting the region's sales of wall artworks. According to data provided by the UK government, 51% of U.K. respondents reported visiting a museum at least once in 2019–20, up from 42% in 2005–2006. Growth in the regional industry is also being fueled by Europeans' growing knowledge of the accessibility of digital artworks.

Further, the German wall art market held the largest market share, and the UK wall art market was the fastest growing market in the European region.

The Asia-Pacific Wall Art Market is expected to grow at the fastest CAGR from 2023 to 2032 because of India's and China's expanding construction of residential and commercial infrastructure, which is boosting consumer demand for wall décor goods. According to data released by the People's Republic of China (PRC), sales of commercial real estate in the nation reached 498.5 million square meters in 2020, an increase of 0.3% from 2019. The demand for goods in the Asia Pacific region will also be boosted by changing home design and renovation trends in these nations.

Moreover, China’s wall art market held the largest market share, and the Indian wall art market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the wall art market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the wall art industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the wall art industry to benefit clients and increase the market sector. In recent years, the wall art industry has offered some of the most significant advantages to medicine. Major players in the wall art market are attempting to increase market demand by investing in research and development operations includes Saatchi Art (U.S.), Minted LLC. (U.S.), Artspace LLC (U.S.), Artfinder (U.K.), Artsy (U.S.), Art.com (U.S.), The Tellenge Store (India), Artisera (India), Zatista LLC (U.S.), and Seven Wall Art Corporation (U.S.).

The online store Minted LLC sells high-end design and lifestyle products. Independent artists and designers from all around the world created the products offered on the marketplace. The business was established in 2007 and is now based in California, America. The company offers a variety of goods, such as stationery, art, and home decor.

Artspace LLC is an online retailer of modern art that was established in 2011 with the intention of promoting artists and bringing art to a broader audience. A carefully curated collection of artworks is available at Artspace, including mixed-media pieces, sculptures, paintings, prints, and more. With a wide selection of artworks, it has expanded its market reach to become a significant player in the online art market.