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| Decorative Shelves Market Demand |
The Decorative Shelves Market is estimated to be valued at US$ 6.26 Bn or 6.26 billion in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period
2023 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market Overview:
Decorative shelves are wooden or metallic structures mounted on walls or
windows to display knick-knacks, books, photo frames, plants and other
decorative items. They add aesthetic appeal and functionality to indoor spaces
like living rooms, bedrooms, hallways, bathrooms and offices. Decorative
shelves come in various styles, materials, sizes and price points to suit
different interior decors and budget needs. They are becoming increasingly
popular among homeowners and commercial spaces for organization and creative
self-expression.
Market Dynamics:
Growing home remodeling and redecorating activities driven by the millennial
population are fueling the demand for decorative shelves. According to a
survey, around 77% of millennials are interested in home remodeling projects.
Decorative shelves allow people to customize interior spaces as per changing
trends and tastes. Moreover, busy lifestyles have increased the preference for
functional storage units and organizers like decorative shelves to neatly
display daily use items and prevent clutter. E-commerce platforms offer an
expansive variety of shelves catering to diverse consumer preferences in terms
of wood types, finishes, designs and functionalities. This wide choice has
augmented the sales volumes of decorative shelves worldwide.
Segment Analysis
The Decorative
Shelves Market Demand can be segmented into wood, metal, glass,
plastic. The wood segment currently dominates the market owing to the aesthetic
appeal and vintage look offered by wood. Despite being expensive, wood shelves
remain a top choice for living rooms and bedrooms due to their high durability
and ability to blend well with most interior decors.
PEST Analysis
Political: There are no significant political risks impacting the decorative
shelves market.
Economic: The growth of the real estate and construction industries is driving
the demand for home décor accessories such as decorative shelves. Rising
disposable incomes in developing nations are also fueling market growth.
Social: People are spending more on home décor and interior designing to create
aesthetically appealing spaces. Decorative shelves help in organization and add
visual appeal to spaces.
Technological: Advancements in material sciences have led to the development of
lightweight, durable and sustainable decorative shelf options made of metals,
glasses and composites. E-commerce growth has also boosted the sales of
decorative shelves.
Key Takeaways
The global decorative shelves market is expected to witness high growth,
exhibiting CAGR of 7.9% over the
forecast period, due to increasing investments in real estate construction
projects across residential and commercial sectors. The market size is
projected to reach US$ 10.81 Bn by 2030 from US$ 6.26 Bn in 2023.
The Asia Pacific region is expected to dominate the decorative shelves market
during the forecast period. Rapid urbanization, growing residential
construction, rising disposable incomes are driving the demand in the region.
China, India and other Southeast Asian countries are expected to be the major
revenue generators.
Key players operating in the decorative shelves market are IKEA, Crate &
Barrel, Wayfair, Amazon, Target, Walmart, AtHome, Ashley Furniture, Ethan
Allen, Home Depot, Lowe’s, Bob’s Discount Furniture, Pier 1 Imports, Made.com.
IKEA commands the largest market share owing to its wide product portfolio and
global footprint. Other major players are focusing on omnichannel retailing and
developing sustainable decorative shelf options to cater to changing consumer
preferences.
Read More: https://www.rapidwebwire.com/decorative-shelves-market-size/