Product ID: UCMIG25F2046
Report ID:
UCMIG25F2046 |
Region:
Global |
Published Date: Upcoming |
Pages:
165
| Tables: 55 | Figures: 60
In 2022, the global wall art market was valued at approximately USD 59.09 billion, and it is projected to experience substantial growth, reaching about USD 97.79 billion by 2030, with an expected Compound Annual Growth Rate (CAGR) of 6.96% during the period from 2023 to 2030. Wall art, including paintings, drawings, sculptures, and other decorative designs, serves as a popular means of beautifying both homes and museums. The appeal of these artworks lies in their ability to convey inspiring and informative messages, contributing to their widespread usage. Additionally, market participants are introducing innovative strategies, such as virtual reality art fairs, as seen in the case of Saatchi Art's 2021 initiative, to showcase their artisanal creations to a global audience and boost product sales.
This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Home Furnishings by segment aggregation, the contribution of the Home Furnishings in Consumer Durables & Apparel and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
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Product ID: UCMIG25F2046