Pune, India, July 10, 2023 (GLOBE NEWSWIRE) -- The global wall art market size was valued at USD 59.09 billion in 2022 and is estimated to increase from USD 61.04 billion in 2023 to USD 97.79 billion by 2030 at a CAGR of 6.96% during the forecast period of 2023-2030.
The demand for wall art has grown at a notable pace across the world as people are looking for more decorative and aesthetic décor items to adorn museums and households. Also known as wall design or wall décor, these art pieces can immensely improve the appearance of interior and exterior walls. Some of these items can even convey inspirational or informative messages to the viewers.
Fortune Business Insights™ displays this information in a report titled, "Wall Art Market, 2023-2030."
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Several leading players in the market are organizing various art events and exhibitions to showcase their artworks to art enthusiasts. Highlighting a recent instance, in March 2021, Saatchi Art, an online artwork marketplace, held a new Virtual Reality (VR) wall artwork fair to display its artworks to people across the world. These aspects might boost the wall art market growth.
List of Key Players Profiled in the Wall Art Market Report:
- Saatchi Art (U.S.)
- Artfinder (U.K.)
- Minted LLC. (U.S.)
- Artspace LLC (U.S.)
- Artsy (U.S.)
- com (U.S.)
- Zatista LLC (U.S.)
- The Tellenge Store (India)
- Artisera (India)
- Seven Wall Art Corporation (U.S.)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 6.96% |
| 2030 Value Projection | USD 97.79 Billion |
| Market Size in 2022 | USD 59.09 Billion |
| Historical Data | 2019-2021 |
| No. of Pages | 125 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Wall Art Market Growth Drivers | Rising Number of Artists to Boost Wall Art Demand |
| Growing Residential and Commercial Infrastructure to Support Market Growth |
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Report Coverage
The market research report conducts in-depth market analysis and underlines various crucial areas, such as prominent product types, key companies, materials, and leading application areas of the product. It also covers the latest industry trends, and competitive landscape, and focuses on important market developments. In addition to this, the report encompasses several factors contributing to the market's growth.
Drivers & Restraints
Growing Number of Artists to Boost Sales of Wall Décor Products
There has been a notable increase in the number of artisans and painters, which has positively impacted the supply of high-quality wall artwork. According to the U.S. Bureau of Labor Statistics, in 2020, the number of people employed as artists in the country touched 12,600. This figure is expected to rise by almost 9.5% by 2030. Increasing development of residential and commercial infrastructure is also expected to create lucrative business opportunities for wall-designing companies. This is because more homeowners are creating or buying unique artworks to beautify their homes. These factors, along with the growing number of visits to different museums, will support the market growth during 2023-2030.
However, the growing availability of substitute forms of décor, such as murals, wallpapers, lighting, and others may hamper the market progress.
COVID-19 Impact
Trend of Interior Decoration Picked Pace Amid Pandemic, Strengthened Product Demand
Since strict lockdowns were introduced by governments across the world to control the spread of the COVID-19 virus, more individuals took to interior decoration to improve the aesthetic appeal of their homes. As a result, the demand for attractive wall designs increased significantly in many regions. For example, Artfinder, one of the most prominent makers of art products, recorded a 146% rise in its sales in June 2020. Since the onset of the pandemic, more people were using online platforms to purchase the latest, trendy artworks.
While the aforementioned factors augmented the market growth during the pandemic, the cancellation or postponement of various art auctions and artwork events had a slight impact on the market dynamics.
Segmentation:
Rising Adoption of Fine Artworks Due to Their High Price May Boost Market Growth
Based on type, the market is segregated into modern, abstract, fine, and others. The fine segment holds a major market share as these art pieces are highly priced and offer non-academic advantages to clients.
Cost-Effectiveness of Canvas Artworks to Boost Their Sales
In terms of material, the market is segmented into paper, canvas, and others. The canvas segment holds a dominant wall art market share as canvas artworks are widely available in different sizes & styles and are more cost-effective as compared to other materials.
Growing Availability of Artistic Panels to Boost Customer Visits at Dealer Shops
By sales channel, the market is bifurcated into auction houses and dealers. The dealers segment has captured a major market share as artistic panels are being made available across many art dealer stores, thereby increasing customers’ accessibility to many affordable drawings, paintings, and sculptures.
Geographically, the market is broken down into North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
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Regional Insights
North America Market to Grow Considerably Due to Rising Number of Artists
North America is expected to dominate the global market during the forecast period. The regional market stood at USD 26.03 billion in 2022. There is a heavy demand for artisan-made home décor products among customers across the region. Some of these products include drawings, paintings, sculptures, and more. Art events, such as the Toronto Outdoor Art Fair (TOAF) held in July 2021, is predicted to bolster the regional market outlook.
Europe is another region that will see rapid growth in the global market due to the rising percentage of art museum visitors in the U.K. and France.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Overview of the Parent Market
- Industry SWOT Analysis
- Recent Industry Developments
- Supply Chain & Regulatory Analysis
- Qualitative Analysis (In Relation to COVID-19)
- Impact of COVID-19 on the Market
- Supply Chain Challenges
- Potential Opportunities due to COVID-19 Pandemic
- Global Wall Art Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Fine
- Abstract
- Modern
- Others
- Market Analysis, Insights and Forecast – By Material
- Canvas
- Paper
- Others
- Market Analysis, Insights and Forecast – By Sales Channel
- Dealers
- Auction Houses
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
TOC Continued...!
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Competitive Landscape:
Business Expansion and Promotion Strategies to Help Key Players Boost Their Market Positions
Artfinder, Saatchi Art, Bed, Bath and Beyond, and many other companies are the key players in this market. These organizations are trying to expand their business operations by selling their products in international markets. They are also formulating various promotion strategies to help them expand their product revenues.
Notable Industry Development:
- March 2023 – Trends International, LLC. a leading publisher and maker of licensed posters, calendars, stickers, and stationery products, announced the acquisition of Allposters.com and Art.com to increase its capacity of manufacturing wall décor items in the U.S.
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