The Decorative shelves market is estimated to be valued at US$ 6.26 Bn 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 used to display books, photos, decorative items, and other small home décor items in an aesthetic manner. They are made of various materials such as wood, metal, glass and come in variety of styles, sizes, colors and designs. They are multipurpose furniture used in living rooms, bedrooms, home office and kitchens to add functionality along with style.
Market Dynamics:
Rising number of home improvement and remodeling projects is a major driver of decorative shelves market. People are remodeling and decorating their homes to improve aesthetics and functionality. Decorative shelves provide storage space along with enhancing home décor. Increasing online furniture and home décor sales is another driver. Major e-commerce sites offer variety of decorative shelf options at affordable prices which is fueling market growth. However, fluctuating raw material prices is a challenge. Shelf manufacturers face volatility in wood, metal and glass prices which impacts overall costs.
SWOT Analysis
Strength: Decorative shelves offer additional storage space and organization to homes and offices. They are aesthetically pleasing and help create focal points on walls. Various materials like wood, metal and glass allow decorative shelves to complement different interior design styles.
Weakness: Poor quality materials used in some decorative shelves can damage easily over time. Assembly of certain decorative shelves may require some DIY skills and tools.
Opportunity: Growing housing and real estate sector is increasing residential construction which drives the demand for home decor items like decorative shelves. Rapid urbanization in developing nations is contributing to the growth.
Threats: Availability of low cost substitutes provides alternatives to consumers. Intense competition among existing players.
Key Takeaways
The global Decorative Shelves Market Demand is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period, due to increasing inclination towards home decor and improvements. North America dominates the regional market share due to high disposable income and trend of DIY home projects in countries like US and Canada.
The Decorative Shelves market size for 2023 is US$ 6.26 Bn. The US decorative shelves market accounts for majority share owing to booming real estate sector in the country. Rapid urbanization and rising construction activities are fueling the demand in Asia Pacific region with China and India representing fastest growing decorative shelves markets.
Key players operating in the Decorative Shelves market are IKEA, Crate & Barrel, Wayfair, Amazon, Target, Walmart, AtHome, Ashley Furniture, Ethan Allen, Home Depot, Loweâ€TMs, Bobâ€TMs Discount Furniture, Pier 1 Imports, Made.com. IKEA is the global leader in furniture retail including decorative home accessories. Online furniture retailers like Wayfair and Amazon are expanding their product portfolio. other specialty furniture stores increased focus on decorative home furnishings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it