PUNE, India, April 18, 2022 (GLOBE NEWSWIRE) — The global wall art market has reached greatness $46.33 billion in 2020. The market value could increase $48.50 billion in 2021 to $72.61 billion in 2028 at a CAGR of 5.9% during the forecast period. The market is gaining traction with the increasing number of artisans and painters around the world. The growing residential and commercial expansion will create new opportunities for market growth, they say Fortune Business Insights™ in his report entitled “Wall Art Market, 2021-2028”.
Wall art has gained tremendous popularity for decorative and aesthetic purposes in homes and museums. Also known as wall design, wall artwork or wall decoration, they emphasize the beauty of interior and exterior walls and convey informative and inspirational messages. Market participants start various art events to present their works of art to art lovers. To highlight a recent example, Saatchi Art, an online marketplace for artworks, hosted a new virtual reality (VR) fair in March 2021 to showcase its artworks to people worldwide.
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Effects of COVID-19
Increasing Home Decor Trend Amid Pandemic To Bolster Market Outlook
Amid strict lockdown measures put in place to stem the spread of COVID-19, a vast majority of people are welcoming the interior design of their home. As a result, the demand for murals has increased significantly in many regions. For example, Artfinder, one of the world’s leading manufacturers of art products, reported a staggering 146% increase in sales in June 2020. Since COVID-19, more and more people are using online platforms to purchase the latest trending artworks.
While the above factors have fueled the growth of the wall art market during the pandemic, the cancellation or postponement of various art auctions and art events have slightly impacted the market dynamics.
Fortune Business Insights™ lists all Wall Art market companies that are currently striving to reduce the impact of the Covid-19 pandemic on the market:
- Saatchi Art (California, USA)
- Artfinder (London, UK)
- Embossed LLC. (California, USA)
- Artspace LLC (New York, USA)
- Artsy (New York, USA)
- de (New York, USA)
- Zatista LLC (Yardley, USA)
- The Tellenge Store (Bengaluru, India)
- Artisera (Bengaluru, India)
- Seven Wall Art Corporation (California, USA)
Driver & restraint systems
Increasing number of artists and growing home decor trend to boost growth
The demand for wall art is steadily increasing worldwide, fueled by the increasing number of artisans and painters. The US Bureau of Labor Statistics reports that artist employment in the country has reached $12,600 and is set to grow 9.5% through 2030. Increasing residential and commercial development is also creating lucrative opportunities for wall art businesses. This is because a large number of homeowners create wall art to enhance the aesthetic feel of their homes. These factors along with the increasing number of museum visits in many countries will support the growth of the wall art market during 2021-2028.
However, market demand could be affected by the availability of alternative forms of decoration such as murals, wallpaper, lighting and others.
Based on the type, the market is segmented into modern, abstract, fine and other.
In terms of material, the market is segmented into paper, canvas and others.
According to sales channels, the market is divided into auction houses and dealers.
Geographically, the market is segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa.
Browse the detailed research report summary with table of contents:
The report offers:
- Key growth drivers, restraints, opportunities and potential challenges for the market.
- Comprehensive insights into global and regional developments.
- List of the major players in the industry.
- Important strategies of market participants.
- Recent industry developments include product launches, partnerships, mergers and acquisitions.
North America expands, supported by an increasing number of artists
North America is expected to dominate the Wall Art market share during the forecast period. The regional market was valued at US$20.55 billion in 2020. The region is experiencing strong demand for handcrafted home decoration products such as drawings, paintings, sculptures and more. Art events like the Toronto Outdoor Art Fair (TOAF) taking place in July 2021 will strengthen the regional focus.
Europe will see rapid growth, led by rising numbers of art museum visitors in France and the UK. In the Asia-Pacific region, new opportunities will arise from the expanding residential and commercial sectors.
Detailed table of contents:
- scope of research
- market segmentation
- research methodology
- Definitions and Assumptions
- market dynamics
- market leader
- Market Restrictions
- market opportunities
- New trends
- Important Findings
- Overview of parent/related markets
- Industry SWOT Analysis
- Supply Chain and Regulatory Analysis
- Recent Industry Developments – Policies, partnerships, new product launches and mergers and acquisitions
- Qualitative analysis (in relation to COVID-19)
- 5.1 Effects of COVID-19
- 5.2 Challenges in the supply chain
- 5.3 Potential opportunities due to COVID-19
- Global Wall Art Market Analysis, Insights and Forecasts, 2017-2028
- Key Findings / Summary
- Market size estimates and forecasts
- By type (value)
- By Material (Value)
- By Sales Channel (Value)
- By Region (Value)
- North America
- Asia Pacific
- South America
- Middle East & Africa
key industry development
November 2021: Prolab launched a new wall art shop in Australia offering a range of canvas and acrylic material based art prints.
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