Wall Art Market reach USD 101.34 Billion at a CAGR of 5.90% during the forecast period 2023-2032

Improvement of the commercial and residential infrastructure will aid in the market's expansion is expected to drive market expansion in the near future at a CAGR of 5.90% during the forecast period 2023 to 2032.

Market Research Future (MRFR) has published a cooked research report on the “Global Wall Art Market” that contains information from 2018 to 2032. The wall art market is estimated to register a CAGR of 5.90% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global wall art market - Saatchi Art (U.S.), Minted LLC. (U.S.), Artspace LLC (U.S.), Artfinder (U.K.), Artsy (U.S.), Art.com (U.S.), The Tellenge Store (India), Artisera (India), Zatista LLC (U.S.), and Seven Wall Art Corporation (U.S.).

Market Highlights

The global wall art market is accounted to register a CAGR of 5.90% during the forecast period and is estimated to reach USD 101.34 billion by 2032.

The wall art market is expanding rapidly, propelled by factors such as rising disposable incomes, a rebound in the real estate sector, rising urbanization rates, and rising levels of awareness. More and more new households are being formed as a result of rising urbanization rates. Furthermore, a favorable effect on the wall art industry will result from the fact that more than half of the world's population already resides in cities, and that number is anticipated to rise even further in the upcoming years. The overwhelming success of the online retail industry is another important aspect driving this market.

Segment Analysis

The global wall art market has been segmented into sales channel, material, and type.

On the basis of sales channel, the market is segmented into Dealers and Auction Houses. The dealers segment was attributed to holding the largest market share in 2022 because dealers' storefronts and online portals make it simple for customers to purchase a variety of moderately priced paintings, drawings, sculptures, and other art products. Furthermore, by consistently providing coupons and discounts on wall paintings and drawings, these retailers would increase customer demand and the segment's income.

Based on material, the global wall art market has been segmented into Canvas, Paper and Others. The canvas segment was expected to hold the largest market share in 2022. Canvas art pieces are more economical than other forms of wall art materials and come in a variety of sizes and styles. Given these advantages of canvas-based artworks, it is projected that the canvas category would account for a sizeable amount of the wall art industry. Regular artists' increasing use of cotton, synthetic fiber, and linen canvas materials in their works also contributes to the canvas market's expansion.

Based on type, the global wall art market has been segmented into Fine, Abstract, Modern and Others. The fine segment was expected to hold the largest market share in 2022. This is attributable to the significance of fine art in diverse civilizations. Additionally, it is well-liked among wealthy clients as a long-term investment. Furthermore, there are five basic categories into which fine art can be divided: poetry, sculpture, music, architecture, and painting. The use of fine arts is mostly for aesthetics and expression, and they are also seen as being more sophisticated.

Regional Analysis

The global wall art market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe wall art market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The wall art market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World wall art market comprises of Middle East, Africa, and Latin America.

The largest market share for wall art was maintained by the North American regional sector. Due to the huge demand from Americans for handcrafted home decor products like paintings, drawings, sculptures, etc., the North American region dominates the worldwide wall art market. Americans made up about 53% of those who said they like to buy at least one work of art each year.

Moreover, the Europe market has been persistently growing over the forecast period because more individuals are traveling to France and the United Kingdom to view art museums. In 2020–21, more U.K. respondents (51%), compared to 42% in 2005–2006, said they had visited a museum at least once. An increasing number of Europeans are becoming aware of the availability of digital artworks, which is another factor driving the expansion of the European market.

Additionally, Asia Pacific is anticipated to experience the quickest growth over the forecast period because of the growing infrastructure for homes and businesses in China and India. Sales of commercial real estate in China increased by 0.3% from the previous year to 498.5 million square meters in 2021. Another element driving the demand for goods in the Asia Pacific region is the changing desires of the populace for home improvement and decoration.

Furthermore, the rest of the world's wall art market is divided into the Middle East, Africa, and Latin America. The expansion of the wall art market in Latin America and the Middle East & Africa regions will be accelerated by the expanding middle-income population groups and their better living standards in Brazil, the UAE, and South Africa.

Key Findings of the Study

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  The global wall art market is expected to reach USD 101.34 billion by 2032, at a CAGR of 5.90% during the forecast period.

  
  


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  The Asia-Pacific region accounted for the fastest-growing global market due of the expansion of China's and India's residential and commercial infrastructure.

  
  


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  Based on material, the canvas segment was attributed to holding the largest market in 2022, with an approximate market share of 47%.

  
  


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  Saatchi Art (U.S.), Artfinder (U.K.), Minted LLC. (U.S.), Artsy (U.S.), Art.com (U.S.), Zatista LLC (U.S.), The Tellenge Store (India), Artspace LLC (U.S.), Artisera (India), and Seven Wall Art Corporation (U.S.)