Global Wall Art Market Overview
Wall Art Market Size was valued at USD 60.5 Billion in 2022. The wall art market industry is projected to grow from USD 64.06 Billion in 2023 to USD 101.34 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.90% during the forecast period (2023 - 2032). Rising demand for ready-to-install home décor items, rising e-commerce sales penetration, and expanding residential building around the world are the main market drivers fueling the market's expansion.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Wall Art Market Trends
In order to maintain their home's elegance, homeowners are using creative panels more frequently today. Therefore, increasing commercial and residential construction will boost product demand. Recent data from the National Association of Realtors (NAR) show that existing home sales in the United States reached 6.34 million in October 2021, an increase of 0.8% from the month before. More consumers will adopt these products as a result of rising museum attendance in various nations. For instance, the Asian Civilizations Museum (ACM) and the National Museum of Singapore recorded a 40% increase in museum attendance from July 2020 to November 2020 compared to a comparable time last year.
The increased introduction of luxury goods and the rising standard of living are two major drivers fueling expansion in the wall art industry. Home remodelling has increased, mostly due to better lifestyles and more discretionary cash. Demand for home upgrades is rising due to the widespread use of social media and the Internet, as well as the appeal of modern and stylish wall art and other home décor pieces. Due to widespread adoption and consumer preference for personalized goods, the need for wall art items is also increasing. Moreover, to fulfill the broadening and changing demand, prominent merchants of wall art products are also diversifying their product lines with the help of ization. During the projected period, demand for wall art will also be driven by an improved quality of living and consumer demand for premium, innovative products that complement home interiors and aesthetics.
The wall art market is growing, and this trend is anticipated to have a favorable effect in the years to come. The worldwide economy has been improving over the past five years, contributing to the expanding GDP. Spending on home decor and remodeling products has increased as a result. Designer wall art has drawn a lot of interest. Given this chance, interior designers and design firms are attempting to establish trends that would encourage homeowners to spend money on interior decoration. The taste for designer wall art and interior design is further encouraged by increased media exposure and knowledge of artistic skill. The growing number of working women and their greater participation in household decision-making has increased interest in interior design. These factors will expedite the growth of the market in the projected duration.
These days, workplaces, classrooms, and other professional settings are using digital wall art frames more often to inform or inspire people. Consequently, enterprises will possess greater opportunities to expand inside the digital artwork industry. Additionally, more customers' adoption of personalized digital artwork displays in their homes will open up new growth prospects for the sector. In addition, changing home décor trends will influence product demand. Thus, driving the wall art market revenue.
Wall Art Market Segment Insights
Wall Art Sales Channel Insights
The wall art market segmentation, based on sales channel includes Dealers and Auction Houses. The dealers segment dominated the market as a result of consumers' easy access to various types of reasonably priced paintings, drawings, sculptures, and other art objects through dealers' stores and internet portals. Additionally, these dealers regularly offering discounts and coupons on wall paintings and drawings would boost consumer demand, boosting the segment's revenue.
Figure 1: Wall Art Market, by Sales Channel, 2022 & 2032 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Wall Art Material Insights
The wall art market segmentation, based on material, includes Canvas, Paper and Others. The canvas category generated the most income due to a number of benefits that canvas-based artworks have over other types of material. These benefits include a broad selection of canvas artworks in various sizes and styles, as well as affordability. The regular use of canvas made of cotton, synthetic fibers, and linen by painters will further boost the segment's growth.
Wall Art Type Insights
The wall art market segmentation, based on type, includes Fine, Abstract, Modern and Others. The fine category generated the most income since such things cost more money. When creating fine art, artists must have knowledge of perspective, anatomy, lighting, and proportions. These works of art are typically more expensive. Fine arts also offer nonacademic advantages like aesthetic awareness, elevating self-esteem, fostering creativity, and igniting motivation. The segment's growth is fueled by an increase in the use of fine wall art as a result.
Wall Art Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American wall art market area will dominate this market. Due to the significant demand from American customers for artisan-made home decor items including paintings, drawings, and sculptures, this region is leading the world wall art market. In a poll of more than 2,000 Americans done in 2022 by the art printing company Canvas pop, 51% of the respondents said they preferred buying pieces of art that had personal significance for their homes, while 39% said they preferred buying works of art that complemented their home decor demands.
Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: WALL ART MARKET SHARE BY REGION 2022 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe wall art market accounts for the second-largest market share because more people are visiting art museums in France and the United Kingdom, which is boosting the region's sales of wall artworks. According to data provided by the UK government, 51% of U.K. respondents reported visiting a museum at least once in 2019–20, up from 42% in 2005–2006. Growth in the regional industry is also being fueled by Europeans' growing knowledge of the accessibility of digital artworks. Further, the German wall art market held the largest market share, and the UK wall art market was the fastest growing market in the European region.
The Asia-Pacific Wall Art Market is expected to grow at the fastest CAGR from 2023 to 2032 because of India's and China's expanding construction of residential and commercial infrastructure, which is boosting consumer demand for wall décor goods. According to data released by the People's Republic of China (PRC), sales of commercial real estate in the nation reached 498.5 million square meters in 2020, an increase of 0.3% from 2019. The demand for goods in the Asia Pacific region will also be boosted by changing home design and renovation trends in these nations. Moreover, China’s wall art market held the largest market share, and the Indian wall art market was the fastest growing market in the Asia-Pacific region.
Wall Art Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the wall art market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the wall art industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the wall art industry to benefit clients and increase the market sector. In recent years, the wall art industry has offered some of the most significant advantages to medicine. Major players in the wall art market are attempting to increase market demand by investing in research and development operations includes 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.).
The online store Minted LLC sells high-end design and lifestyle products. Independent artists and designers from all around the world created the products offered on the marketplace. The business was established in 2007 and is now based in California, America. The company offers a variety of goods, such as stationery, art, and home decor.
Artspace LLC is an online retailer of modern art that was established in 2011 with the intention of promoting artists and bringing art to a broader audience. A carefully curated collection of artworks is available at Artspace, including mixed-media pieces, sculptures, paintings, prints, and more. With a wide selection of artworks, it has expanded its market reach to become a significant player in the online art market.
Key Companies in the wall art market include
Wall Art Industry Developments
April 2023 Universe is an exhibition being organized by Uprise Art. The artists whose collections will be displayed include Evi O. and David Esquivel, who are recognized in New York. In this two-person exhibition, the artists use vivid abstraction, poetic eloquence, and a dash of humor to delve into personal experiences and symbolism through their artwork.
March 2023 SuperRare, a curated NFT marketplace, and Saatchi Art collaborated to publish a collection of 10 original digital artworks by artists from around the world. 1/1 NFTs are included in the collection, "Moments Past Web3 & Memory," which is available only through Saatchi Art and the SuperRare platform.
November 2021 Prolab started a cutting-edge wall decor company in Australia. There are numerous canvases and acrylic-based art prints in it.
May 2021 In Philadelphia, Pennsylvania, the Philadelphia Museum of Art unveiled its 90,000 square foot museum building to display modern artwork.
Wall Art Market Segmentation
Wall Art Sales Channel Outlook (USD Billion, 2018-2032)
Wall Art Material Outlook (USD Billion, 2018-2032)
Wall Art Type Outlook (USD Billion, 2018-2032)
Wall Art Regional Outlook (USD Billion, 2018-2032)
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 60.5 Billion |
| Market Size 2023 | USD 64.06 Billion |
| Market Size 2032 | USD 101.34 Billion |
| Compound Annual Growth Rate (CAGR) | 5.90% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Sales Channel, Material, Type, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The US, Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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.) |
| Key Market Opportunities | Regular introduction of art-focused campaigns by large firms will enhance their product revenues and foster the expansion of the wall art market |
| Key Market Dynamics | Expanding residential and commercial infrastructure to support market expansion. Demand for wall art will increase as more artists emerge |
Wall Art Market Highlights:
Frequently Asked Questions (FAQ) :
The wall art market size was valued at USD 60.5 Billion in 2022.
The market is projected to grow at a CAGR of 5.90% during the forecast period, 2023-2032.
North America had the largest share in the market.
The key players in the market are 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.).
The dealer’s category dominated the market in 2022.
The canvas category had the largest share in the market.
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