July 21, 2024
Decorative Shelves Market

Decorative Shelves Market Is Estimated To Witness High Growth Owing To Rising Adoption of Minimalistic Furniture

The Decorative Shelves market is estimated to be valued at US$ 6.26 billion in 2023 and is expected to exhibit a CAGR of 7.9% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Decorative shelves have gained significant popularity in recent years due to the increasing adoption of minimalistic furniture and the growing expenditure on home decor. These shelves not only provide storage solutions but also add a touch of elegance to the overall decor of a room. They come in various materials such as wood, metal, glass, and plastic, offering a wide range of design options to suit different customer preferences. Decorative shelves find applications in residential as well as commercial spaces, including living rooms, bedrooms, offices, and retail stores. With the rising focus on interior decoration and the growing popularity of open shelving concepts, the demand for decorative shelves is expected to witness substantial growth in the coming years.

Market Dynamics:
The Decorative Shelves market is driven by several factors. Firstly, the increasing adoption of minimalistic furniture, which promotes a clutter-free and organized living environment, is fueling the demand for decorative shelves. Secondly, the rising expenditure on home decor, driven by the growing disposable incomes and changing consumer preferences, is expected to drive market growth. Additionally, the availability of a wide range of designs and materials, coupled with a growing emphasis on customization, is further contributing to market expansion. Furthermore, the trend of open shelving concepts in both residential and commercial spaces is also boosting the demand for decorative shelves.
Segment Analysis:

The decorative shelves market can be segmented based on type, material, and distribution channel. In terms of type, the market can be divided into wall-mounted shelves, freestanding shelves, and corner shelves. Among these, wall-mounted shelves are dominating the market due to their space-saving design and versatility. Wall-mounted shelves are easy to install and can be customized to fit any space, making them a popular choice for both residential and commercial applications.

PEST Analysis:

Political: The political stability of a country affects the manufacturing and distribution of decorative shelves. Government policies and regulations related to trade and taxation can impact the market.

Economic: Economic factors such as GDP growth, disposable income, and consumer spending play a crucial role in the demand for decorative shelves. A booming real estate sector and increasing urbanization are driving the market.

Social: Changing consumer preferences, evolving interior design trends, and increasing awareness about home decor are influencing the demand for decorative shelves. The growing trend of open shelving and minimalist interior design is also contributing to the market growth.

Technological: Advancements in manufacturing technology, such as computer-controlled machinery and 3D printing, are enhancing the production process of decorative shelves. The use of eco-friendly materials and innovative designs are gaining popularity in the market.

Key Takeaways:

The global Decorative Shelves Market Share is expected to witness high growth, exhibiting a CAGR of 7.9% over the forecast period, due to increasing urbanization, rising disposable income, and changing consumer preferences. North America is the fastest-growing and dominating region in the market, attributed to the growing demand for home decor products and the presence of key players in the region. Key players operating in the decorative shelves market include IKEA, Crate & Barrel, Wayfair, Amazon, Target, Walmart, AtHome, Ashley Furniture, Ethan Allen, Home Depot, Lowe’s, Bob’s Discount Furniture, Pier 1 Imports, and Made.com. These companies focus on product innovation, expanding their distribution channels, and strategic partnerships to maintain their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it