Interior design is likely to witness ample investments in the coming years as the commercial sector emerges as a significant end-user complying with high aesthetic appeal, high functionality, and employee safety.
The global Interior Design market worth USD 38.2 Billion by 2027, growing at a CAGR of 7.4%
The breakthrough of COVID-19 has transformed the game for most businesses, including the interior design industry. The Covid-19 outbreak wiped off the global interior design industry. All interior design work, including new contracts and continuing work, has been postponed as a result of the countrywide lockdown enforced by several governments. As people's purchasing ability dwindled, so did their desire for interior design. People all throughout the world were more concerned with ensuring that their fundamental needs were met. Furthermore, the shutdown suspended all imports, exports, and production, causing a disruption in the flow of raw materials and a detrimental impact on the market. While the outbreak of COVID-19 posed a problem for the industry, it also gave a chance for the market to expand. The extensive use of technology like 3D render methods and virtual designing at this time greatly benefited the industry's comeback.
Based on End User,
The worldwide interior design market is divided into three categories based on the end user: residential, commercial, and others. Because of rising consumer income and spending power, as well as rising house ownership rates, the residential sector leads the worldwide interior design industry. Furthermore, the industry will benefit from the impact and exposure of other cultures and lifestyles in the future years. Due to rising concerns about workplaces, which focus more on building physical surroundings and cultures that attract employees, the corporate industry is the fastest-growing sector.
Based on Type of Decoration,
The worldwide interior design market has been divided into two categories: newly decorated and already decorated. According to estimates, the newly decorated category would lead the market during the projection period due to increased urbanisation and changes in consumer standards of living. The recurring decorated segment, which is expected to increase rapidly over the projected period, will be influenced by corporate offices, health facilities, and educational institutions. Urbanization in emerging countries and personnel mobility from one country to another will expand the repeat decorated market.
Based on Region,
North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), the Middle East, and Africa make up the worldwide interior design market. As a result of population migrations, cultural blending, and rising technology, North America now dominates the interior design market. The Asia-Pacific region is growing to be one of the most lucrative regional markets as growing employment possibilities have improved lifestyles and spending capabilities. Additionally, countries in the region are also investing towards re-modelling aging monuments backed by government investments.
Additionally, mindful design concepts aligning with the protocols of environment protection are thoroughly gauged by stringent government protocols and corporate social responsibility in sustainable design options to suit public wellbeing, safety, and health.
Global influence on interior design is acute as cross-cultural adoption is shaping user taste and preferences. They are prepared to spend more on enhancing their living spaces and hiring interior design services to acquire personalized design exclusively for their home, making their appearance stand out from the crowd.
Interior designers create useful, pleasant, and beautiful interior environments by analyzing space needs and choosing ornamental elements such as color schemes, lighting, and materials. The design may also encompass the locations outside areas.
Owing to substantial advances in the interior design space and design advances, the global interior design market is expected to be worth USD 225.6 billion by the end of the forecast era, advancing at a CAGR worth 6.9% between 2021-2028. Economical advances, fast-track alterations in consumer tastes, and marked improvement in the living standards of consumers worldwide, comprising mostly of the millennial population are fostering high revenue growth in the global interior design market.
Public-private investments along with new projects in the commercial and residential sectors have gained mainstream attention owing to government support as well as initiatives towards renovating aging monuments. These developments are improving growth prospects for the global interior design market. Public places such as commercial buildings, hotels, and restaurants, co-working spaces as well as lavish investments in the mall culture are supporting this magnanimous growth.
Despite exponential growth potential in the global interior design market, the industry is challenged by several growth retardants such as high costs. Therefore, adoption in the residential sector is significantly limited only to the wealthy and doesn’t still attract the attention of the common masses. Furthermore, most rising nations, such as India, lack significant and well-structured interior design services, which is a major hindrance to the business.
Due to the existence of worldwide and regional industry players, the market is quite competitive. Local players are acquiring a competitive edge by offering a wide variety of interior design services at inexpensive prices as compared to internal interior design firms.
Latest Innovations: a Snapshot
- In January 2021, IKEA, the world's largest furniture retailer, has opened an interior design and refurbishment studio in Singapore. It will be their first-of-its-kind planning studio, offering customised home interior design services, according to the company.
- In January 2021, Flipspaces, a worldwide interior design business, debuted its virtual shop, 'VIZSTORE,' in January 2021, which will allow furnishing goods merchants to exhibit their items using virtual reality, enhancing the client selection experience.
Interior Design Market Scope
|Revenue forecast in 2028
|USD 225.6 billion
|CAGR of 6.9% during 2021-2028
|By Type, By End-User, Regions
|North America, Europe, Asia Pacific, South America, The Middle East and South Africa
|Key Players Profiled
|Livspace, Sobha Interiors, Acme Interiors, Amir & Hamida, Lipika Sud Interior, Chaukor Studio, Morph Design Co., Design Qube.
Key Segments of the Global Interior Design Market
By Type of Decoration:
By End User:
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa