Global Interior Design Market is Thriving Amid the Pandemic: Projected to Reach USD 210.0 Billion by 2027
Published | June 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global interior design market was worth USD 145.3 billion in the year 2020. And it is estimated to grow at the CAGR of 5.5%, earning revenue of around USD 210.0 billion by the end of 2027. Changes in social environment and standard of living among millennials will boost the global interior design market in the coming years. Furthermore, the global interior design industry will be propelled forward by the increasing size of the middle-class population and their desire to increase their social status. To fulfill the expanding demands of the people, the interior design market is doing its best to ramp up its efforts.
Growth in Residential Spaces will Boost the Market Growth in the Forecast Period
Due to the rising construction of residential spaces, the demand for the interior designs has flourished significantly over the past few years. The burgeoning global real estate market, increase in population, rising income levels, and urbanization are all factors contributing to the rise of the global interior design market. Other reasons that contribute to an increase in demand for interior design services include smart houses, the influence of social media, increasing acceptance of modern concepts, and changes in people's living standards and lifestyles.
Increase in Disposable Income and Purchasing Power of Consumers
With rising employment rate, especially among women, the market is expected to flourish in the forecast period. Increasing disposable income will empower the consumers with strong purchasing power which will enable them to hire expensive interior designing services. Increasing income also encourages people to buy their own houses, particularly in urban areas, and hire the best interior designers, which in turn fuels market growth. Furthermore, one’s home is associated with their social status and standing. Due to which, everyone tries to make their homes as beautiful as possible.
Newly Decorated Segment Projected to Lead the Global Interior Design Market
In terms of application, the global interior design market has been grouped into Newly Decorated and Repeated Decorated. Based on application type, the Newly Decorated segment will lead the market during the forecast period due to rapid changes in the economy, security concerns, coupled with governments' environmental initiatives and emphasis on sustainable designs, as well as generational variances in thinking and lifestyles. Also, the repeated decorated segment will be influenced by corporate sectors such as retail and healthcare, which will strive to attract more consumers with physical evidence of their store and physical layout.
Global Interior Design Market - Regional Insights
Geographically, the global interior design market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle-East & Africa. Among these regions, North America held the largest share in the global Interior Design market in 2020 owing to factors like technological advancements, rise in the innovations, and increased awareness and curiosity among the masses. Furthermore, change in the lifestyle, rise in the standard of living, and rise in the disposable income of the population is also fueling the market growth. Also, the Asia Pacific is projected to be the fastest-growing market throughout the forecast period due to rapid urbanization, larger portion of millennial population which has different lifestyles and a strong attraction towards fashion industry and rapidly changing in social environment, especially in China and India.
Impact of Covid-19 on the Global Interior Design Market
The Covid-19 pandemic paralyzed the entire global interior design market. As a result of the nationwide lockdown imposed by the governments of different countries to combat the spread of the virus, all interior design work, including new contracts and ongoing work, had been postponed. Consequently, this has affected the business of interior designers. Because new restrictions and protocols were established for social distancing and restricting the transmission of the virus, the market was also impacted by the workforce shortage. Furthermore, since people's purchasing power had declined, they are now prioritizing the purchase of essential goods for the time being, which is obstructing market growth.
Global Interior Design Market - Competitive Landscape
Companies such as, Gensler, Gold Mantis, HOK, HBA, Perkins+Will,, Jacobs, Stantecare , IA Interior Architects, Callison, Nelson, Leo A Daly, SOM, HKS, DB & B, Cannon Design, NBBJ, Perkins Eastman, CCD, AECOM Technology, Wilson Associates, M Moser Associates, SmithGroup, Areen Design Services are the key players in the global interior design market. In terms of product offerings, Gensler, Gold Mantis, HOK, HBA, Perkins+Will, Jacobs, Stantec are the major players in the market.
The global interior design market is highly competitive and fragmented with numerous small and medium interior design firms dominating the market. Because of the high demand for interior design services, there is a glut of designers and studios, resulting in low profitability. However, the market is expected to grow in the coming years.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global interior design market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global interior design market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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