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Wall Art Market Size, Share & Industry Analysis, By Type (Fine, Abstract, Modern, and Others), Material (Canvas, Paper, and Others), Sales Channel (Dealers and Auction Houses), and Regional Forecast, 2024-2032

Last Updated: July 01, 2024 | Format: PDF | Report ID: FBI105009

 

KEY MARKET INSIGHTS

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The global wall art market size was valued at USD 61.04 billion in 2023 and is projected to grow from USD 63.61 billion in 2024 to USD 118.79 billion by 2032, exhibiting a CAGR of 8.12% during the forecast period. North America dominated the wall art market with a market share of 43.91% in 2023.


Wall artwork is commonly used as decorative tools in households and museums. Paintings, drawings, sculptures, and other wall designs enhance a wall's beauty. The ability of artworks to convey an inspirational and informative message mainly surges the utilization of such products among people. Nowadays, market players are introducing various art & craft events to showcase their artworks to the global population and increase their products’ sales. For instance, in March 2021, Saatchi Art, an online artwork marketplace, introduced its new virtual reality wall artwork fair to showcase its 75 artisan artworks to the global population.


Initially, the imposition of travel restrictions and adherence to social distancing norms resulted in decreased home crafting events and auctions, affecting the global demand for related products. Despite these challenges posed by the COVID-19 pandemic, a surge in consumer inclination toward online shopping for various paintings and drawings during the pandemic significantly elevated product revenues for companies. For example, in June 2020, Artfinder, a prominent manufacturer of home crafting products, witnessed a remarkable 146% increase in sales from its home crafting product line.


Wall Art Market Trends


Rise of Digital Artworks to Fuel Market Development


Nowadays, offices, schools, and other commercial settings are increasingly using digital art frames to convey an informational or inspirational message to people. This will create newer market opportunities for companies to increase their business in the digital artwork industry. Additionally, increasing usage of customized digital artwork displays among household consumers will offer new avenues for the industry’s growth. Besides, evolving home decoration trends will drive product demand. For instance, in 2020, Dexus, an Australian real estate investment company, collaborated with strategists Art Pharmacy to employ oversized digital motion art to bring life to its 80 Collins property in Melbourne.


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Wall Art Market Growth Factors


Rising Number of Artists to Boost Wall Art Demand


A rising number of artisans and painters will boost the availability of home artwork, thereby supporting the product demand. According to the statistical data presented by the U.S. Bureau of Labor Statistics, in 2020, the employment of artists in the country hit 12,600 and should rise by 9.5% by 2030.


Besides, the key companies' regular art campaigns will help drive market growth. For instance, in October 2021, Haarlem Artspace introduced a ‘Go Fund Me’ campaign to showcase its range of quality contemporary artworks to the people.


Growing Residential and Commercial Infrastructure to Support Market Growth


Nowadays, people are increasingly using artistic panels to maintain their home aesthetic. Therefore, rising commercial and residential development will enhance product demand. According to the recent National Association of Realtors (NAR) data, in October 2021, existing U.S. housing sales hit 6.34 million, a 0.8% rise compared to the previous month.


Additionally, the increasing number of visits to art museums in many countries will further support the adoption rate of such products among people.  For instance, from July 2020 to November 2020, the Asian Civilizations Museum (ACM) and the National Museum of Singapore reported a 40% increase in museum visitors during a similar period in the previous year.


RESTRAINING FACTORS


Availability of Alternative Art Products to Restrict Market Growth


Easier accessibility to alternative products, such as murals, lighting, wallpapers, and others, is restraining the market growth. Additionally, the high cost of premium art frames and antiques is declining product demand among the middle & lower-income population groups. Besides, intensifying market competition could hamper market expansion. Moreover, evolving consumer preferences and trends may steer individuals toward alternative art products that align more closely with contemporary styles or emerging artistic movements. This shift can decrease demand for traditional wall art that does not match current preferences.


Wall Art Market Segmentation Analysis


By Type Analysis


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Higher Prices of Fine Artworks to Boost Their Adoption


Based on product type, this market is segmented into abstract, modern, fine, and others. The fine segment holds a major market share owing to the higher prices of such products. Artists require perspective, anatomy, lighting, and proportion skills while designing fine art, and such products are generally sold at higher prices. Additionally, fine arts provide non-academic benefits, such as aesthetic awareness, boosting self-esteem, creativity, and motivation. This increases the utilization of fine wall art, thereby driving the segment’s growth.


The modern art segment’s growth is driven by the rising number of people increasing their preference for paintings with a modern appeal. Abstract paintings and drawings essentially stimulate the brain's part that is associated with creativity and imagination and are mainly used in offices. Therefore, the increasing utilization of such artworks in offices is driving the abstract segment’s growth. The others segment includes various art subjects, such as portrait, figurative, and conceptual. This segment is powered by rising consumer attraction towards new paintings and sculptures on different subjects.


By Material Analysis


Canvas Artworks to Gain Immense Traction Due to Their Cost-effectiveness


By product materials, the global market is segmented into canvas, paper, and others. The canvas segment holds a major wall art market share owing to various advantages of canvas-based artworks over other material types. These advantages include wide availability of canvas artworks in different sizes & styles and cost-effectiveness. Additionally, regular utilization of cotton, synthetic fiber, and linen-based canvas among artists will further support the segment’s growth.


Nowadays, art students are opting for paper art and craft activities to build their creativity and imagination skills. This is expected to increase the utilization of paper among artists, thereby supporting the paper segment’s development. The others segment includes various materials, such as wood, metal, glass, plastic, and many others.  This segment is mainly driven by the increasing demand for metal and wood-based sculptures.


By Sales Channel Analysis


Easy Accessibility to Art Panels May Boost Customer Footfall at Dealer Shops


By sales channel, the global market is segregated into dealers and auction houses.


The dealers segment holds a major market share owing to the easy accessibility of consumers to different kinds of affordable paintings, drawings, sculptures, and other art products at the dealers’ shops and online portals. Additionally, regular provision of discounts and coupons on wall paintings and drawings by such dealers will surge the product demand, driving the segment’s revenues.


The auction houses segment growth is expected to be boosted by the increasing preference for highly skilled artworks among the middle and upper-income population groups. Additionally, growing infrastructural settings for the art and cultural auction houses across the globe will further support the products’ consumption rate, thereby driving the segment’s expansion. For instance, in 2018, Portion.io, a global online art marketplace, introduced a blockchain technology-based auction house for selling art, collectibles, and luxury goods across the world.


REGIONAL INSIGHTS


North America Wall Art Market Size, 2023 (USD Billion)

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Based on region, the global market is segregated into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. 


The North American industry value reached USD 26.80 billion in 2023. This region is dominating the global wall art industry due to the large demand for artisan-made home decor products, such as paintings, drawings, and sculptures among U.S. consumers. As per a survey conducted over 2,000 Americans by Canvaspop, an art printing company, in 2022, 51% of the participants chose artworks that were meaningful to their homes, and 39% preferred artistic products that matched their home décor needs.


Furthermore, the robust presence of leading home décors product retailers, such as Ethane Allen Interiors, Inc., Mohawk Industries, and others in the U.S. will support the product’s consumption rate in the region. Additionally, the regular introduction of art-related fairs and exhibitions by industry associations and key vendors in Canada, Mexico, and the U.S. might push the product demand in the region. For instance, in July 2021, Toronto Outdoor Art Fair (TOAF), a charitable non-profitable organization, launched its annual contemporary art fair at Nathan Philips Square, Canada to appreciate Canadians for their contemporary art activities.


Europe will showcase notable growth in the global market due to the increasing number of art museum visitors in the U.K. and France, thereby augmenting the sales of wall artworks in the region. According to the data presented by the U.K. government, in 2019-20, 51% of the U.K. respondents reported having visited a museum at least once compared to 42% in 2005-06. Additionally, increasing awareness regarding the availability of digital artworks among Europeans is further driving regional market growth. 


The Asia Pacific region will grow faster in the global market due to India and China's rising establishment of residential and commercial infrastructural facilities, thereby stimulating the consumer demand for wall décor products. According to the statistics published by the Government of the People’s Republic of China (PRC), in 2020, commercial property sales in the country reached 498.5 million sq. m., which was 0.3% up from 2019. Additionally, evolving home decoration and renovation trends in these countries will further propel the product demand in the Asia Pacific region.


The rising middle-income population groups and their improved living standards in Brazil, the UAE, and South Africa will accelerate the growth of the wall art industry in South America and the Middle East & Africa regions. Moreover, rapid urbanization and an increase in homeownership contribute to the demand for interior decoration in both regions. Therefore, homeowners in urban areas often seek to personalize their living spaces, driving the market for wall art to enhance home aesthetics.


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List of Key Companies in Wall Art Market


Promotion and Business Expansion Strategies by Key Market Players Will Fuel Market Size


The leading market players, such as Saatchi Art, Artfinder, Bed, Bath and Beyond, and other companies, are focusing on supplying artworks in the international markets to expand their business. Additionally, the companies regularly offer promotional events to showcase their artwork series and increase their product revenues. They are constantly investing in digital marketing strategies to promote their wall art products, including social media advertising, email campaigns, and search engine optimization. For instance, in November 2021, Artsy, an online art gallery, introduced ‘Woolwich Contemporary Print Fair 2021’ to promote the contemporary artworks of its 500 artisans internationally.


LIST OF KEY COMPANIES PROFILED



KEY INDUSTRY DEVELOPMENTS



  • November 2021: Prolab launched an innovative wall decor business in Australia. It consists of a wide array of canvas and acrylic material-based art prints.

  • May 2021: The Philadelphia Museum of Art opened its 90,000 sq. ft. museum building to demonstrate contemporary artistic items in Philadelphia, U.S.

  • July 2020: Etsy, an online consumer goods retailer, introduced an AR feature-based Etsy app that allows users to virtually visualize wall crafts, photos, and prints in their homes.

  • July 2020 – Samsung Group collaborated with Niio, a new art media platform, to introduce Wall x Niio art products across the world.

  • June 2020 – Artfinder, an online art gallery, boosted its investment by USD 0.31 million to increase its customer base in the U.K.


REPORT COVERAGE


The market research report analyzes the market in-depth and highlights crucial aspects, such as prominent companies, types, materials, and application areas. Besides this, it covers the latest wall art market trends, competitive landscape, and highlights significant industry developments. In addition to the aspects mentioned earlier, the report encompasses several factors contributing to the market's growth.


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Report Scope & Segmentation



















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 8.12% during 2024-2032



Unit



Value (USD Billion)



Segmentation



By Type



  • Fine

  • Abstract

  • Modern

  • Others



By Material



  • Canvas

  • Paper

  • Others



By Sales Channel



  • Dealers

  • Auction Houses



By Region



  • North America (By Type, Material, Sales Channel, and by Country)

    • U.S. (By Type)

    • Canada (By Type)

    • Mexico (By Type)



  • Europe (By Type, Material, Sales Channel, and Country)

    • Germany (By Type)

    • France (By Type)

    • Italy (By Type)

    • Spain (By Type)

    • U.K. (By Type)

    • Rest of Europe (By Type)



  • Asia Pacific (By Type, Material, Sales Channel, and Country)

    • China (By Type)

    • India (By Type)

    • Japan (By Type)

    • Australia (By Type)

    • Rest of Asia Pacific (By Type)



  • South America (By Type, Material, Sales Channel, and Country)

    • Brazil (By Type)

    • Argentina (By Type)

    • Rest of South America (By Type)



  • Middle East & Africa (By Type, Material, Sales Channel, and Country)

    • UAE (By Type)

    • South Africa (By Type)

    • Rest of Middle East & Africa (By Type)








Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 61.04 billion in 2023 and is anticipated to reach USD 118.79 billion by 2032.

In 2023, the market value stood at USD 61.04 billion.

The market is projected to grow at a CAGR of 8.12% over the forecast period (2024-2032).

The fine artwork segment is expected to be the leading product type in this market during the forecast period of 2024-2032.

The rising number of artists is a crucial factor in accelerating the market growth.

Saatchi Art, Artfinder, Minted LLC., and many others, are the leading companies in this market.

North America dominated the global market in 2023.

The growing popularity of digital artworks among people will accelerate the adoption of wall paintings and drawings.

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