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The global wall art market size was valued at USD 46.33 billion in 2020. The market is projected to grow from USD 48.50 billion in 2021 to USD 72.61 billion by 2028, exhibiting a CAGR of 5.9% during the forecast period. The global impact of COVID-19 pandemic has been unprecedented and staggering, with home artistic products experiencing a lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market had exhibited a decline of -18.5% in 2020 as compared to 2019.
Wall arts are commonly used as decorative tools in households and museums. Paintings, drawings, sculptures, and other wall design tools enhance an indoor wall's beauty. Artworks’ ability to convey an inspirational and informative message mainly upsurges the utilization of such products among people. Nowadays, players are introducing various crafting events to showcase their artworks to the worldwide population and uplift 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.
Interior Decoration Trend Amid COVID-19 to Surge Product Demand
Due to COVID-19-related lockdown restrictions in many countries worldwide, people have been forced to stay indoors and prefer doing interior & decoration-related activities in their households. This will accelerate consumer demand for home decor-related products, driving the wall art market growth. Additionally, increased consumer preference for online shopping of the painting and drawing artworks amid the COVID-19 pandemic has uplifted the companies’ product revenues. For instance, in June 2020, Artfinder, a leading home crafting products maker, reported a 146% jump in its sales from home crafting products.
However, travel restrictions and social distancing norms amid the COVID-19 pandemic have lowered the number of auction home crafting events, impacting product demand worldwide. Additionally, due to the COVID-19 pandemic, supply chain disruption has impacted the worldwide home décor industry growth.
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Rise of Digital Artworks to Fuel Market Development
Nowadays, offices, schools, and other commercial settings increasingly use digital art frames to convey an informational and inspirational message to the people. This will create newer opportunities for the companies to increase their business in the digital artwork industry. Additionally, increasing household consumers’ usage of customized digital artwork displays will offer newer avenues for industry growth. Besides, evolving home decoration trends will drive the product demand.
Rising number of Artists to Boost Wall Art Demand
A rising number of artisans & painters will offer ease in the home artworks' supply rate, thereby supporting the product demand. According to the statistical data presented by the U.S. Bureau of Labor Statistics, in 2020, artists and related workers’ employment in the U.S. reached 12,600 and is expected to grow by 9.5% by 2030.
Besides, the key companies' regular introduction of art-related campaigns will help them fuel their product revenues, thereby driving market growth. For instance, in October 2021, Haarlem Artspace, a contemporary art products maker, launched a ‘Go Fund Me’ campaign to showcase its range of quality contemporary arts to the people.
Rising Residential and Commercial Development to Support Market Growth
Nowadays, people increasingly use creative panel artworks to maintain their home aesthetic and decorative. Therefore, rising residential and commercial infrastructural settings will ease the product demand among the worldwide population. According to the recent National Association of Realtors (NAR)’ data, in October 2021, existing housing sales in the U.S. reached 6.34 million, 0.8% up over the previous month.
Additionally, the increasing number of art museum visits in many countries worldwide further supports the consumption growth 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 over a similar period of the previous year.
Availability of Alternative Art Products to Restrain Market Growth
Easier consumers’ accessibility to alternative products such as murals, lighting, wallpapers, and others is restraining the market growth. Additionally, the higher cost of the premium-based art frames and antiques is declining the product demand among the middle & lower-income population groups. Besides, huge competition from the local industry players impacts the key players’ product revenues, limiting the market growth.
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Higher Prices of Fine Artworks Result in Fine Segment to Hold a Significant Global Market Share
The global wall art market analysis can be conducted with different product types such as abstract, modern, fine, and others. Artists mainly require perspective, anatomy, lighting, and proportion skills while designing fine art, and such products are generally sold at higher prices. The fine segment holds a major market share owing to the higher prices of such products. Additionally, fine arts provide non-academic benefits such as promoting self-esteem, aesthetic awareness, motivation, and creativity. This increases the utilization of fine wall arts, thereby driving the fine segmental growth.
The modern segment is driven by the increasing number of people who prefer paintings with a modern appeal. Abstract paintings & drawings essentially stimulate the brain's part associated with creativity & imagination and are mainly used in offices. Therefore, increasing the utilization of such artworks among offices is driving the abstract segmental growth. Others segment include various art subjects such as portrait, figurative, and conceptual. The others segment is mainly driven by the increasing consumer awareness regarding the availability of paintings & sculptures on different subjects.
Cost-effectiveness Canvas Artworks Result Canvas Segment to Lead Market
The global market is segmented by product materials such as canvas, paper, and others. Canvas artworks are available in different sizes and styles and are more budget-friendly. The canvas segment holds a major market share owing to such advantages of canvas-based artworks over other material types. Additionally, regular artists’ utilization of cotton, synthetic fiber, linen canvas material-based arts further supports the canvas segmental growth.
Nowadays, art students increasingly do paper art & crafting activities to build their creative & imagination skills. This increases the paper's utilization among artists, thereby supporting the paper segmental growth. Others segment include various material types such as wood, metal, glass, plastic, etc. The others segment is mainly driven by the increasing demand for metal and wood material-based sculptures.
Easy Consumers’ Accessibility Panel Arts at Dealer Shops Make Dealers Segment to Dominate Market
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 consumers’ accessibility to the different kinds of affordable paintings, drawings, sculptures, and other art products at the dealers’ shops and online portals. Additionally, regular provision of discounts & coupons on wall paintings and drawings by such dealers will surge the product demand, driving the dealers' segmental revenues.
The auction houses segment is mainly driven by the increasing number of middle and upper-income population groups preferring highly skilled artwork products. Additionally, growing infrastructural settings related to the art & cultural auction houses across the globe further support the products’ consumption rate, thereby driving the auction houses' segmental growth. 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 worldwide.
North America Wall Art Market Size, 2020 (USD Billion)
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The global market is segregated into North America, Europe, Asia Pacific, South America, Middle East & Africa regions.
The North American industry reached USD 20.55 billion in 2020. The North American region dominates the global wall art industry due to the large U.S. consumer demand for artisan-made home decor products such as paintings, drawings, sculptures, etc. In the survey conducted over 99 countries by Artsy.net, a global online art marketplace, in May 2019, nearly 53% of respondents came from the U.S. who prefer buying at least one artwork annually.
Furthermore, the robust presence of the leading home décor products retailers such as Ethane Allen Interiors, Inc., Mohawk Industries, and others in the U.S. support the products 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. further supports 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 contemporary art activities.
The European region will grow the market considerably due to the increasing number of art museum visitors in the U.K. and France, thereby supporting the products consumption rate in the region. According to the data presented by the government of the U.K., 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 the European market growth.
The Asia Pacific region will grow faster in the global market due to India and China's rising residential and commercial infrastructural facilities, thereby supporting the consumer demand for home décor products. According to the statistics published by the Government of the Peoples Republic of China (PRC), in 2020, commercial property sales in China reached 498.5 million sq. m., 0.3% up over 2019. Additionally, evolving home decoration and renovation trends among the populations further support the product demand in the Asia Pacific region.
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The rising middle-income population groups and their living standards in Brazil, UAE, and South Africa mainly support the growth of the wall décor industry in South America and the Middle East & African regions.
Promotion and Expansion Strategies by Key Market Players will Fuel Market Size
Nowadays, Saatchi Art, Artfinder, Bed Bath and Beyond, and other key companies focus on supplying artworks in the international markets to expand their business. Additionally, they regularly offer promotional events to showcase their artwork series and increase their product revenues. For instance, in November 2021, Artsy, an online art gallery, introduced ‘Woolwich Contemporary Print Fair 2021’ to promote its 500 artisans’ made contemporary artworks internationally.
An Infographic Representation of Wall Art Market
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The global market research report analyzes the market in-depth and highlights crucial aspects such as prominent companies, types, materials, and application areas. Besides this, the global 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.
Value (USD Billion)
By Sales Channel
North America (By Type, Material, Sales Channel, and by Country)
Europe (By Type, Material, Sales Channel, and Country)
Asia Pacific (By Type, Material, Sales Channel, and Country)
South America (By Type, Material, Sales Channel, and Country)
The Middle East & Africa (By Type, Material, Sales Channel, and Country)
Fortune Business Insights says that the worldwide market size was USD 46.33 billion in 2020 and is anticipated to reach USD 72.61 billion by 2028.
In 2020, the worldwide market value stood at USD 46.33 billion.
Rising at a CAGR of 5.9%, the global wall art market forecasted to grow From (2021-2028).
The fine segment is expected to be the leading product type in this market during the forecast period (2021-2028).
The rising number of art artists is crucial for accelerating market growth.
Saatchi Art, Artfinder, Minted LLC. are leading companies worldwide.
The North American region to dominate the worldwide market in 2020.
The growing popularity of digital artworks among people will accelerate the adoption of wall painting and drawing products.
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