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Wall Art Market Size, Share & COVID-19 Impact Analysis, By Type (Fine, Abstract, Modern, and Others), Material (Canvas, Paper, and Others), Sales Channel (Dealers and Auction Houses), and Regional Forecast, 2023-2030

Region : Global | Format: PDF | Report ID: FBI105009

 

KEY MARKET INSIGHTS

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The global wall art market size was valued at USD 59.09 billion in 2022 and is anticipated to grow from USD 61.04 billion in 2023 to USD 97.79 billion by 2030, exhibiting a CAGR of 6.96% growth during the forecast period of 2023-2030.


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.


COVID-19 IMPACT 


Interior Decoration Trend Amid COVID-19 Surged Product Demand


Due to the imposition of COVID-19-related lockdowns and restrictions in many countries across the world, people were forced to stay indoors and preferred doing interior designing & decoration-related activities in their households. This accelerated the consumer demand for home decor-related products, driving the wall art market growth. Additionally, increased consumer preference for online shopping of a wide range of paintings and drawings amid the COVID-19 pandemic boosted 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 initially lowered the number of home crafting events and auctions, impacting product demand across the globe. Additionally, due to the COVID-19 pandemic, supply chain disruptions impacted the global home décor industry growth.


LATEST TRENDS


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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.


DRIVING 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.


SEGMENTATION


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 ANALYSIS


North America Wall Art Market Size, 2022 (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 26.03 billion in 2022. 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.


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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.


KEY INDUSTRY PLAYERS


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, 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 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


An Infographic Representation of Wall Art Market

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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


Report Scope & Segmentation



















































 ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 6.96% during 2023-2030



Unit



Value (USD Billion)



Segmentation



By Type



  • Fine

  • Abstract

  • Modern

  • Others



By Material



  • Canvas

  • Paper

  • Others



By Sales Channel



  • Dealers

  • Auction Houses



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 59.09 billion in 2022 and is anticipated to reach USD 97.79 billion by 2030.

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

Recording a CAGR of 6.96%, the global market is predicted to showcase steady growth during the forecast timeline of 2023-2030.

The fine artwork segment is expected to be the leading product type in this market during the forecast period of 2023-2030.

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.

The North American region dominated the global market in 2022.

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

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