Interior Design Market Size, Share, Growth, and Industry Growth, By Type (Residential, Commercial, and Others), By Application (Newly Decorated and Repeated Decorated), Regional Insights, and Forecast From 2023 to 2031

Updated On: 20 November 2023

Interior Design Market REPORT OVERVIEW

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global interior design market size was USD 180730 Million in 2021  and market is projected to touch 229570.25 Million by 2031, exhibiting a CAGR of 8.3% during the forecast period.

Interior design is a broad field where creative and technological design ideas are used to finish or improve an interior setting according to the preferences of the client. It is a multi-faceted sector where technical designs and innovations finish or upgrade an interior environment to the client’s specifications. This industry includes firms dealing majorly with designing, planning, and management projects. The interior designing sector is made up of businesses with expertise in project planning, design, and management in a variety of interior environments. 

The required building laws and health and safety regulations must be taken into consideration for all projects by interior design firms and consultants. Along with any electrical or mechanical requirements, interior decor, furniture, traffic patterns, and floor planning must all be taken into account by designers. The quantity of projects that interior design firms accept, the accuracy of their bids, and the promptness with which those projects are delivered and completed all affect how profitable those firms are.

COVID-19 Impact: Halt in Construction Industry Hampered Market Growth

The pandemic drastically hampered the economy by affecting the growth of various sectors such as businesses, households, trade, industrial establishments, financial institutions and infrastructure companies all at once. The COVID-19 threatened the construction industry, which ultimately hampered the industry. A financial crisis impeded the market growth and thus, the demand for interior design decreased during the pandemic. The pandemic also led to a halt in the construction projects resulting in hampering market growth.

LATEST TRENDS

"Accelerating Value of Real Estate to Drive Market Trends"

The growing value of the real estate industry is estimated to be the major driver for interior design market growth. Moreover, the population’s disposable income is also increasing which will propel the demand for interiors. Furthermore, urbanization is expanding in the emerging countries. The growing disposable income is leading to the demand to own a smart house with exclusive interior design to maintain their standard in the society. The social media platforms are contributing as an additional growth factor are they show various designs for house interiors.

Interior Design Market Segmentation

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• By Type Analysis

By type, the market is segmented into residential, commercial, and others.

• By Application Analysis

Based on application, the market is classified into newly decorated and repeated decorated.

DRIVING FACTORS

"Increasing Number of Interior Designers to Cater the Service Demand"

Investors are increasing their investments in real estate. Major investments are concentrated in co-working spaces and commercial properties. Thus, the growing real estate market will be the major cause for the expansion of interior design market growth in the foreseeable future. The investment in Tier-1 and Tier-2 cities is also contributing to the rising number of interior designers. Moreover, various architect firms are moving to India’s interior market, which will eventually strengthen the market growth.

"Growing Demand for Improves Designs to Prosper Market Growth"

The integration of various cultures and trends, the population embraces new decorations and designs for their homes. The population is willing to spend more on improved home spaces. The commercial interior designs are also expected to surge the demand during the forecast years. The presence of customized designs is contributing to accelerating the demand for interior designs in the global market.

RESTRAINING FACTORS

"Staying Updated in Designs May Become a Downfall for Market"

The residential and commercial property owners look for theme-based designs such as Mediterranean, folkloric, or European style. It becomes tough for the designer to balance the latest trend with a timeless style. Moreover, the work of interior designing involves various challenges such as from discovering the right supplier to staying up with advanced tools and technology for better efficiency. These factors are likely to impede the interior design market growth.

Interior Design Market REGIONAL INSIGHTS

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"Asia Pacific to Dominate Market Due to the Growing Adoption of Designing as a Profession"

Asia Pacific is projected to hold about 50% of the overall interior design market share owing to the adoption of interior designing as a profession. The students are exploring various career streams and interior designing is one of them. Moreover, the growing construction activity in the region will also contribute to regional growth.

Europe and North America is projected to show sizable growth due to the increasing construction activities in the region. The construction of housing projects by private and public agencies contribute to the growth of the region.

KEY INDUSTRY PLAYERS

"Key Companies to Emphasis On the Development of Advanced Technology"

Key market players are investing heavily on research and development of the product. Companies are also paying focus on launching advanced products. Emphasis on gaining collaborations, mergers, and acquisitions is increasing among leading players. The major market players are striving to maintain partnerships with other key players in the same industry. Gaining partnerships with other companies will develop a strong consumer base in the global market. The key competitors are adopting organic and inorganic growth strategies to surge their market share in the global market. 

List of Market Players Profiled

• Gensler (U.S.)
• Gold Mantis (China)
• HOK (U.S.)
• HBA (U.S.)
• Perkins+Will (U.S.)
• Jacobs (U.S.)
• Stantec (Canada)
• IA Interior Architects (U.S.)
• Callison (U.S.)
• Nelson (India)
• Leo A Daly (U.S.)
• SOM (U.S.)
• HKS (U.S.)
• DB & B (Singapore)
• Cannon Design (U.S.)
• NBBJ (U.S.)
• Perkins Eastman (U.S.)
• CCD (India)
• AECOM Technology (U.S.)
• Wilson Associates (U.S.)
• M Moser Associates (U.S.)
• SmithGroupJJR (U.S.)
• Areen Design Services (U.K.)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for various factors to show potential investment areas. From 2023 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.