PUBLISHER: SkyQuest | PRODUCT CODE: 1270688
PUBLISHER: SkyQuest | PRODUCT CODE: 1270688
Global Photo Frame Market size was valued at USD 56.26 million in 2021 and is poised to grow from USD 58 million in 2022 to USD 76.35 million by 2030, growing at a CAGR of 3.1% in the forecast period (2023-2030).
The global photo frame market is expected to experience steady growth in the coming years, driven by factors such as rising disposable incomes, increasing urbanization, and growing demand for home decor items. Photo frames come in a variety of styles, sizes, and materials, providing consumers with a range of options to choose from. Additionally, technological advancements have led to the development of digital photo frames, which offer unique features such as remote access and storage capabilities.
Top-down and bottom-up approaches were used to estimate and validate the size of Photo Frame market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
The Global Digital Photo Frame Market is segmented on the basis of Product Type and Application. Based on Product Type the market is further sub-segmented into Improved Multimedia Digital Photo Frames, and Simple Function Digital Photo Frames, According to Application the market is further sub-segmented into Household and Commercial.
Driver
The increasing popularity of home automation and smart gadgets has resulted in a surge in demand for digital photo frames. Moreover, the growing trend of enhanced technological products due to a higher standard of living is expected to fuel the global digital photo frame market's growth.
Restrain
The increasing usage of smartphones has led to consumers undervaluing photo frames, which is a significant factor restricting the market's expansion.
Trends
In 2021, families within the European Union allocated 5.5% of their total expenses towards household maintenance and furnishing, indicating a significant interest in domestic decor. This has led to a notable surge in demand for decorative picture frames, with market growth expected to be reinforced by factors such as expansion in the real estate sector and increased services for interior design. Additionally, the growing popularity of interior design worldwide and rising disposable income are also contributing to the growth of the market. According to BIFMA, the industrial furniture market in North America, which includes the office, educational, and healthcare sectors, was valued at US$17.89 billion in 2021.