(MENAFN- PR Newswire)
NEW YORK, July 4, 2024 /PRNewswire/ -- The global area rugs market size is estimated to grow by USD 3.79 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 3.68%
during the forecast period. Consumer shift toward interior design is driving market growth, with a trend towards advent of prayer rugs. However, intense competition from LVTs
poses a challenge. Key market players include Amara Rugs, Antep Rugs Inc., Belysse Group NV, berkshire hathaway Inc., BRINTONS AGNELLA Ltd., Capel Inc., The Dixie Group Inc., Harounian Rugs International, Kalaty Rug Corp., Loloi Inc., Milliken and Co., Mohawk Industries Inc., Momeni Inc., Nourison, Oriental Weavers Group, Safavieh LLC, STEPEVI Group, The Natural Carpet Co., and United Weavers Inc..
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Technavio has announced its latest market research report titled Global area rugs market 2024-2028
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| Area Rugs Market Scope |
| Report Coverage |
Details |
| Base year |
2023 |
| Historic period |
2018 - 2022 |
| Forecast period |
2024-2028 |
| Growth momentum & CAGR |
Accelerate at a CAGR of 3.68% |
| Market growth 2024-2028 |
USD 3791.1 million |
| Market structure |
Fragmented |
| YoY growth 2022-2023 (%) |
3.5 |
| Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
| Performing market contribution |
North America at 37% |
| Key countries |
US, China, UK, Germany, and India |
| Key companies profiled |
Amara Rugs, Antep Rugs Inc., Belysse Group NV, Berkshire Hathaway Inc., BRINTONS AGNELLA Ltd., Capel Inc., The Dixie Group Inc., Harounian Rugs International, Kalaty Rug Corp., Loloi Inc., Milliken and Co., Mohawk Industries Inc., Momeni Inc., Nourison, Oriental Weavers Group, Safavieh LLC, STEPEVI Group, The Natural Carpet Co., and United Weavers Inc. |
Market Driver
The prayer rug market has experienced significant growth due to the introduction of innovative, antibacterial, and disposable rugs. These rugs address unhygienic conditions in outdoor and public worship places. Their compact design allows users to carry them to various locations such as hospitals, hotels, mosques, airports, and shopping malls. Turkey was a major market for these rugs in 2012, with Duaser being a pioneer in their production. India and China have also emerged as key manufacturing hubs for prayer rugs, with Sandex Rugs and Carpets and H and Z International Trade Company leading the way. These developments are expected to boost the market's expansion during the forecast period.
The area rugs market is experiencing significant growth with various trends shaping the industry. Key materials used include wool, synthetic, and natural fibers like cotton and modacrylic. Decorative rugs are popular, with modern designs and bright colors in demand. Carpet manufacturing companies produce rugs in a wide range of sizes and shapes to cater to diverse consumer preferences. Printed rugs, including digital and hand-painted designs, are gaining popularity. Sustainability is a key trend, with eco-friendly and recycled materials being used. Additionally, custom-made rugs are increasingly in demand, offering unique designs and sizes to consumers. Overall, the area rugs market is dynamic and evolving, driven by consumer preferences and technological advancements.
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Market
Challenges
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The global area rugs market experiences intense competition from luxury vinyl tiles (LVTs) in the commercial sector. Major flooring manufacturers are expanding their LVT offerings, targeting this sector. While health concerns over phthalates in LVTs have lessened due to phthalate-free alternatives, LVTs cannot replicate area rugs' benefits, such as cushioning and texture. However, LVTs' advantages in durability, maintenance, and longevity pose a challenge to the growth of the area rugs market.
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The area rugs market faces several challenges in the printing and production sectors. Durability is a key concern, with the need for coverings that can withstand heavy foot traffic and resist fading. Consumers also seek rugs that are easy to clean and maintain. Technological advancements, such as tufted textures and softness, are important considerations for manufacturers. Additionally, the market is competitive, with a large number of players offering various styles and materials. Colors and patterns are also essential factors, as home decor trends shift frequently. Overall, the area rugs industry must balance innovation, affordability, and consumer preferences to remain competitive.
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Segment Overview
This area rugs market report extensively covers market segmentation by
Product
1.1 Machine-made area rugs
1.2 Handmade area rugs
Application
2.1 Residential
2.2 Commercial
Distribution Channel
Geography
4.1 North America
4.2 APAC
4.3 Europe
4.4 South America
4.5 Middle East and Africa
1.1
Machine-made area rugs-
The power loom industry manufactures machine-made area rugs, utilizing both hand machines and computers. These rugs are produced using wool and synthetic fibers such as nylon, polyester, polypropylene, and olefin. The global market for machine-made area rugs is expanding due to population growth, an increase in nuclear families, and the housing sector's focus on interior decoration. Key producers include the US, Belgium, and Turkey. Online sales platforms are driving moderate growth in this market.
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Research Analysis
The Area Rugs market encompasses a diverse range of textile floor coverings, including Needle point rugs, Shag rugs, Flat weave rugs, Cut pile rugs, and Loop pile rugs. These rugs come in various Colors and Patterns, offering an Aesthetic look that complements Furniture such as sofas, TV stands, and Tables. Oriental rugs, Kilim rugs, and Floor cloths are also popular choices. Manufacturers incorporate Vibrant colors and Recycled materials, as well as Natural fibers like Wool, Jute, and Bamboo, into their designs to cater to the evolving Interior decoration trends. Carpet And Rugs retailers offer a wide selection of these textiles, providing customers with a multitude of Textures and Aesthetic options for their living spaces.
Market Research Overview
The Area Rugs market encompasses a wide range of floor coverings, typically featuring unique designs and textures. These rugs are often used to add aesthetic value and comfort to various living spaces. The materials used in creating area rugs are diverse, including wool, silk, cotton, and synthetic fibers. The textures can vary from flat weave to shag pile, and the designs can be geometric, floral, or abstract. The market for area rugs is driven by consumer preferences for home decor and comfort. Additionally, the trend towards sustainable and eco-friendly products has led to an increase in demand for natural fiber rugs. The market also caters to various budgets, with both high-end and affordable options available. The market for area rugs is expected to grow in the coming years due to increasing consumer awareness and the availability of innovative designs and materials.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
Product
Machine-made Area Rugs
Handmade Area Rugs
Application
Distribution Channel
Geography
North America
APAC
Europe
South America
Middle East And Africa
7
Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
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SOURCE Technavio
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