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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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
• 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.
• 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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challenges - Request a sample report!
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.
For more information on market segmentation with
geographical analysis including forecast (2024-2028) and historic
data (2017-2021) - Download a Sample Report
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
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio