Area Rugs Market to Grow with a CAGR of 4.29% through 2028
Increasing demand for home decor, rising disposable and increasing
demand for eco-friendly products income are factors driving the global area
rugs market in the forecast period 2024-2028.
According to the TechSci Research rep ort, “Area Rugs Market – Global Industry Size, Share, Trends, Competition, Opportunity,
and Forecast, 2018-2028F”, the area rugs market is influenced by a
myriad of factors that collectively drive its growth and evolution. From
changing home renovation trends to urbanization and shifting consumer
preferences, each of these drivers contributes to the market's vibrancy and
diversity. As the global economy continues to evolve and consumer demands
shift, the area rugs market will likely remain dynamic, adapting to meet the
ever-changing needs and preferences of consumers around the world.
Area rugs have become an integral part of interior design, offering a
blend of functionality and aesthetics. These versatile floor coverings serve
various purposes, from enhancing the visual appeal of a room to providing
warmth and comfort underfoot. The global area rugs market has witnessed steady
growth over the years, driven by a combination of factors that cater to
changing consumer preferences and lifestyles.
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The area rugs market is not without its challenges, but it continues to
evolve in response to changing consumer preferences, sustainability concerns,
and economic fluctuations. Manufacturers and retailers must adapt to these
challenges by embracing sustainability, enhancing brand protection, and staying
attuned to shifting design trends. By addressing these challenges proactively,
businesses in the area rugs market can position themselves for long-term
success in a dynamic and competitive industry.
The area rugs market is ever-evolving, driven by changing consumer preferences,
technological advancements, and shifts in interior design trends. As consumers
seek unique and innovative ways to enhance their living spaces, the area rugs
market responds with a variety of new trends. The area rugs market is
continuously evolving, driven by consumer preferences, technological
advancements, and changing interior design trends. Sustainable materials and
eco-friendly practices, customization and personalization options, digital
printing technology, vintage-inspired designs, geometric and abstract patterns,
and the focus on texture and layering are just some of the major trends shaping
the industry.
Manufacturers and retailers in the area rugs market must remain agile
and adaptable to meet the ever-changing demands of consumers. By embracing
these trends and incorporating them into their product offerings, businesses
can position themselves for success in this dynamic and competitive market. Additionally,
the use of contrasting colors and bold shapes allows consumers to make a design
statement with their area rugs, making them a focal point in a room. These rugs
can also provide a sense of movement and energy to an otherwise neutral space.
The popularity of geometric and abstract designs reflects a broader
trend towards minimalism and contemporary aesthetics in interior design.
The global area rugs market is segmented based on type, material,
application, and region.
Based on the type, tufted rugs contribute the largest market in the area
rugs market. They account for more than 50% the global market share. Tufted
rugs are made by punching loops of yarn into a backing material. This makes
them relatively inexpensive to produce and easy to care for. They are also
available in a wide variety of colors, patterns, and textures.
Based on region, the market is segmented into North America, Europe,
Asia Pacific, Middle East & Africa, and South America. In 2022, North
America is anticipated to contribute the greatest contribution to the growth of
the worldwide market. North America controls the majority of the global market
for area rugs in terms of sales. The rise in per capita income, the expansion
of residential and commercial development, and the rising use of carpet tiles
in commercial areas are the main drivers of market expansion in this area.
Major companies operating in the global area rugs market are:
- Balta Group NV
- Berkshire
Hathaway Inc.
- Capel Inc.
- Dixie Group Inc
- Harounian Rugs
International
- Kalaty Rug Corp.
- Loloi Inc.
- Milliken &
Co.
- Mohawk Industries
Inc.
- Nourison
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“The area rugs market continues to experience steady growth, driven by
factors such as evolving interior design trends, increased consumer awareness
of home aesthetics, and a growing desire for customization. As consumers seek
unique and sustainable flooring solutions, manufacturers are responding with
innovative materials and designs. Additionally, the market's expansion is
fueled by e-commerce platforms, which provide convenient access to a wide range
of area rugs. With sustainability and personalization playing pivotal roles,
the area rugs market is poised for continued growth and adaptation to changing
consumer preferences.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Area Rugs Market By Type (Tufted
Rugs, Knotted Rugs, Hand-Woven Rugs, Others), By Material (Wool, Synthetics, Sisal, Jute Sea Grass,
Animal Skins, Silk, Cotton, Others), By Application (Commercial, Residential), By
Region, By Competition Forecast
& Opportunities, 2018-2028F, has evaluated the future growth potential of the area rugs market globally
and provides statistics and information on market structure, size, share, and
future growth. The report provides cutting-edge market intelligence and helps decision-makers
to make sound investment decisions. Besides, the report also identifies the
emerging trends along with essential drivers, challenges, and opportunities
present in the market of area rugs globally.
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