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Area Rugs Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2020-2024

  • Published: Jun 2021
  • Pages: 141
  • SKU: IRTNTR43091
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The area rugs market share is expected to increase by USD 5.12 billion from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 4.92%.

This area rugs market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers area rugs market segmentations by product (machine-made area rugs and handmade area rugs), distribution channel (offline and online), application (residential and commercial), and geography (North America, APAC, Europe, South America, and MEA). The area rugs market report also offers information on several market vendors, including Balta Group NV, Berkshire Hathaway Inc., Capel Inc., Harounian Rugs International, Kalaty Rug Corp., Milliken & Co., Mohawk Industries Inc., Oriental Weavers Group, The Dixie Group Inc., and The Natural Carpet Co. among others.

What will the Area Rugs Market Size be During the Forecast Period?

Area Rugs Market Size

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Area Rugs Market: Key Drivers, Trends, and Challenges

Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The consumer shift toward interior design is notably driving the area rugs market growth, although factors such as intense competition from lvts may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the area rugs industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Area Rugs Market Driver

The consumer shift toward interior design is a major factor driving the global area rugs market share growth. Consumers worldwide have started paying greater attention to and investing more time in decorating their homes with the best interiors they can afford. This includes spending on unique designer home furnishings such as carpets, rugs, curtains, cushion covers, beds, and other floor coverings, adding to the aesthetic appeal. The rising consumer income levels, evolving lifestyles, increased media penetration, and adoption of different cultures have further resulted in the growing interest of consumers toward the interior decoration of their houses. Moreover, the growing population of working women and their increased participation in the decision-making process for home decoration are also creating interest among women to decorate their homes. These factors have resulted in consumers spending more money on different designer and luxury area rugs, thereby driving the growth of the market during the forecast period.

Key Area Rugs Market Trend

The advent of prayer rugs is another factor supporting the global area rugs market share growth. One of the most innovative and interesting trends seen is the emergence of prayer rugs. These rugs are claimed to be antibacterial and disposable in nature. They are specially designed to resolve the unhygienic conditions seen in outdoor and public worship places. Their unique design offers an easy solution to enable the users to carry them to hospitals, hotels, mosques, airports, and prayer rooms in shopping malls. These rugs have gained great prominence in European countries like Turkey, where the product was one of the bestselling rugs in 2012. Duaser of Turkey was the pioneer in the creation of prayer rugs. India and China have also become prime spots to manufacture prayer rugs that are manufactured by Sandex Rugs & Carpets and H&Z International Trade Company, respectively.

Key Area Rugs Market Challenge

The intense competition from LVTs will be a major challenge for the global area rugs market share growth during the forecast period. Vendors operating in the global area rugs market face tough competition from vendors of luxury vinyl tile (LVT), especially due to its extensive adoption in the commercial construction sector. The market share of commercial area rugs witnessed a slow growth in 2018 and 2019. This slow growth is primarily attributed to a surge in the use of LVTs in the commercial sector. Till the last decade, LVTs were not preferred in the commercial sector because they contained phthalates that are harmful to human health. However, later, manufacturers of LVTs introduced new forms of phthalate-free LVTs, by substituting phthalates with terephthalates or bio-based plasticizers. Even though concerns over the drawbacks of LVTs still prevent a large number of buyers from adopting these products, LVTs cannot provide the same benefits as those offered by area rugs, such as attached cushioning and velvety experience. However, the significant advantages that LVTs offer, in terms of durability, maintenance, and lifespan, will hamper the demand for area rugs during the forecast period.

This area rugs market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.

Parent Market Analysis

Technavio categorizes the global area rugs market as part of the global home furnishings market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the area rugs market during the forecast period.

Who are the Major Area Rugs Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • Balta Group NV
  • Berkshire Hathaway Inc.
  • Capel Inc.
  • Harounian Rugs International
  • Kalaty Rug Corp.
  • Milliken & Co.
  • Mohawk Industries Inc.
  • Oriental Weavers Group
  • The Dixie Group Inc.
  • The Natural Carpet Co.

 

This statistical study of the area rugs market encompasses successful business strategies deployed by the key vendors. The area rugs market is fragmented and the vendors are deploying growth strategies such as organic and inorganic growth strategies to compete in the market.

Product Insights and News

  • Balta Group NV- Key products offered by the company include woven and tufted area rugs.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The area rugs market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Area Rugs Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the area rugs market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of global home furnishings market includes the following core components:

  • Inputs
  • Inbound logistics
  • Operations
  • Outbound logistics
  • Marketing and sales
  • Service
  • Support activities
  • Innovation

The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.

Which are the Key Regions for Area Rugs Market?

Area Rugs Market Market segmentation by region

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34% of the market's growth will originate from APAC during the forecast period. China is the key market for area rugs market in APAC. Market growth in this region will be faster than the growth of the market in all other regions.

Rising income levels due to an increase in the number of working women, an increase in homeownership, globalization, and changing consumer tastes will facilitate the area rugs market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of the COVID-19 pandemic has drastically impacted the market growth in APAC in 2020. The governments of highly populated countries such as China and India imposed a nationwide lockdown to prevent the spread of the disease. The pandemic situation drastically impacted the spending power of individual customers, and investments in home furnishing products such as area rugs and carpets were low in 2020. However, with the relaxation of lockdowns is likely to boost the market growth.

What are the Revenue-generating Product Segments in the Area Rugs Market?

Area Rugs Market Segmentation

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The area rugs market share growth by the machine-made area rugs segment will be significant during the forecast period. The global machine-made area rugs market is expected to experience steady year-on-year growth during the forecast period. The main factors contributing to the steady growth are the growing urban population, an increase in the number of nuclear families, and the rapidly growing housing industry with interest in interior decoration. Countries like the US, Belgium, and Turkey are the leading makers of machine-made area rugs globally.

This report provides an accurate prediction of the contribution of all the segments to the growth of the area rugs market size and actionable market insights on post COVID-19 impact on each segment.

 

Area Rugs Market Scope

Report Coverage

Details

Page number

120

Base year

2019

Forecast period

2020-2024

Growth momentum & CAGR

Accelerate at a CAGR of 4.92%

Market growth 2020-2024

$ 5.12 billion

Market structure

Fragmented

YoY growth (%)

4.55

Regional analysis

North America, APAC, Europe, South America, and MEA

Performing market contribution

APAC at 34%

Key consumer countries

US, China, Canada, and Germany

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Balta Group NV, Berkshire Hathaway Inc., Capel Inc., Harounian Rugs International, Kalaty Rug Corp., Milliken & Co., Mohawk Industries Inc., Oriental Weavers Group, The Dixie Group Inc., and The Natural Carpet Co.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Area Rugs Market Report?

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive area rugs market growth during the next five years
  • Precise estimation of the area rugs market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the area rugs industry across North America, APAC, Europe, South America, and MEA
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of area rugs market vendors

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1 Executive Summary

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 01: Parent market
    • Exhibit 02: Market characteristics
    • Exhibit 03: Value Chain Analysis: Home furnishings market
  • 2.2 Value chain analysis

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 05: Market segments
  • 3.2 Market segment analysis
  • 3.3 Market size 2020
    • Exhibit 06: Global - Market size and forecast 2020 - 2025 ($ million)
  • 3.4 Market outlook: Forecast for 2020 - 2025
    • Exhibit 07: Global market: Year-over-year growth 2020 - 2025 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary
    • Exhibit 10: Bargaining power of suppliers
  • 4.2 Bargaining power of buyers
    • Exhibit 11: Threat of new entrants
  • 4.3 Bargaining power of suppliers
  • 4.4 Threat of new entrants
    • Exhibit 12: Threat of substitutes
  • 4.5 Threat of substitutes
    • Exhibit 13: Threat of rivalry
  • 4.6 Threat of rivalry
    • Exhibit 14: Market condition - Five forces 2020
  • 4.7 Market condition

5 Market Segmentation by Product

  • 5.1 Market segments
    • Exhibit 16: Comparison by Product
    • Exhibit 17: Machine-made area rugs - Market size and forecast 2020-2025 ($ million)
  • 5.2 Comparison by Product
    • Exhibit 18: Machine-made area rugs - Year-over-year growth 2020-2025 (%)
  • 5.3 Machine-made area rugs - Market size and forecast 2020-2025
    • Exhibit 19: Handmade area rugs - Market size and forecast 2020-2025 ($ million)
    • Exhibit 20: Handmade area rugs - Year-over-year growth 2020-2025 (%)
  • 5.4 Handmade area rugs - Market size and forecast 2020-2025
    • Exhibit 21: Market opportunity by Product
  • 5.5 Market opportunity by Product

6 Market Segmentation by Application

  • 6.1 Market segments
    • Exhibit 23: Comparison by Application
    • Exhibit 24: Residential - Market size and forecast 2020-2025 ($ million)
  • 6.2 Comparison by Application
    • Exhibit 25: Residential - Year-over-year growth 2020-2025 (%)
  • 6.3 Residential - Market size and forecast 2020-2025
    • Exhibit 26: Commercial - Market size and forecast 2020-2025 ($ million)
    • Exhibit 27: Commercial - Year-over-year growth 2020-2025 (%)
  • 6.4 Commercial - Market size and forecast 2020-2025
    • Exhibit 28: Market opportunity by Application
  • 6.5 Market opportunity by Application

7 Market Segmentation by Distribution channel

  • 7.1 Market segments
    • Exhibit 30: Comparison by Distribution channel
    • Exhibit 31: Offline - Market size and forecast 2020-2025 ($ million)
  • 7.2 Comparison by Distribution channel
    • Exhibit 32: Offline - Year-over-year growth 2020-2025 (%)
  • 7.3 Offline - Market size and forecast 2020-2025
    • Exhibit 33: Online - Market size and forecast 2020-2025 ($ million)
  • 7.4 Online - Market size and forecast 2020-2025
    • Exhibit 34: Online - Year-over-year growth 2020-2025 (%)
    • Exhibit 35: Market opportunity by Distribution channel
  • 7.5 Market opportunity by Distribution channel

8 Customer landscape

  • 8.1 Customer landscape

9 Geographic Landscape

  • 9.1 Geographic segmentation
    • Exhibit 38: Geographic comparison
    • Exhibit 39: North America - Market size and forecast 2020-2025 ($ million)
  • 9.2 Geographic comparison
  • 9.3 North America - Market size and forecast 2020-2025
    • Exhibit 40: North America - Year-over-year growth 2020-2025 (%)
    • Exhibit 41: APAC - Market size and forecast 2020-2025 ($ million)
    • Exhibit 42: APAC - Year-over-year growth 2020-2025 (%)
  • 9.4 APAC - Market size and forecast 2020-2025
    • Exhibit 43: Europe - Market size and forecast 2020-2025 ($ million)
  • 9.5 Europe - Market size and forecast 2020-2025
    • Exhibit 44: Europe - Year-over-year growth 2020-2025 (%)
    • Exhibit 45: South America - Market size and forecast 2020-2025 ($ million)
    • Exhibit 46: South America - Year-over-year growth 2020-2025 (%)
  • 9.6 South America - Market size and forecast 2020-2025
    • Exhibit 47: MEA - Market size and forecast 2020-2025 ($ million)
  • 9.7 MEA - Market size and forecast 2020-2025
    • Exhibit 48: MEA - Year-over-year growth 2020-2025 (%)
    • Exhibit 49: Key leading countries
  • 9.8 Key leading countries
    • Exhibit 50: Market opportunity by geography ($ million)
  • 9.9 Market opportunity by geography

10 Drivers, Challenges, and Trends

  • 10.1 Market drivers
  • 10.2 Market challenges
    • Exhibit 51: Impact of drivers and challenges
  • 10.3 Market trends

11 Vendor Landscape

  • 11.1 Vendor landscape
    • Exhibit 54: Industry risks
  • 11.2 Landscape disruption
  • 11.3 Competitive scenario

12 Vendor Analysis

  • 12.1 Vendors covered
    • Exhibit 56: Market positioning of vendors
  • 12.2 Market positioning of vendors
    • Exhibit 57: Balta Group NV - Overview
    • Exhibit 58: Balta Group NV - Business segments
    • Exhibit 59: Balta Group NV - Key offerings
    • Exhibit 60: Balta Group NV - Segment focus
  • 12.3 Balta Group NV
    • Exhibit 61: BRINTONS AGNELLA Ltd. - Overview
    • Exhibit 62: BRINTONS AGNELLA Ltd. - Product and service
    • Exhibit 63: BRINTONS AGNELLA Ltd. - Key offerings
  • 12.4 BRINTONS AGNELLA Ltd.
    • Exhibit 64: Bukhara Oriental Rugs - Overview
    • Exhibit 65: Bukhara Oriental Rugs - Product and service
    • Exhibit 66: Bukhara Oriental Rugs - Key offerings
  • 12.5 Bukhara Oriental Rugs
    • Exhibit 67: Capel Inc. - Overview
    • Exhibit 68: Capel Inc. - Product and service
    • Exhibit 69: Capel Inc. - Key offerings
  • 12.6 Capel Inc.
    • Exhibit 70: Harounian Rugs International - Overview
    • Exhibit 71: Harounian Rugs International - Product and service
    • Exhibit 72: Harounian Rugs International - Key offerings
  • 12.7 Harounian Rugs International
    • Exhibit 73: Kalaty Rug Corp. - Overview
    • Exhibit 74: Kalaty Rug Corp. - Product and service
    • Exhibit 75: Kalaty Rug Corp. - Key offerings
  • 12.8 Kalaty Rug Corp.
    • Exhibit 76: Loloi Inc. - Overview
    • Exhibit 77: Loloi Inc. - Product and service
    • Exhibit 78: Loloi Inc. - Key offerings
    • Exhibit 79: Milliken and Co. - Overview
    • Exhibit 80: Milliken and Co. - Product and service
  • 12.9 Loloi Inc.
    • Exhibit 81: Milliken and Co. – Key news
    • Exhibit 82: Milliken and Co. - Key offerings
  • 12.10 Milliken and Co.
    • Exhibit 83: Mohawk Industries Inc. - Overview
    • Exhibit 84: Mohawk Industries Inc. - Business segments
    • Exhibit 85: Mohawk Industries Inc. - Key offerings
    • Exhibit 86: Mohawk Industries Inc. - Segment focus
  • 12.11 Mohawk Industries Inc.
    • Exhibit 87: Momeni Inc. - Overview
    • Exhibit 88: Momeni Inc. - Product and service
    • Exhibit 89: Momeni Inc. - Key offerings
  • 12.12 Momeni Inc.

13 Appendix

  • 13.1 Scope of the report
  • 13.2 Currency conversion rates for US$
    • Exhibit 91: Research Methodology
    • Exhibit 92: Validation techniques employed for market sizing
  • 13.3 Research methodology
    • Exhibit 93: Information sources
    • Exhibit 94: List of abbreviations
  • 13.4 List of abbreviations

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
Technavio

TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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Area Rugs market growth will increase by $5124.49 million during 2020-2024.
The area rugs market is expected to grow at a CAGR of 4.92% during 2020-2024.
Technavio has segmented the area rugs market by product (Machine-made area rugs and Handmade area rugs) ,distribution channel (Offline and Online) , and application (Residential and Commercial).
Balta Group NV, Berkshire Hathaway Inc., Capel Inc., Harounian Rugs International, Kalaty Rug Corp., Milliken & Co., Mohawk Industries Inc., Oriental Weavers Group, The Dixie Group Inc., The Natural Carpet Co. are a few of the key vendors in the area rugs market.
APAC will register the highest growth rate of 34.11% among the other regions. Therefore, the area rugs market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the area rugs market growth are:
  • Consumer shift toward interior design
  • Advent of prayer rugs
The area rugs market vendors should focus on grabbing business opportunities from the machine-made area rugs segment as it accounted for the largest market share in the base year.
  • What are the key global market and the regional market share?
  • What are the revenue-generating key market segments?
  • What are the key factors driving and challenging this market’s growth?
  • Who are the key market vendors and their growth strategies?
  • What are the latest trends influencing the growth of this market?
  • What are the variables influencing the market growth in the primary regions?
  • What are the factors influencing the growth of the parent market?
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