Area Rugs Market is expected to reach US$ 15.00 billion by 2028
New Product Launches and Product Innovations Bolster Area Rugs Market Growth
According to our latest study on “Area Rugs Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, End Use, and Geography,” the area rugs market size is expected to grow from US$ 11.35 billion in 2022 to US$ 15.00 billion by 2028; it is estimated to register a CAGR of 4.8% from 2023 to 2028. The report highlights key factors driving the area rugs market growth and prominent players along with their developments in the market.
Area rugs are textile floor coverings that are used to usually cover a section of a room or floor. An area rug can create a relaxed and comfortable space by helping to anchor the furniture in a room. They are manufactured in a wide variety of styles, shapes, and designs. Area rugs can be produced from fibers such as wool, nylon, and synthetic fibers.
Area Rugs Market Breakdown – by Region
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The players operating in the area rugs market are focusing on adopting different strategies, such as investments in research and development activities and new product launches, to stand out as strong competitor in the market. Manufacturers are developing area rugs that meet increasing consumer demand for high-product quality and durability. With the growth in building remodelling, renovation, and residential and non-residential construction activities, manufacturers are producing high-quality products to keep up with the growing consumer demand for area rugs. For instance, in September 2019, Sunbrella and Harounian Rugs International (HRI) announced a partnership to create HRI Performance Rugs featuring Sunbrella, a unique collection in which Sunbrella yarn is used to create indoor and outdoor rugs for residential use. The area rugs will be designed for cutting-edge performance along with broadloom qualities and textures, with plush, thick piles and greater density. In August 2022, Cali Bamboo LLC launched CALI Rugs, a new collection of area rugs designed to complement flooring and decking. CALI Rugs offer an array of colors and patterns, largely drawing upon classic neutrals that are easy to incorporate into existing designs. According to the company, each rug style comes in multiple size dimensions, with most including round and runner options. The newly launched area rugs are designed to be durable and easy to maintain. They are also kid and pet-friendly with a non-shedding, stain-resistant construction. Hence, the new product launches and product innovations in the global area rugs market are expected to offer more lucrative opportunities for the area rugs market growth during the forecast period.
The key players operating in the area rugs market include Dalyn Rug Co, Sams International Inc, Riztex USA Inc, Amer Rugs Inc, Capel Inc, Nodi Handmade Rugs Ltd, Riviere Rugs Ltd, Maa Collections, Faze Three Ltd, and Golden Carpets Ltd. These market players focus on providing high-quality products to fulfill customer demand. For this, they invest significantly in research and development activities.
Impact of COVID-19 Pandemic on Area Rugs Market
The COVID-19 pandemic affected economies and industries in various countries in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) with lockdowns, travel restrictions, and business shutdowns. These shutdowns disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. Further, the bans imposed by various governments in Europe, Asia Pacific, and North America on international travel forced several companies to discontinue their collaboration and partnership plans. All these factors hampered the chemicals & materials industry in 2020 and early 2021, thereby restraining the growth of various markets related to this industry, including the area rugs market growth.
In 20222, global marketplace began recovering from the losses incurred as governments of different countries announced relaxation in social restrictions. Moreover, the rising vaccination rates led to conducive environments for industrial progress. Reopening of manufacturing plants and growing consumer demand fueled the area rugs market growth. In addition, investments in the construction and hospitality sectors are expected to boost the market growth.
The report includes the segmentation of the area rugs market as follows:
The global area rugs market is segmented on the basis of type and end use. Based on type, the area rugs market is segmented into wool, nylon, synthetic fibers, and others. Based on end use, the area rugs market is segmented into residential and non-residential. By geography, the global area rugs market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North America area rugs market is further segmented into the US, Canada, and Mexico. The Europe area rugs market is sub segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific area rugs market is further categorized into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The area rugs market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America area rugs market is further categorized into Brazil, Argentina, and the Rest of South & Central America.
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