Area Rugs market research is provided on past, current and anticipated market situations, market drivers, trends driving it, and the challenges faced by the market which will help in deciding corporate strategy, product strategy, marketing strategy and sales strategy. Report also contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors. Industry experts project Area Rugs market to grow at a CAGR of 3.14% during the period 2017-2021.
Area rugs are used to cover residential and commercial floors and to decorate and enhance the appearance of homes. They are of two types: machine-made and handmade area rugs. They are commonly made of nylon, polypropylene, polyester, wool, cotton, jute, silk, sisal, and seagrass. They are available in different shapes, styles, sizes, and colors. The rising consumer confidence across the world, the booming housing industry, and growing demand for luxury area rugs are among the factors contributing to the growth the market worldwide.
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Area Rugs Market Trend, Challenge and Driver: –
Area Rugs Market trend: – One trend in market is advent of prayer rugs. 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 the 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
Area Rugs Market Challenge: – one challenge in market is tightening credit and rising inflation. The interior products manufacturing industry in many countries has faced various challenges in the past few years. The industry derives a significant part of its revenues from the sales of carpets and rugs, which has been one of the most adversely impacted product segments. At the time of rising unemployment, tightening credit markets, and rising inflation, consumers tend to postpone their purchases of discretionary items, including products like furniture, carpets, and rugs. The recession has had a profound impact on the spending habits of consumers of interior products, which, in turn, has adversely affected the industry in the past few years. This challenge is expected to continue during the forecast period, which could act as a roadblock for the growth of the market during the forecast period.
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Area Rugs Market Driver: – One driver in market is consumer shift toward interior design. 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 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.
Research methodology is based on extensive primary and secondary research. Primary research includes in-depth interviews with industry experts, vendors, resellers and customers. Secondary research includes Platform, industry publications, company reports, news articles, analyst reports, trade associations and the data published by Government agencies. Key vendors operating in Area Rugs market space are Balta Industries, Milliken & Company, Mohawk Industries, Shaw Industries, The Dixie Group and many more.
Geographic Segmentation: – Americas, APAC, Europe, MEA
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With a purpose of enlightening new entrants about the possibilities in this market, this report investigates new project feasibility. A thorough SWOT analysis & investment analysis is provided in the report which forecasts imminent opportunities for the Area Rugs market players. Moreover, the Area Rugs industry development trends and marketing channels are analysed.