Everyone loves to show off wealth. When it comes to showing off, carpets and rugs can play a brilliant role in catching eyes. This is why people prefer to lay carpets or rugs before guests arrive! And this is the reason why the global area rug market is growing.
The area rug market forecast suggests that the projected market advancement will occur at a stable rate. It will uplift the area rug market size from USD 12.6 billion to USD 20.8 billion at a moderate CAGR of 5.1%.
Attributes | Key Insights |
---|---|
Estimated Market Size in 2024 | USD 12.6 billion |
Projected Market Value in 2034 | USD 20.8 billion |
Value-based CAGR from 2024 to 2034 | 5.1% |
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Based on historical market features, the area rug market growth was occurring at a moderate CAGR of 6.8%. This lifted the area rug market size from USD 9.2 billion to USD 11.9 billion from 2019 to 2023.
The growth in the e-commerce sector fueled the supply from major players in the area rug market. Customers showed a growing inclination toward renovating their houses. This increased demand, elevating the area rug market size.
Historical CAGR from 2019 to 2023 | 6.8% |
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Forecast CAGR from 2024 to 2034 | 5.1% |
The forecasted period will likely drive the area rug market growth based on technological evolution. The growing material science will help major players in the area rug market to innovate, embedding more features in traditional rugs.
Additionally, consumer inclination toward customization will be a key demand generator, governing the area rug market growth. The disposable income levels are rising, which increases their purchasing capacity, enlarging the area rug market size.
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The North American area rug market growth will help the region lead the global market. The growing technological infrastructure and rising premium product demand will substantially elevate the area rug market size.
Due to the growing sustainability trends in Europe, it will contribute significantly to the area rug market growth.
The Asia-Pacific region is cluttered by emerging markets, creating various area rug market growth prospects. Due to various governmental policies to uplift local businesses, major players in the area rug market are encouraged to promote their businesses, helping the area rug market size grow.
Forecast CAGRs from 2024 to 2034
Countries | Forecasted CAGR |
---|---|
The United States | 5.3% |
China | 5.8% |
The United Kingdom | 6.2% |
Japan | 6.8% |
South Korea | 7.2% |
The United States of America will forecast the area rug market growth at a fairly paced CAGR of 5.3%. Further, the area rug market size will reach USD 3.7 billion by 2034.
Consumers are inclined toward premium and luxury products. This is mainly due to the growth in their disposable incomes.
Also, major players in the area rug market use customization as a key differentiator in their products to attract consumers. 3D printing, unique designs, customizable sizes, and deliveries determine the market size in the country.
China's projected area rug market growth will hover around a CAGR of 5.8% through 2034. Due to the developed technological infrastructure, China can integrate cutting-edge technology in traditional rugs to provide better consumer comfort.
Temperature control, easy cleaning, and smart features embedded in rugs have been streamlined in the Chinese market, uplifting their demand. Thus, USD 3.3 billion will be the area rug market size in the country at the end of the forecasted period.
The United Kingdom forecasts the area rug market size enlargement to reach USD 840 million by 2034. Due to the growth in Gen Z and millennial population in the country, the demand for rental rugs is rising. Moreover, subscription-based businesses are spiking.
This enhances affordability and flexibility in the use, generating more consumer demand and benefitting major players in the area rug market. Due to these factors, the area rug market growth will occur at a moderate CAGR of 6.2%.
Japan’s area rug market size will likely increase to USD 2.3 billion. Further, it will register the area rug market growth at 6.8%. The Japanese people highly foster zen-influenced product manufacturing. Due to this, a minimalist approach is adopted by major players in the area rug market.
The increased tranquillity in the home décor, neutral colors, simplicity in designs of rugs, etc., are the outcome of these preferences. Consequently, these factors augment the Japanese area rug market, creating scope for innovation.
The South Korean area rug market size will likely achieve a USD 1.3 billion market valuation by 2034. The growing consumer preferences for cleanliness elevate hygiene standards in the country. Due to this, major players in the area rug market invest in advanced cleaning technology integration into area rugs.
UV sterilization, ultrasound cleansing, etc., are cleaning technologies used to lift hygiene standards. Thus, the South Korean area rug market growth will be the fastest, at the highest CAGR of 7.2%.
Nylon area rugs are preferred due to their elevated durability and life. They are more in demand in the household sectors. Due to the growing demand in the corporate industry, non-residential area rugs are more in demand, driving the area rug market growth.
Category | Top Type- Nylon |
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Market Share in 2023 | 42% |
CAGR % 2024 to End of Forecast(2034) | 4.9% |
Market Segment Drivers |
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Category | Top End Use- Non-residential |
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Market Share in 2023 | 61% |
CAGR % 2024 to End of Forecast (2034) | 4.7% |
Market Segment Drivers |
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Due to the substantial market share of major players in the area rug market, the competitive landscape of the area rug market is cluttered. Further, these key players have better negotiating power than new entrants due to their market occupancy. They expand the market via collaborations, partnerships, mergers, and acquisitions.
New entrants can gain more market space through strategic alliances with large-scale businesses. They can offer their augmented services at a competitive price to gain consumer attention, helping them lead the competitive landscape of the area rug market.
Key Market Developments
Attributes | Details |
---|---|
Estimated Market Size in 2024 | USD 12.6 billion |
Projected Market Valuation in 2034 | USD 20.8 billion |
Value-based CAGR 2024 to 2034 | 5.1% |
Forecast Period | 2024 to 2034 |
Historical Data Available for | 2019 to 2023 |
Market Analysis | Value in USD billion |
Key Regions Covered | North America; Latin America; Western Europe; Eastern Europe; South Asia and Pacific; East Asia; The Middle East and Africa |
Key Market Segments Covered | Type, End Use, Region |
Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, The United Kingdom, France, Spain, Italy, Poland, Russia, Czech Republic, Romania, India, Bangladesh, Australia, New Zealand, China, Japan, South Korea, GCC Countries, South Africa, Israel |
Key Companies Profiled | 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.; Golden Carpets Ltd. |
The area rug market is estimated to progress at a CAGR of 5.1% through 2034.
The area rug market will likely reach USD 20.8 billion by 2034.
The area rug market will attain a market size of USD 12.6 billion in 2024.
The area rug market's nylon segment held 42% of the market share in 2024.
The area rug market's non-residential segment secured 61% of the market space in 2023.
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