Area rug isa textile floor covering that provides warmth and comfort. It comes in variety of colors, patterns, and textures and gives aesthetic look to the floor. Rug usually does not extend wall to wall and is used for anchoring furniture. Sofas, furniture, TVstand, and tables are placed either completely on the rug or around it. There are various types of area rugs available in the market such as needle point rug, Shag, Cut & loop rug, Flat weave, cut pile rug, loop pile, oriental rugs, kilim rug, and floor cloth among others. These types of rug are made from variety of materials such as cotton fabrics, synthetic fabrics, animal leathers, and silk. The quality and the life span of the rug depends upon its material and type. Some are placed where traffic area is less as they are more delicate and spoilable while others are place where traffic areas is high such as door entrance as they are not easily damageable.
COVID-19 Scenario Analysis:
The COVID-19 outbreak has impacted different industries differently. On the one hand it has been a growth driver for food, medical and necessity products and on the other hand it has hampered the supply and demand for decorative and lifestyle products. In the various economies supply chain of area rugs has been hampereddue to lockdown scenario. The non-availability of raw materials and labors due to restrictions on the movements of people across the countries hinders the production of area rugs. The economy’s growth has been on a slowdown and this slowdown phase should be used by the companies to innovate their products. To survive in the post COVID-19 situation, companies have to identify new opportunities and challenges and modify their products or change their positioning of brand accordingly to serve to the new needs of the customers or to stimulate demand.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The rise in disposable income enhances the purchasing power of the people living in Asia-Pacific countries. People are spending more than before on luxury, comfort and lifestyle products. This change in spending behavior of consumers and rise in purchasing power increases the demand for area rugs.
The changes in lifestyle and increase in modern home renovation also supports the growth of the area rugs market. The changes in lifestyle and availability of modern home renovation influence people to have luxurious looking area rugs for enhancing the aesthetic appeal of the home.
The usage of smart area rugs in hospitality industry, offices, and in such other industry increases the demand for the product.
The easy availability of large variety of area rugs is propelling the market. The wide range of area rugs according to the different size of room and utilization (such as rug for floor near the fireplace), being sold in the market is increasing demand for the product.
The global area rugs market trends are as follows:
New product launches to flourish the market
The companies are focusing on launch of new designs of rug to serve the increase in demand in the market. People prefer hand-made rug over machine made rug as it gives unique and appealing look to the floor. Therefore, companies are engaged in making new patterns and designs for area rug. For instance, in September 2019, the Rug Company which is a leading global brand in rug market had introduced new collections of rug whose designs were inspired by the details found on land, air, and sea.
Key benefits of the report:
- This study presents the analytical depiction of the global area rugs industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global area rugs market share.
- The current market is quantitatively analyzed to highlight the global area rugs market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global area rugs market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the area rugs market research report:
- What are the leading market players active in the area rugs market?
- What the current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
Area Rugs Market Report Highlights
By Distribution Channel
Key Market Players
Bukhara Carpets, Angelo Home, ORIENTAL WEAVERS, Amar Carpets, Amer Rugs, Bella Dura, STEPEVI, The Natural Carpet Company, Haroun Ian Rugs International, Shaw Industries, Balta Industries, Milliken & Company, OW (Oriental Weavers), Justina Blakeney x Loloi, Abraham Moheban& Sons, The Dixie Group, Nourison Industries, Capel Incorporated, Mohawk Industries, BRINTONS AGNELLA