- Area rugs can be defined as a thick and heavy cloth usually made of wool, and smaller than a carpet
- Area rugs are floor coverings used to protect floors, diminish noise, and enhance comfort. These rugs also add a personality to the décor of any definite space.
- Currently, a myriad of shapes, sizes, colors, and construction of rugs is available in the market. Persian, oriental, contemporary, and Native American are a few options of area rugs.
- Some of the other purposes of area rugs is to prevent slips and accidental falls
- Bangladesh, Iran, and India are among the largest producers and exporters of luxury hand woven area rugs
Rising demand for high quality, attractive area rugs likely to drive the global area rug market
- Over the years, demand for high quality rugs with attractive colors and designs has increased significantly, contributing to the overall growth of the area rug market
- In addition, rising disposable income in developing economies is expected to increase the demand for mid-range – high quality area rugs.
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- The U.S and Europe are among the major importers of carpets, and growth in both residential as well as commercial sectors in these regions are likely to bolster the demand for area rugs during the forecast period.
Partnerships aimed at design innovation of area rugs to generate opportunity for the area rug market
- Leading manufacturers in the market are partnering with individual designers and private interior designing firms to bring further innovation in designs and production of area rugs
- For instance, in September 2019, Harounian Rugs International and Sunbrella announced a partnership to produce a unique collection of indoor and outdoor rugs. In July 2019, Tamarian announced its new rug collection in collaboration with Baltimore – based artists.
Challenges with respect to quality and delayed delivery to hinder the area rug market
- Majority of area rug manufacturers have reported delayed delivery and quality as a major challenge. In addition, rising demand for high quality area rugs at an affordable price have placed manufacturers in jeopardy, as cost of procurement of quality raw materials and skilled labor continues to rise, resulting in low growth.
Asia Pacific to Hold Leading Share of the Global Area Rug Market
- Geographically, the global area rug market can be divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Country and sub-region level analysis of the North America region features the U.S., Canada, and Rest of North America. Analysis and forecast of the area rug market in Europe includes markets across the U.K., Germany, France, and Rest of Europe.
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- Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the market analysis and forecast of GCC countries, South Africa, and Rest of Middle East & Africa. The area rug market in South America is segmented into Brazil, and Rest of South America.
- Asia Pacific dominated the market in 2018 due to presence of major exporting countries in the region. Bangladesh, India, and Pakistan are the main centers of hand woven carpet manufacturers, and growing demand for hand woven mid-range area rugs is expected to contribute to the dominance of APAC during the forecast period.
- The market in Asia Pacific is projected to expand at the fastest CAGR, followed by Middle East & Africa and Europe during the forecast period. Expanding presence of production facilities and increasing export of area rugs through online channels are the key factors contributing to the growth of the market in the Asia Pacific region.