Innovative Rugs Offer Autonomy to Users in Constantly Fluid Workplaces
Novel full flooring and accent pieces are setting the design tone for rooms in residential as well as commercial spaces. Hence, manufacturers in the rugs market are increasing their production capabilities to introduce innovative floorcoverings that upend conventional broadlooms. For instance, a French leader in floor and wall coverings has introduced the Tatami System, which is inspired by traditional Japanese Tatami mats that serve as modular floorcoverings to meet the ever-changing needs of users. Such innovations are bolstering the growth of the rugs market, which is estimated to reach an output of ~200 million units by the end of 2027.
Modular rugs are being manufactured to give end users the autonomy to continually adjust spaces as per their taste and requirements. The concept of constantly fluid spaces is being highly publicized in modern workplaces. Innovative rugs are being pervasively used to suit open environments and other collaborative spaces.
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Collaborations with Contemporary Artists Offer New Vision in Ancestral Art Showcase
Legacy rug manufacturers are collaborating with ethnically diverse communities to induce traditional art in accent pieces. Manufacturers in the rugs market are leveraging their visibility in the market landscape by participating in design showcases. For instance, Jaipur Rugs— an Indian company that specializes in ancestral craft has collaborated with Italy-based international design studio Matteo Cibic to present their vibrant collection of handcrafted rugs at the Mumbai’s AD Design Show. Thus, strategic collaborations are bolstering revenue in the rugs market, which is anticipated to reach a value of ~US$ 30 Bn by the end of 2027.
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Rug Manufacturers in India are taking cues from age-old art form of handmade carpets, thus creating increased work opportunities for rural women artisans. India being one of the leading economies of Asia Pacific is anticipated to boost the revenue of the region to its second-highest position among all regions in the market landscape. Thus, collaborations with the world’s creative talents are providing a new vision to stakeholders in the market landscape.
Man versus Machine: Manufacturers Straddle Traditional Designs with Modern Innovations
The rugs market is anticipated to progress at a modest CAGR of 5.5% during the forecast period. However, scarce availability of handmade antique rugs due to shrinking artisan communities poses as a barrier for market growth. Hence, companies are investing in technologies that manufacture machine-made rugs with antique designs to meet the needs of users. For instance, Safavieh— a high-tech corporation involved with rugs furniture design, has kept innovative designs at the forefront to offer timelessness and character in antique rugs across households in the U.S. This is evident since the rugs market in North America is anticipated to generate the highest revenue by the end of 2027.
Manufacturers are increasing their production capabilities in handmade rugs made from natural fibers to meet ever-evolving needs of users. They are also tapping opportunities in synthetic-fiber machine-made rugs made with family-friendly designs. As such, the revenue of residential applications is predicted to continuously overshadow commercial applications during the forecast period.
Time-honored Techniques Improving Lead Time for Manufacturing Hand-woven Rugs
Manufacturers in the rugs market are generating incremental opportunities by experimenting with different materials such as cashmere, mohair, silk, leather, etc. For instance, SHIIR Rugs— a provider of artisanal rugs designed by leading interior designers, is increasing efforts to travel countries in order to explore ancient-rug making techniques using wool, silk, and leather materials. Manufacturers are collaborating with true cottage industries to ethically and responsibly manufacture rugs with a shared motive for creative exploration. Time-honored techniques are improving the lead time by onboarding laborers from developing economies of Asia Pacific.
Moreover, enhanced durability and clean-ability of rugs are becoming key focus points for manufacturers during their decision-making processes. Hence, manufacturers are extending personalized services in the rugs market to help users with the best material selection according to the foot traffic. On the other hand, customization is playing a pivotal role to meet specific budget parameters of end users.
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Rugs Market: Overview
- Rugs are a textile floor covering typically consisting of an upper layer of pile attached to a backing. It is available in the market in different shapes and colors.
- Asia Pacific is likely to be the fastest growing region in the global rugs market during the forecast period. Over the past few years, economic growth of this region is driving companies to invest in the home decor sector of developing countries, including China and India, which is expected to work as a market favorable factor.
- North America is the largest market in the global rugs industry, accounting for 5.1% of the total revenue. Europe was the second largest market in 2018, generating around 5.4% of the total rugs revenue globally.
Rugs: Market Trends
- Various brands have recognized the potential of rugs, along with other home textile products. This is influencing manufacturers to invest extensively in promoting and expanding their reach to an increasing number of users.
- Retailers such as IKEA, H&M Home, and Home Depot are pioneers in this field and are known for their huge stores with customer centric products. These retailers have their sourcing and design offices in Asian countries for faster development of products. Such innovative approaches can boost the market growth in the coming years.
- Manufacturers targeting their end users through unique collections from their company outlets also seem to generate demand for rugs from end users of the residential and commercial sector
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Rugs Market: Drivers, Opportunities, and Restraints
- Digital promotion of innovative products by rug manufacturers from emerging countries via online distribution channels through their own websites and e-Commerce channels such as Amazon and Walmart is augmenting demand for the product
- Domestic e-Commerce retailers such as Amazon, Walmart, Ikea, and Snapdeal have strengthened their footprints massively in the past five years and are expanding at around 19% annually. These e-Commerce platforms not only offer a common and easy to access market place, but have also introduced their private labels for rugs. These private labels offer economical tufted, woven, knotted, and shag style rugs, which has helped increase the domestic market worldwide.
- New norms were introduced in order to reduce the harsh impact of production. These new regulations by governments are likely to affect the production of rugs by manufacturers. The factor is expected to have significant influence on the market as majority of exporters belong to developing countries.
Rugs Market: Key Segments
- The global rugs market has been segmented based on type, material, price, application, shape, distribution channel, and region.
- By Type: On the basis of type, the global rugs market has been classified into tufted, woven, needle-punched, knotted, and others
- By Material: In terms of material, the global rugs market has been categorized into wool, silk, polyester, nylon, and others.
- By Price: In terms of price, the global rugs market has been categorized into below US$ 100, US$ 101 – US$ 300, US$ 301 – US$ 500, and above US$ 500.
- By Application: In terms of application, the global rugs market has been divided into residential, and commercial
- By Shape: On the basis of shape, the global rugs market has been divided into rectangle, square, round, and others.
- By Distribution Channel: In terms of distribution channel, the market has been segmented into online and offline.
- By Region: Based on region, the global rugs market has been divided into North America (U.S., Canada, and Rest of North America), Europe (Germany, U.K., France and Rest of Europe), Asia Pacific (China, Japan, India, and Rest of Asia Pacific), Middle East & Africa (GCC, South Africa, and Rest of Middle East & Africa), and South America (Brazil, and Rest of South America)
Rugs Market: Competition Landscape
- The global rugs market is highly competitive with presence of several global and domestic players. Companies are investing in product innovation, and merger & acquisition to increase their customer base in the rugs market. Some of the key players operating in the rugs market are
- Mohawk Industries, Inc.
- Tai Ping Carpets International Ltd.
- Shaw Industries Group, Inc.
- Victoria PLC
- The Dixie Group, Inc.
- Yak Carpet Private Limited
- Tarkett S.A.
- Milliken & Company
- Balta Industries NV
- Devgiri Exports LLC.
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