The scope of our recent study on the "Area Rugs Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type and End-Use" includes the factors fueling the market growth, revenue estimation and forecast, market share analysis, and the identification of significant market players and their key developments.
The area rugs market size is expected to grow from US$ 11.35 billion in 2022 to US$ 15.00 billion by 2028; it is estimated to record a CAGR of 4.8% from 2023 to 2028.
The area rugs market is highly competitive, owing to the presence of regional and global players. Players are competing based on product differentiation, quality, and price. Factors such as growing urban population, an increase in the number of nuclear families, along with rapidly growing housing industry with an interest in interior decoration is anticipated to drive the area rugs industry growth. Besides, area rugs are gaining widescale popularity in non-residential end-uses such as offices, hotels, spas, restaurants, and bar floors.
Based on end-use, the area rugs market is segmented into residential and nonresidential. The nonresidential segment expected to grow with the fastest rate during forecast period. Nonresidential spaces recognize the importance of creating visually appealing environments that reflect their brand image. Area rugs offer an effective way to enhance the aesthetics of a space, adding color, pattern, and texture to create a welcoming and professional atmosphere. Also, nonresidential spaces, such as hotels, restaurants, and offices, prioritize their customers' and employees' comfort and well-being. Area rugs provide a comfortable surface underfoot, making the space more pleasant to walk on. They also reduce noise levels by absorbing sound, improving acoustics, and creating a quieter environment. In large commercial or public spaces, area rugs are used strategically to define different functional areas and guide people. Rugs can be used to delineate seating areas, reception areas, corridors, or waiting zones, aiding in wayfinding and improving the overall flow and organization of the space. In hotels, resorts, and other hospitality establishments, area rugs elevate the guest experience. They create a luxurious and inviting ambiance, making guests feel welcomed and comfortable. All these factors contribute to the growth of the area rugs market for the nonresidential segment.
The global area rugs market is segmented into five main regions