The rugs market is expected to reach value of ~US$ 30 Bn by 2027. The global rugs market was valued at US$ 18.6 Bn in 2018 and is expected to expand at a CAGR of 5.5% from 2019 to 2027. The market is expanding significantly in terms of value. North America is the largest rugs market and expected to maintain its dominance over the forecast period 2019 to 2027. Transforming living standards of the masses coupled with rise in number of people opting for separate living has resulted in propulsion of the rugs market. 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.
Key Challenges
The global usage of rugs is expected to see continuous growth; however, this creates a significant challenge to the environment. Strict government regulations in developed countries related to environment-friendly production processes is expected to be a challenge for small scale manufacturers.
Rugs Market: Segmentation
Based on type, the tufted segment accounted for leading share of the global rugs market in 2018. In terms of application, the US$ 101 to US$ 300 segment accounted for major share of the global rugs market in 2018. In terms of material, the wool segment is expected to remain popular in the global rugs market. This is due to increasing awareness and usage of natural fibers made of plant and animal based sources, which is leading to demand for rugs made of natural material. In terms of application, the residential segment is expected to maintain its dominance. On the basis of shape, rectangular shape segment holds more than 80 percent share in the global market. Asia Pacific is projected to be the fastest growing region in the global rugs market during the forecast period.
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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.
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 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.
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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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