LONDON--(BUSINESS WIRE)--The area rugs market size is expected to grow by USD 5.12 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
The increasing penetration of the Internet and online shopping has contributed to the popularity of online and omnichannel retailing. Retail sellers of area rugs are launching online platforms and are adopting various innovative strategies, such as click-and-collect and 'lowest price' offers. Market vendors such as Mohawk Home, IKEA, Wayfair, and Ashley Furniture Industries have already established a strong online presence. Online retailing helps manufacturers to cater to a wide range of customer demands without the need for a physical retail store. It also helps them reduce the costs involved in warehousing at different locations. With the advent of advanced technologies, the growing trend of online rugs stores is expected to drive the growth of the global area rugs market during the forecast period.
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As per Technavio, the advent of prayer rugs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Area Rugs Market: Advent of Prayer Rugs
One of the most innovative and interesting trends seen in the market is the emergence of prayer rugs. These rugs are claimed to be antibacterial and disposable in nature. They are specially designed to resolve the unhygienic conditions seen in outdoor and public worship places. Their unique design offers an easy solution to enable the users to carry them to hospitals, hotels, mosques, airports, and prayer rooms. These rugs have gained great prominence in European countries like Turkey. Duaser of Turkey was the pioneer in the creation of prayer rugs. India and China have also become prime spots for manufacturing prayer rugs.
“Factors such as the introduction of sustainable area rugs, and the growing impact of organized retailing will have a significant impact on the growth of the area rugs market value during the forecast period,” says a senior analyst at Technavio.
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Area Rugs Market: Segmentation Analysis
This market research report segments the area rugs market by application (residential and commercial), product (machine-made area rugs and handmade area rugs) and geographic landscape (North America, APAC, Europe, South America, and MEA).
The North American region led the area rugs market in 2019, followed by APAC, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the increase in per capita income and economic growth leading to higher living standards.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
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