Analysts predict that the global market for carpets and rugs will continue to increase up to the year 2024. Different types of rugs and carpets will trend in several countries for their own specific reasons. One of the more interesting global trends is the rise in popularity of area rugs within the Asian continent.
According to the projected numbers, the carpets and rugs global market will exceed US $41 billion by 2024, complementing the revival of the construction industry around most parts of the world. Specifically, Asia’s carpeted flooring shares 6% of the overall flooring market. However, the continent also has the fastest growing market at a CAGR of 5.1%. This number stems from Asia’s demand for area rugs, rather than carpet floors.
In Asian countries such as China and India, area rugs hold a specific cultural significance. The people often see these rugs as harbingers of style, sophistication, and atmosphere inside a home. With their vibrant colors and mesmerizing patterns, they are associated with comfort and an amount of wealth. People use area rugs to decorate their bedrooms, living rooms, and offices.
The latest market report attributes some possible growth factors to the rising demand of area rugs. Most of these factors involve the growing urbanization of Asian countries, as well as the rise of the middle-class population and overall improving living conditions. Due to the association of area rugs with taste and higher lifestyle, most people will demand such an upgrade.
Most Popular Area Rugs
Despite large manufacturing and trading places like Mirzapur, India, and Beijing, China, the most popular area rugs are handmade, often created and sold by smaller dealers. Some of the more popular handmade rugs in those areas include braided, shag, and wool rugs.