Potential Impact of COVID-19 on Area Rug Market

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Area Rug Market – A Study on a Type of Aesthetic Floor Covering

  • Area rugs can be defined as a thick and heavy cloth usually made of wool, and smaller than a carpet
  • Area rugs are floor coverings used to protect floors, diminish noise, and enhance comfort. These rugs also add a personality to the décor of any definite space.
  • Currently, a myriad of shapes, sizes, colors, and construction of rugs is available in the market. Persian, oriental, contemporary, and Native American are a few options of area rugs.
  • Some of the other purposes of area rugs is to prevent slips and accidental falls
  • Bangladesh, Iran, and India are among the largest producers and exporters of luxury hand woven area rugs

Rising demand for high quality, attractive area rugs likely to drive the global area rug market

  • Over the years, demand for high quality rugs with attractive colors and designs has increased significantly, contributing to the overall growth of the area rug market
  • In addition, rising disposable income in developing economies is expected to increase the demand for mid-range – high quality area rugs  
  • The U.S and Europe are among the major importers of carpets, and growth in both residential as well as commercial sectors in these regions are likely to bolster the demand for area rugs during the forecast period

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Partnerships aimed at design innovation of area rugs to generate opportunity for the area rug market

  • Leading manufacturers in the market are partnering with individual designers and private interior designing firms to bring further innovation in designs and production of area rugs
  • For instance, in September 2019, Harounian Rugs International and Sunbrella announced a partnership to produce a unique collection of indoor and outdoor rugs. In July 2019, Tamarian announced its new rug collection in collaboration with Baltimore – based artists.  

Challenges with respect to quality and delayed delivery to hinder the area rug market

  • Majority of area rug manufacturers have reported delayed delivery and quality as a major challenge. In addition, rising demand for high quality area rugs at an affordable price have placed manufacturers in jeopardy, as cost of procurement of quality raw materials and skilled labor continues to rise, resulting in low growth.

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