The residential construction sector in different countries across the region is experiencing strong growth due to the growing demand for housing in urban regions, the increasing infrastructural development activities, the rising population, and the surging disposable income of people. The growth in population has resulted in more requirements for space for accommodation, especially in tier 1 cities. Various drivers have led to a boom in the country’s construction investment. In the US, more people are moving into cities, which has resulted in more homes being developed in cities in the country. In areas such as New York, Pennsylvania, and New Orleans, there is continued growth in the new home market. Further, various government bodies are investing in the development of the residential construction sector.
In the residential sector, area rugs are highly used to enhance home décor and give rooms a decorative look. Due to improved technologies, modern area rugs are blended with prints, photos, and graphics to showcase furniture and complement the look of a room. There is a growing demand for area rugs to decorate indoor and outdoor spaces in the residential sector. Thus, the strong growth of the residential construction sector in various countries across the region is driving the demand for area rugs.
The North America area rugs market is segmented into the US, Canada, and Mexico. In the region, rising construction and home decoration & renovation activities in residential and commercial projects drive the demand for area rugs as they are often used to enhance flooring aesthetics. Consumers in North America often spend on area rugs owing to their design benefits. Area rugs are merely a carpet, usually much smaller than the room's dimensions. They have a sound-dampening effect, and they help reduce noise. It plays a significant role in protecting floors from damage as furniture, pet claws, and other sharp or heavy objects can gouge deep, unsightly scratches into floors. Since area rugs are lightweight and portable, they're easy to remove anytime. Hence, awareness regarding the benefits of area rugs and rising spending on home aesthetics are leading factors fostering the North America area rugs market growth in North America. On May 17, 2023, the US Census Bureau and the US Department of Housing and Urban Development (HUD) jointly announced that in the US, 1,375,000 privately‐owned housing construction projects were completed in April 2023, which grew from 1,361,000 in April 2023. Hence, the expanding residential construction industry in North America propels the demand for home decoration, remodeling, and renovation, further influencing the region's North America area rugs market growth.
According to the US Bureau of Economic Analysis, personal income in the US increased by US$ 80.1 billion in April 2023 as compared to March 2023. The increasing disposable income levels allow consumers to invest significantly in higher quality area rugs, leading to a rise in demand for premium and luxury products. Further, the growing consciousness regarding eco-friendly and sustainable home decor has allowed manufacturers to design area rugs made of recycled material or sustainable fibers. Integrating technology, such as smart sensors and interactive features, into area rugs will create opportunities for manufacturers by providing enhanced functionalities and user experiences. Additionally, the shift toward online shopping and direct-to-consumer sales channel allows manufacturers and retailers to reach a broader customer base and offer competitive prices, which bolsters the North America area rugs market in North America.
North America Area Rugs Market Segmentation
The North America area rugs market is segmented into type, end-use, and country.
Based on type, the North America area rugs market is segmented into wool, nylon, synthetic fibers, and others. The synthetic fibers segment held the largest share of the North America area rugs market in 2023.
Based on end-use, the North America area rugs market is segmented into residential and nonresidential. The residential segment held the largest share of the North America area rugs market in 2023.
Based on country, the North America area rugs market is segmented into the US, Canada, and Mexico. The US dominated the North America area rugs market in 2023.
Amer Rugs Inc, Capel Inc, Dalyn Rug Co, Faze Three Ltd, Golden Carpets Ltd, Nodi Handmade Rugs Ltd, Riztex USA Inc, and Sams International Inc are some of the leading companies operating in the North America area rugs market.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 4,334.60 Million |
| Market Size by 2028 | US$ 5,465.45 Million |
| CAGR (2023 - 2028) | 4.7% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
The North America Area Rugs Market is valued at US$ 4,334.60 Million in 2023, it is projected to reach US$ 5,465.45 Million by 2028.
As per our report North America Area Rugs Market, the market size is valued at US$ 4,334.60 Million in 2023, projecting it to reach US$ 5,465.45 Million by 2028. This translates to a CAGR of approximately 4.7% during the forecast period.
The North America Area Rugs Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Area Rugs Market report:
The North America Area Rugs Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Area Rugs Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Area Rugs Market value chain can benefit from the information contained in a comprehensive market report.
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