Floor Covering - BRICS

BRICS

Highlights

In 2024, the revenue in the Floor Covering market in BRICS amounts to US$2.04bn.
This market segment is expected to grow annually by 2.21% (CAGR 2024-2029).
When comparing to global figures, it is noteworthy that United States generates the highest revenue with US$6bn in 2024.
Furthermore, in relation to the total population, per person revenues of US$0.62 are generated in 2024 in BRICS.
In Brazil, the floor covering market is experiencing a surge in demand due to the growing real estate sector.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

In the DIY & Hardware Store Market in BRICS nan, the Floor Covering Market is experiencing minimal growth due to various factors such as saturated market, economic slowdown, and lack of innovation. However, with increasing urbanization and disposable income, the market is expected to see steady growth in the coming years.

Customer preferences: The DIY & Hardware Store Market in BRICS has witnessed a rise in consumer preference for sustainable and eco-friendly flooring options, such as bamboo and cork. This can be attributed to growing awareness and concern about the environment and the impact of consumer choices. Additionally, with an increase in urbanization and smaller living spaces, consumers are opting for easy-to-install and low-maintenance flooring solutions. Market players are responding to this shift by introducing a wider range of environmentally responsible and user-friendly options.

Trends in the market: In Brazil, the Floor Covering Market within the DIY & Hardware Store Market is experiencing a shift towards eco-friendly and sustainable products, driven by increasing consumer awareness and government regulations. In Russia, there is a growing demand for DIY flooring installation kits, as consumers look for cost-effective solutions. In India, there is a rising trend of incorporating traditional and artisanal floor coverings into modern interior design. This presents opportunities for industry players to expand their product offerings and cater to the changing preferences of consumers.

Local special circumstances: In China, the Floor Covering Market within the DIY & Hardware Store Market is heavily influenced by the country's rapid urbanization and the increasing demand for home renovation and improvement products. Additionally, the Chinese government's initiatives to encourage sustainable and eco-friendly construction have led to a surge in demand for environmentally-friendly flooring options. In Russia, the market for floor coverings is driven by the country's growing construction industry and the preference for durable and low-maintenance flooring materials in harsh weather conditions. This has led to a rising demand for vinyl and ceramic tiles, as well as other cost-effective flooring solutions.

Underlying macroeconomic factors: The Floor Covering Market within the DIY & Hardware Store Market is also impacted by macroeconomic factors such as consumer spending power, housing market trends, and government policies regarding construction and renovation. Countries experiencing stable economic growth and high levels of consumer confidence are expected to see strong demand for floor covering products, while regions with economic uncertainty and restrictive construction regulations may hinder market growth. Rising population and urbanization rates, coupled with increasing disposable income, are also expected to drive the demand for floor covering products in emerging economies.

Data coverage:

Data encompasses B2C enterprises. Figures are segmented by product type and consist of the following: Paint, Wallpaper & Supplies, Tools & Machines, Hardware and Building Materials, Lawn & Garden, Heating & Cooling, Bathroom Hardware, and Floor Covering.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market segment. As a basis for evaluating markets, we use national statistical offices, international institutions, in-house market research, and resources from the Statista platform. Next we use relevant key market indicators and data from country-specific associations such as product value, import value, and export value to determine domestic supply. This data helps us to estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, exponential trend smoothing. The main drivers are turnover indices, GDP per capita, and consumer spending per capita.

Additional Notes:

The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.