Floor Covering - Eastern Asia

Eastern Asia

Highlights

In Eastern Asia, the revenue generated in the Floor Covering market in 2024 amounts to US$1.97bn.
It is projected that the market will experience an annual growth rate of 2.84% (CAGR 2024-2029).
When compared to other regions worldwide, United States leads with a revenue of US$6bn in 2024.
Taking into account the total population figures, per person revenues of US$1.20 are generated in Eastern Asia in 2024.
The demand for eco-friendly bamboo flooring in Eastern Asia has been steadily increasing due to its durability and sustainable properties.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Floor Covering market in Eastern Asia nan has seen minimal growth due to factors such as slow adoption of digital technologies, lack of health awareness among consumers, and limited online availability of health services in the region. This has resulted in a stagnant market with a negligible growth rate.

Customer preferences: As consumers become more environmentally conscious, there is a growing demand for eco-friendly and sustainable floor covering options in the DIY & Hardware Store Market. This trend is driven by the increasing awareness of the negative impact of traditional flooring materials on the environment. Additionally, with the rise of minimalistic and natural design trends, there is a preference for natural and organic floor coverings, such as bamboo and cork, in Eastern Asian countries. This shift towards sustainable and eco-friendly floor coverings is also influenced by cultural values that prioritize harmony with nature.

Trends in the market: In Eastern Asia, the Floor Covering Market within the DIY & Hardware Store Market is experiencing a shift towards sustainable and eco-friendly materials. This trend is driven by increasing consumer awareness and demand for environmentally responsible products. Additionally, there is a growing demand for customization and personalization of floor coverings, with consumers seeking unique designs and patterns. These trends are significant as they reflect a shift towards more conscious and individualized purchasing habits. Industry stakeholders should take note of these trends and adapt their offerings to cater to this evolving market. There is potential for collaboration with technology and innovation companies to create digitally-enabled and customizable floor covering solutions.

Local special circumstances: In Eastern Asia, the Floor Covering Market within the DIY & Hardware Store Market is heavily influenced by the region's unique cultural and regulatory factors. For example, in Japan, traditional tatami flooring remains popular, while China's market is driven by a growing demand for eco-friendly and sustainable materials. In South Korea, the market is influenced by the country's high population density, leading to a strong demand for compact and versatile flooring options. Additionally, government regulations and subsidies promoting energy-efficient homes have also played a significant role in shaping the market in this region.

Underlying macroeconomic factors: The growth of the Floor Covering Market within the DIY & Hardware Store Market is also influenced by macroeconomic factors such as consumer spending power, construction activities, and investment in home renovations. Countries with a stable economy and strong consumer confidence are experiencing higher demand for floor covering products, while regions with economic uncertainty and slow construction growth are witnessing slower market growth. Additionally, the shift towards sustainable and eco-friendly materials in the flooring industry is also impacted by macroeconomic factors such as government regulations and rising environmental awareness among consumers.

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.