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Floor Covering - Latvia

Latvia
  • In Latvia, the revenue generated in the Floor Covering market in 2024 amounts to US$2.49m.
  • It is projected that the market will experience an annual growth rate of 3.32% (CAGR 2024-2029).
  • When compared to other countries worldwide, United States generates the highest revenue in this market segment, with US$6bn in 2024.
  • In terms of per capita figures, the revenue generated per person in Latvia in 2024 is US$1.37.
  • The demand for traditional Latvian woven rugs is on the rise in the floor covering market in Latvia.

Definition:

The Floor Covering market is centered on the need to cover floors with certain materials that provide, first and foremost, a visually appealing aesthetic to a room while also adding comfort. This market focuses on parquet panels that are typically made from hardwood such as oak, maple, or cherry and are sold in various forms such as solid or engineered hardwood. Parquet panels are characterized by a focus on durability, natural beauty, and design versatility making it a popular choice among homeowners and designers.

Additional Information:

The market comprises revenue and average revenue per capita data. Revenue refers to B2C sales and per capita figures take into account the whole population. Previously, this market included the Parquet Panel segment and Carpet & Rugs segment. The Carpet & Rugs segment now falls under our newly created Home Decor segment within the Furniture market. Therefore, this market only considers parquet panels but more segments will be added soon. For more information on the displayed data, click the info button on the right hand side of each box.

In-Scope

  • Parquet Panels

Out-Of-Scope

  • Carpet
  • Laminate
  • Tile
  • Vinyl
  • Installation services
Floor Covering: market data & analysis - Cover

Market Insights report

Floor Covering: market data & analysis

Study Details

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Notes: Data is shown using current exchange rates. The applied current exchange rates are displayed in the Key Market Indicators below.

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Sales Channels

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Sep 2024

    Source: Statista Market Insights

    Analyst Opinion

    The DIY & Hardware Store Market in Latvia shows negligible growth as a result of factors such as low consumer demand, economic uncertainties, and saturation in the industry. This has significantly impacted the floor covering market as well.

    Customer preferences:
    Consumers in Latvia are increasingly turning towards eco-friendly and sustainable flooring options, such as bamboo, cork, and reclaimed wood. This trend is driven by growing environmental awareness and a desire to reduce carbon footprint. Additionally, there is a rise in popularity of DIY renovations among younger demographics, who are more budget-conscious and have a greater sense of independence and creativity. This has led to a demand for affordable and easy-to-install flooring solutions, such as click-together laminate and vinyl tiles.

    Trends in the market:
    In Latvia, the Floor Covering Market within the DIY & Hardware Store Market is seeing an increase in demand for eco-friendly and sustainable products. This trend is driven by a growing concern for the environment and a desire for healthier living spaces. As a result, there has been a rise in the availability of eco-friendly floor coverings, such as bamboo and cork, in hardware stores. This trend is expected to continue as consumers become more environmentally conscious. Industry stakeholders must adapt to this trend by offering a wider range of sustainable products and educating consumers about the benefits and importance of eco-friendly options.

    Local special circumstances:
    In Latvia, the Floor Covering Market within the DIY & Hardware Store Market is heavily impacted by the country's harsh and fluctuating weather conditions. As a result, there is a high demand for durable and weather-resistant flooring options. Additionally, the country's rich history and cultural traditions place a strong emphasis on natural and eco-friendly materials. This has led to an increasing trend in the use of sustainable and locally-sourced flooring materials, such as wood and stone, in DIY and hardware stores. Furthermore, the government's strict regulations on construction projects also influence the market, with a focus on energy-efficient and environmentally-friendly building materials.

    Underlying macroeconomic factors:
    The performance of the Floor Covering Market within the DIY & Hardware Store Market in Latvia is heavily influenced by macroeconomic factors such as the country's economic health and fiscal policies. Global economic trends, particularly those related to the construction industry, also play a significant role in driving market growth. Additionally, government initiatives and investments in infrastructure and housing projects have a direct impact on demand for floor covering products. The market is also affected by changing consumer preferences, with a growing demand for more sustainable and eco-friendly floor covering options.

    Methodology

    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.

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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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