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Floor Covering - Malawi

Malawi
  • In Malawi, the revenue generated in the Floor Covering market in 2024 amounts to US$66.61k.
  • It is projected that the market will experience an annual growth rate of 3.67% (CAGR 2024-2029).
  • When comparing revenue on a global scale, United States leads the way with a staggering US$6bn in 2024.
  • In terms of per person revenues, in Malawi generates US$0.00 in 2024.
  • With the rise in construction and infrastructure development in Malawi, the demand for high-quality, locally-sourced floor coverings is increasing.

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 Malawi is experiencing slow growth, largely due to factors such as limited consumer spending and a lack of awareness about available floor covering options. This market is expected to continue its marginal growth rate as the country's economy stabilizes.

    Customer preferences:
    With an increasing focus on sustainability and eco-friendliness, consumers in Malawi are showing a preference for environmentally-friendly floor covering options. This trend is driven by a growing awareness of the impact of traditional materials on the environment and a desire to support local businesses that offer sustainable and ethically-sourced products. As a result, DIY and hardware stores are beginning to stock a wider range of eco-friendly floor covering options, such as bamboo, cork, and reclaimed wood, to cater to this growing demand.

    Trends in the market:
    In Malawi, there is a growing trend in the Floor Covering Market within the DIY & Hardware Store Market to incorporate eco-friendly and sustainable materials in floor coverings. This trend is driven by increasing consumer awareness of environmental issues and a desire for more sustainable options. As a result, there has been a rise in the production and availability of bamboo, cork, and reclaimed wood floor coverings. This trend is expected to continue as industry stakeholders aim to meet the demand for environmentally friendly products and as government regulations and incentives promote sustainable practices. This shift towards sustainable materials has the potential to improve the industry's image and attract more environmentally conscious customers. Additionally, it presents opportunities for companies to differentiate themselves and gain a competitive edge in the market.

    Local special circumstances:
    In Malawi, the Floor Covering Market within the DIY & Hardware Store Market is heavily influenced by the country's agricultural and economic landscape. With a predominantly agricultural economy and a large rural population, the demand for affordable and durable floor coverings is high. Additionally, strict import regulations and limited access to foreign goods create a unique market for local retailers and manufacturers, resulting in a competitive and diverse product offering. This, coupled with a cultural preference for DIY solutions, drives the market dynamics in Malawi's Floor Covering Market within the DIY & Hardware Store Market.

    Underlying macroeconomic factors:
    The performance of the Floor Covering Market within the DIY & Hardware Store Market in Malawi is greatly impacted by macroeconomic factors such as inflation, exchange rates, and consumer spending. Global economic trends, such as fluctuations in commodity prices and trade policies, also play a significant role. Additionally, the national economic health of Malawi, measured by factors like GDP growth and unemployment rates, can affect consumer confidence and overall market demand. Fiscal policies, such as government subsidies or taxes on imported materials, can also influence the profitability and competitiveness of the market. As the demand for home improvement and construction projects increase, so does the demand for floor covering products, making it vital to closely monitor and adapt to these macroeconomic factors in order to succeed in the market.

    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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    Floor Covering: market data & analysis - BackgroundFloor Covering: market data & analysis - Cover

    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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