Market Insights report
Revenue in the Floor Covering market amounts to US$15.17bn in 2023. The market is expected to grow annually by 2.88% (CAGR 2023-2028). In global comparison, most revenue is generated in the United States (US$5,819.00m in 2023). In relation to total population figures, per person revenues of US$1.97 are generated in 2023.
What's included?
An increase in home renovation and improvement projects has led to a rise in demand for floor coverings, as homeowners look to update and improve their living spaces. A popular choice has been hardwood flooring due to its durability, longevity, and aesthetic appeal. The trend towards minimalism and a focus on natural materials has also played a role in driving sales of hardwood flooring. The Covid-19 pandemic has had a significant impact on the floor covering segment. During the pandemic, many people spent more time at home and had more time to focus on home improvement projects, which increased demand for floor coverings. However, the pandemic also led to disruptions in the global supply chain, causing temporary shortages and affecting the availability and pricing of floor coverings. While the pandemic has created challenges for this industry, it has also created new opportunities and growth areas. The outlook for the floor covering segment is positive. Hardwood flooring continues to be a popular choice for home renovation and improvement projects, and this trend is expected to persist. Additionally, there has been an increased interest in hardwood flooring, particularly in developing countries, where there is increasing demand for premium flooring products. These factors, along with continued investment in technology and sustainability, suggest that the outlook for the floor covering segment will remain positive in the coming years.
Overview
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