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Market advances will be driven by acceleration in world residential building construction activity, supported by an upturn in spending in industrialized countries such as the U.S., and by healthy sales environments in a number of developing nations. Renewed strength in motor vehicle industry production after a period of decline will also contribute to overall flooring and carpet market growth.
In a reversal of historical trends, North America will register the fastest sales gains of any region through 2014, largely because of a strong rebound in residential construction expenditures in the U.S., with double-digit annual increases in regional motor vehicle output also helping to bolster floor covering demand. Developing parts of Asia will post the next fastest advances, followed by the Africa/Mideast region, Central and South America, and Eastern Europe. China alone will account for 38% of all additional sales through 2014, strengthening its position as the largest flooring and carpet market in the world (in area terms). Growth is also expected to be healthy in lower volume markets like Ukraine, India, Vietnam, Turkey and Thailand. Although increases will generally be not as strong as in North America or developing parts of the world, floor covering demand in Japan and Western Europe will climb as well.
For additional details, call (440) 684-9600 or visit www.freedoniagroup.com.