Market Trends of Saudi Arabia Carpet And Rugs Industry
Rise in Construction Sector is Driving the Market
The construction sector in Saudi Arabia is experiencing a steady rise, resulting in an increased demand for carpets and rugs. This is due to the surge in investment in new housing construction projects and the rapid rise in home renovation projects. The growth of the carpet and rug market in Saudi Arabia is largely attributed to the expansion of building construction activities and the increasing expenditure on building improvements and repairs. Furthermore, there is a large inventory of carpet and rugs that have been installed in the past, many of which have been subject to extensive wear and tear and may eventually need to be replaced. The Saudi Arabian government has set a goal of constructing 3.0 million homes by 2025, which is expected to address the country's housing shortage. Government-backed investments and initiatives over the past 12 months have jumpstarted activity in the real estate market and other sectors in the country. Furthermore, as part of its "Vision 2030" agenda, Saudi Arabia has embarked on an extremely ambitious program of economic diversification and liberalization. New buildings, infrastructure, and altering economics in the infrastructure sector will play a significant influence in the growth of the Saudi Arabia carpet and rugs market during the forecasted period
Hospitality and Tourism Sector to Boost the Market
Jeddah is one of the most important domestic markets for tourism. It serves as the entry point to the sacred city of Mecca. Trade and commerce with the holy city is driving the growth of the hospitality sector which in turn will indirectly drive the growth of the carpet and rug market. No less than three cities in Saudi Arabia such as Riyadh, Mecca and Medina are among the top 100 most popular destinations worldwide. Saudi Arabia considers itself ready to be the new tourism power of the region. In fact, thanks to the Vision 2030 project, which has focused on opening the Kingdom to the world, the Kingdom has planned to invest $810 billion in culture, leisure, and entertainment projects in the next 10 years. The strategy has already made the country more attractive as a tourism destination. Saudi Arabia's tourism industry has been able to showcase its strengths through the launch of giga projects all over the Kingdom. At the same time, the Vision 2030 aims to increase the number of international religious tourists to the Umrah by 30 million by 2030, which would double the number of religious visa and thus the demand for religious tourism. Saudi Arabia is on track to achieve its goal of having 100 million visitors by 2030.The rise in tourism and hospitality sector will boost the growth of the Carpet and Rugs market indirectly.
