The global carpets and rugs market size was valued at USD 50.29 billion in 2022 and is projected to grow from USD 55.28 billion in 2023 to USD 106.01 billion by 2030, exhibiting a CAGR of 10.03% during the forecast period.
Carpets and rugs are used in residential and commercial sectors to offer an extra layer of padding to shield the floor. The demand for carpets and rugs is growing globally to the cold during winter. The demand for carpets and rugs is rising significantly globally due to their practical qualities and aesthetics.
This information is provided by Fortune Business Insights™ in its research report titled “Carpets and Rugs Market, 2023-2030.”
List of Key Players Profiled in the Carpets and Rugs Market Report:
- Tai Ping Carpets International Ltd. (China)
- Mohawk Industries Inc. (U.S.)
- Lowe's Companies Inc. (U.S.)
- Tarkett Group (France)
- Victoria Carpets Ltd. (U.S.)
- Shaw Industries Group Inc. (U.S.)
- Inter Ikea Systems B.V. (Netherlands)
- Genie Carpet Manufacturers (India)
- Beaulieu International Group (Belgium)
- Royalty Carpet Mills Inc. (U.S.)
- Oriental Weavers Company (Egypt)
Segments:
Tufted is Anticipated to Hold the Largest Share and Fuel the Market Growth
On the basis of product, the market is segmented into Knotted Pile, Woven, Tufted, Needle Punched, and others. Tufted held a subsequent carpets and rugs market share owing to the easy availability of various designs, durability, fast product production time, and cost-effectiveness. Consumers’ preferences are dynamically changing in the market, and they prefer affordable and washable carpets.
Synthetic-made Yarn Segment to Dominate the Market Share
Based on material, the rugs and carpets market is divided into plant-made yarn, animal-made yarn, and synthetic fibers. The synthetic-made yarn holds a major share of the market due to the high preference among consumers as they are durable and cost-efficient, and stain restraint. The synthetic fibers include polyester, nylon, and olefin.
Growing Number of New Residential Homes to Foster Market Growth
According to the application, the carpets and rug market is fragmented into commercial and residential based on application. The residential segment held the largest market share due to the growing trend of carpeting in the household to enhance the interior and décor with unique colors and patterns.
Report Coverage:
The report gives an insight into the major trends impelling industry expansion over the forthcoming years. It further provides an in-depth analysis of the key factors propelling the business landscape across various regions. Additional insights comprise the key steps taken by major industry participants to strengthen their market presence.
Competitive Landscape:
Major Players such as Tarkett Group, Tai Ping Carpets International Ltd, and Shaw Industries Group Inc. have focused on partnerships & expansions for a strong foothold in the market. Players focus on marketing and promotion and marketing strategies to create strong brand awareness. Obeetee Carpets, a new collection, has been launched by an India-based handwoven carpets manufacturer, the Ajmer Collection. The new collection of carpets is created entirely with motifs and patterns derived from the architecture of Ajmer Fort.
Drivers:
Increasing Number of Technologically Advanced Products to Foster Market Expansion
The availability of technologically advanced products has subsequently grown due to trends like customizations in both residential and commercial sectors, convenience, and unique theme designs. Manufacturers focus on launching new innovative products, rising product demand, and fostering market growth. The rapid fluctuations in the prices of raw materials such as crude oil, the main ingredient for producing polyester staple fiber and nylon and other fibers, increase the prices of raw materials required for manufacturing carpets and rugs. This factor is said to restrain the market growth.
Regional Insights:
North America is Anticipated to Dominate the Market Share Owing to Rising Demand for Home Decoration
North America dominated the market and was valued the highest in 2022. The fast expansion of housing and construction activities, especially in the U.S., is bolstering market growth. Moreover, the increasing demand for home decoration trends and the rising demand for new homes is increasing product demand in the given projected period. Nowadays, the key manufacturer of carpets and rugs are launching new products to cater to the increasing demand from consumers for innovative and bearable products.
Europe is anticipated to grow significantly owing to increased demand for eco-friendly & sustainable carpets and a growing focus on contemporary surface rugs. Germany is one of the major contributors to this region’s growth due to the increase in residential real estate and infrastructure improvements, such as commercial offices and production sites.
Key Industry Developments:
- September 2021: Jaipur Rugs, a handmade carpets manufacturer, opened its new flagship store in Milan. The new store is built on over 160 sq. mt, home to a wide range of contemporary, modern, transitional, and traditional hand-knotted rugs.
Browse Detailed Summary of Research Report:
https://www.fortunebusinessinsights.com/carpets-rugs-market-104509
