Reports and Data's latest report states that the global carpets and rugs market is predicted to achieve a size of USD 163.75 Billion by 2028 and exhibit a revenue compound annual growth rate (CAGR) of 4.4% over the forecast period. The market is expected to be driven by high consumer spending on home renovation and interior design, as well as rapid globalization and urbanization.
Carpets and rugs serve both artistic and functional purposes in homes and offices by enhancing the overall appeal and providing a protective layer for floors. They are particularly important in regions with colder climates, where they trap warmth. As homeowners seek plush and comfortable homes to enhance their living experiences, the demand for carpets and rugs has increased significantly. The global carpets and rugs market revenue growth is expected to be propelled by the growing number of residential and commercial projects worldwide and the increasing emphasis on the aesthetic aspects of interiors.
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Top Profiled Companies in the Global Carpets and Rugs Market Report:
Victoria Plc., Tarkett S.A., Ikea Group, Interface Inc., Mohawk Industries, Inc., Milliken & Company, Oriental Weavers, Dixie Group Incorporation, Tai Ping Carpets International Limited, and Home Depot Inc.
Some Key Highlights from the Report
· In June 2019, Universal Fibers, Inc., which is a leading manufacturer of nylon fibers, acquired twisting and heat-setting assets for its production facilities in Taicang, China and Taicang, China to strengthen its position in Asia and Europe. Both plants is expected to help the company to expand its capacity in these areas and provide high-quality products and services to its customers.
· Tufted carpets and rugs segment is expected to grow at a rapid rate in terms of revenue during the forecast period, attributable to easy and quick manufacturing process and reasonable prices. Tufting is suitable for all types of yarns and can be made in a variety of finishes. Tufted carpets have a reputation for being sturdy, reliant, and hardwearing. These are mainly used for wall-to-wall carpeting, and are springy, which makes these products ideal for rooms with heavy furniture.
· Nylon segment accounted for largest revenue share in 2020 as it is a durable material and tends to last longer than other materials. Nylon cannot be easily destroyed, and it can withstand a high level of wear and tear. Nylon-based carpets and rugs are durable as these cannot be destroyed easily by spills and stains.
· Residential segment revenue is expected to grow at a fast pace during the forecast period. High demand from homeowners to replace older or worn out carpets and rugs with newer ones, as well as increasing interest in interior decoration with proliferation of social media is boosting revenue growth of this segment.
· Specialty stores segment accounted for moderately large revenue share in 2020. These stores specialize in different varieties of carpets and rugs, as well as offer more detailed advice in terms of interiors than other places, which in turn, is boosting revenue growth of this segment.
· Market in Asia Pacific is expected to register a significantly fast revenue CAGR during the forecast period due to increasing construction activities in developing countries such as India, China, Japan, and Indonesia, coupled with rising inclination towards using carpets and rugs for enhancing aesthetic appeal of the living rooms and bedrooms in residential sector, as well as of the spaces in commercial set-ups. In addition, presence of a large number of handloom workers and rising disposable income are other factors driving revenue growth of carpets and rugs market in this region.
Key Regional Markets Covered in the Report:
· North America (U.S.A., Canada, Mexico)
· Europe (Italy, U.K., Germany, France, Rest of Europe)
· Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
· Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
· Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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Further market segmentation
Type Outlook (Revenue, USD Billion; 2018–2028)
- Woven Carpets and Rugs
- Knotted Carpets and Rugs
- Needle-punched Carpets and Rugs
- Tufted Carpets and Rugs
- Others
Material Outlook (Revenue, USD Billion; 2018–2028)
- Polyester
- Nylon
- Polypropylene
- Others
Application Outlook (Revenue, USD Billion; 2018–2028)
- Residential
- Commercial
- Others
Distribution Channel Outlook (Revenue, USD Billion; 2018–2028)
- Supermarket/Hypermarkets
- Online
- Specialty Stores
- Others
Key Takeaways of the Global Carpets and Rugs Market Report:
· A comprehensive overview of the global Carpets and Rugs industry.
· Accurate market projections in terms of market size, share, and volume.
· Thorough study of the global market dynamics, such as major market revenue growth drivers, opportunities, threats, challenges, restraints, and future growth avenues.
· Deep-dive analysis of the upcoming market trends.
· Qualitative and quantitative analyses of the global Carpets and Rugs market.
· Elaborate study of the leading regional markets in the global Carpets and Rugs market.
· Complete overview of the market’s competitive landscape.
· Brief look at the company profiles and portfolios.
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