Global Carpets and Rugs Market Segmentation, By Type (Carpet, Rugs), Product (Woven, Tufted, Knotted, Needle-Punched, Flat-Weave, Hooked, Others), Material (Synthetic Fiber, Natural Fiber), Application (Residential, Commercial, Industrial, Institutional), Distribution Channel (Supermarket/Hypermarkets, Specialty Stores, Online, Others) – Industry Trends and Forecast to 2031
Carpets and Rugs Market Analysis
Over the last few years, there has been an increasing focus on aesthetics aspect of buildings. Additionally, the increased demand for environment-friendly carpets and growing demand for contemporary area rugs further increase the overall growth for the market. These determinants boost market growth over the forecast period.
Carpets and Rugs Market Size
Global carpets and rugs market size was valued at USD 190.15 million in 2023 and is projected to reach USD 280.94 million by 2031, with a CAGR of 5.00% during the forecast period of 2024 to 2031.
Report Scope and Market Segmentation
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Attributes
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Carpets and Rugs Key Market Insights
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Segmentation
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa
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Key Market Players
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Mohawk Industries, Inc. (U.S.), Shaw Industries Group Inc., (U.S.), Genie Carpet Manufacturers (India), Royalty Carpet Cleaning & Flooring (U.S.), Inter IKEA Systems B.V. (Netherlands), Beaulieu International Group (Belgium), Engineered Floors LLC (U.S.), Milliken & Company (U.S.), Lowe's (U.S.), Taekett (France), Home Depot (U.S.), Interface, Inc. (U.S.), Dixie Group, Inc. (U.S.), Orientals Weavers (Egypt), Tai Ping (China), and Victoria PLC (U.K.)
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Market Opportunities
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Carpets and Rugs Market Definition
Carpets and rugs are popular because of their aesthetic and practical qualities. It's an addition to floor coverings that adds to the overall beauty of a house or office's decor. Rugs and carpets protect floors by adding a layer of padding. Rugs and carpets are a blessing for people who live in cold climates because they keep the floor from being too cold. The major applications of carpets and rugs involve commercial, residential and industries. In developed economies, carpets and rugs have higher demand.
Carpets and Rugs Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Increased Renovation and Remodeling Activities
Carpets and rugs are utilized for their aesthetic appeal as well as utilitarian characteristics such as slip prevention and floor heat insulation. Carpets and rugs provide a protective layer to floors in addition to covering them and boosting the overall appearance of home or workplace design.
- Surge in Disposable Income
Carpet and rug demand was at its peak in industrialized economies a few decades ago. However, this trend has shifted in recent years, with people spending more money on making cosmetic changes to their homes or offices. This need has been fueled partly by the easing of the economic crisis, resulting in a renewed desire for carpets and rugs. Furthermore, increased consumer disposable income, particularly in developing countries, is projected to support market expansion.
Furthermore, the increasing interest of consumers toward interior decoration will further propel the growth rate of carpets and rugs market. Additionally, the expansion of the end use industries is projected to bolster the market's growth.
Opportunities
- Implementation of Strategies and Growth in importance of Organized Retailing
Furthermore, manufacturers' implementation of various new strategies and technology extend profitable opportunities to the market players in the forecast period of 2024 to 2031. Additionally, the increasing importance of organized retailing will further expand the future growth of the carpets and rugs market.
Restraints/Challenges
- Shortage of Raw Materials
The sector is suffering from fluctuations in the prices of raw materials (polyester, nylon, jute, and cotton) due to their shortage. As a result, this factor is projected to hamper market growth.
- Supply Chain Disruptions
The COVID-19 pandemic has created various limitations for the Carpets and Rugs Market. The entire lockdown caused so many changes in the market that Market Revenue for the year was affected. Therefore, this will challenge the carpets and rugs market growth rate.
This carpets and rugs market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the carpets and rugs market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Carpets and Rugs Market
The recent outbreak of coronavirus had a negative impact on the carpets and rugs market. The government implemented a nationwide lockdown to limit the spread of the Wuhan virus, which caused major disruptions in the raw material supply chain and disrupted the global carpet rugs market's production cycle. Government restrictions on hotels, restaurants, and offices resulted in a significant drop in demand for carpet rugs. Restraints on supermarkets, hypermarket, and brand stores were enforced as a result of the COVID-19 pandemic outbreak, causing substantial disruption in the distribution channel. E-commerce has played a crucial role in uplifting the supply chain and distribution channel. People have begun to shun in-store purchases due to concerns about the spread of corona virus illnesses.
Carpets and Rugs Market Scope
The carpets and rugs market is segmented on the basis of type, product, material, application and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Carpet
- Rugs
Product
- Woven
- Tufted
- Knotted
- Needle-Punched
- Flat-Weave
- Hooked
- Others
Material
- Synthetic Fiber
- Natural Fiber
Application
- Residential
- Commercial
- Industrial
- Institutional
Distribution Channel
- Supermarket/Hypermarkets
- Specialty Stores
- Online
- Others
Carpets and rugs Market Regional Analysis
The carpets and rugs market is analyzed and market size insights and trends are provided by country, type, product, material, application and distribution channel as referenced above.
The countries covered in the carpets and rugs market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2024-2031. The market growth over this region is attributed to the high disposable income and growing adoption of interior with changing treads within the region.
On the other hand, Asia-Pacific is estimated to show lucrative growth over the forecast period of 2024-2031, due to the increase in construction activities and growing demand for various types of carpets and rugs in residential and commercial sectors in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Carpets and Rugs Market Share
The carpets and rugs market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to carpets and rugs market.
Carpets and Rugs Market Leaders Operating in the Market Are:
- Mohawk Industries, Inc. (U.S.)
- Shaw Industries Group Inc., (U.S.)
- Genie Carpet Manufacturers (India)
- Royalty Carpet Cleaning & Flooring (U.S.)
- Inter IKEA Systems B.V. (Netherlands)
- Beaulieu International Group (Belgium)
- Engineered Floors LLC (U.S.)
- Milliken & Company (U.S.)
- Lowe's (U.S.)
- Taekett (France)
- Home Depot (U.S.)
- Interface, Inc. (U.S.)
- Dixie Group, Inc. (U.S.)
- Orientals Weavers (Egypt)
- Tai Ping (China)
- Victoria PLC (U.K.)
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