Global Carpet and Rugs Market is estimated to be 116.8 Billion by 2029 with a CAGR of 4.4% during the forecasted period.

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Published Date: May 2023

Rising number of remodeling and renovation activities owing to rapid urbanization and globalization.

The global carpet and rugs market accounted for US$ 79.1 billion in 2020 and is estimated to be 116.8 billion by 2029 and is anticipated to register a CAGR of 4.4%. The report. "Global Carpet and Rugs Market, By Material (Nylon, Polyester, Polypropylene, and Others), By Type (Tufted, Woven, Needle-Punched, Knotted, and Others), By End-user (Residential, Non-Residential, and Automotive & Transportation), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030”.

Key highlights:

In June 2019, Inter Ikea Systems B.V. has developed home accessories made from rice straw in India. The company will offer several products in this which involves rugs and mats. The aim of this company is to change Indian Farmer habit of burning rice straw, which will help to decrease pollution. This would help the company to provide innovative rugs in the market
In August 2018, Scott Group Studio developed Flatweave rug collection, a new collection with stylish durability. The collection is present in 14 standard colorways/patterns that are adjustable to a diverse look on the opposite side. Through this launch the company will offer extensive range of product portfolio and will also help to improve customer base as the group will provide custom styles both by size and color/pattern on special orders

Analyst View:

Growth in demand for eco-friendly carpets

Increased adoption of carpet tiles, growth in the demand for environment friendly carpets, and rising demand for contemporary area rugs, are likely to drive the global carpets and rugs market over the forecast period. Growing popularity of interior decoration between the consumers along with augmented interest of homeowners in comfortable houses and beautiful interiors has further boosted demand for carpets and rugs. Additionally, growing demand for biodegradable and natural products like jute is projected to propel the market in the coming years. Plush carpeting in the living rooms and bedrooms of houses together with physically comfortable environment is anticipated to support growth of the target market to a certain extent.

Adopting Different strategies

Key players are focusing for the sales of plush carpets through attractive branding and effective marketing strategies. Moreover, the global carpets and rugs market are projected to gain significant growth due to reasonable price, hassle-free installation, and attractive aesthetics.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on “Global Carpet and Rugs Market”, By Material (Nylon, Polyester, Polypropylene, and Others), By Type (Tufted, Woven, Needle-Punched, Knotted, and Others), By End-user (Residential, Non-Residential, and Automotive & Transportation), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2030

Key Market Insights from the report:

The global carpet and rugs market accounted for US$ 79.1 billion in 2020 and is estimated to be 116.8 billion by 2029 and is anticipated to register a CAGR of 4.4%. The market report has been segmented on the basis of material, type, end-user, and region.

By material, the polyester material is estimated to grow with the largest CAGR of 5.2% over the forecast period. Polyester is prepared from recycled bottles and is also cost-efficient. Environmental concerns are boosting the demand for polyester rugs and carpets.
By type, woven carpets and rugs are estimated to grow with the largest CAGR of 5.1% in the future. Woven carpets have lower wastage than any other materials which help producers save money.
By end-user, the residential sector is estimated to grow with a CAGR of 4.9% over the forecast period. Increased interests in interior decoration with the production of social media and the demand for homeowners to replace older or worn carpets and rugs with newer ones is driving the market growth significantly.
By region, North America forecast dominating regions in the global carpets and rugs market and is projected to maintain with the same in the coming years. The fast expansion of the housing and construction activities across the region, mostly in the US is one of the key factors nurturing growth of the carpets and rugs market over the forecast period.

Competitive Landscape:

The prominent player operating in the global carpet and rugs market includes Mohawk Industries, Inc., Victoria Plc, Dixie Group Incorporation, Tarkett S.A., Home Depot Inc., Ikea Group, Tai Ping Carpets International Limited, Milliken & Company, Interface Inc., and Oriental Weavers.

The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces Analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period