Carpets & Rugs Market Size, Share, And Industry Growth To 2030

Carpets and rugs are utilized for their functional and aesthetic properties. Apart from covering the floor, it improves the overall appeal of office or home décor. Carpets and rugs give a protective layer to the floor. At places of cold climate, these are deployed to save the floor from getting too cold. Handmade carpets are functional objects as well as works of art. Numerous oriental carpets have achieved such level of artistic expression, that they are recognized as a luxury that masterpieces painting in the West and objects of exceptional beauty in the East.

A few decades ago, the demand for rugs and carpets was highest in developed nations. But the trend has changed in past few years owing to increased consumer spending on improving aesthetics of their office spaces or homes. Escalating home décor market has given a boost to carpets and rugs adoption in the residential sector. Factors such as enhanced lifestyle, rising urbanization, growing real estate sector, and increasing disposable income has resulted in consumer interest in home décor. Increasing number of homeowners in emerging economies is spurring interest in the sector.

These products have gained traction amongst households that are renovating their home exteriors and interiors. Rising urbanization is influencing the interior designing market strongly as urban culture enhances an individual’s living standard. Currently, 46% of the global population lives in rural areas and these are anticipated to shift in the urban sector over the forecast period.

The hospitality sector is majorly driven by hotels industry at global level. Surging tourism and travel industry is preliminarily driving the demand in the hotel industry. Additionally, numerous multinational companies are setting up their branches overseas, increasing the fleet of business travelers in hotels. Currently, hotels and restaurants are on their toes for decorative interiors through the use of attractive carpets & rugs. Renowned hotel chains are focusing on delightful customer service experience to increase their number of revisits. Further, craving for a luxurious lifestyle and increasing disposable income is bolstering hotel industry. However, an unstable political condition is restraining the industry growth. Political stability contributes majorly in the success of tourism and travel industry. The political condition of any country affects its leisure travel and business.

Global carpets & rugs market is bifurcated as per the material into wool, natural fiber, cotton and synthetic. Synthetic is anticipated to dominate in terms of volume share during the forecast period owing to their affordability and flexibility to achieve desired design. Knotted, tufted, hand-loomed and machine-loomed are the products of carpets & rugs market.

Tufted segment would account for maximum market share as commercial projects and new residential construction are adopting the product type. Further, tufting process is viable for all type of yarns and fibers and can be produced in a variety of finishes. Various applications pertaining to carpets & rugs are office, hotel, automotive & transportation and residential. Hotel industry would grow at a faster pace in the forecast timeframe owing to rising hospitality sector in emerging economies such as India and Gulf countries.

North America will account for the largest share in global carpets & rugs market during the forecast period. However, the regional growth will be lower than the global average. The U.S. would contribute majorly in the regional share along with highest growth rate owing to surging residential constructions in the country. The Middle East & Africa will register significant gains in the global market till 2023. The growth is attributed to its fueling travel & tourism industry leading to surging number of hotels.

Prominent manufacturers in carpets & rugs market are:

• Victoria PLC
• Tai Ping Carpets International Limited
• Orientals Weavers Company for Carpets
• Dixie Group Inc
• Interface Inc.
• Home Depot Inc.
• Taekett S.A.
• Lowe’s Companies Inc.
• Shaw Industries Group
• Mohawk Industries Inc. 

Producers are adopting expansion and acquisition strategies to cater to the increasing demand of the product in emerging markets.

The global carpets & rugs market is segmented as follows:

By Material

• Wool
• Natural fiber
• Cotton
• Synthetic
  • Nylon
  • Polyester
  • Polypropylene

By Product

• Knotted
• Tufted
• Hand-loomed
• Machine-loomed

By Application

• Office
• Hotel
• Automotive
• Residential

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa