The global Carpet and Rugs Market size is estimated to reach USD 168.27 Billion from USD 111.49 Billion in 2019, delivering a CAGR of 4.5% through 2027. The market growth is driven by rapid urbanization and globalization across the globe, along with increasing consumer spending on home interior aesthetics and renovation activities.
Carpets and rugs are used in
homes and offices for their artistic, aesthetic, and functional properties. They
not only cover floors but also enhance the overall appeal as a part of interior
decoration. The rugs and carpets offer a protective layer to floors and are a
crucial part of the home and office interiors in the cold climate region for
trapping warmth. A rise in the number of residential and commercial projects
across the globe, along with an increasing focus on the aesthetics aspect of
buildings, is likely to boost the global carpets and rugs market growth.
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The industry players in the
carpets and rugs market are focused on developing products that are more
environment-friendly, durable, versatile, and easy to install as well as
maintain. Moreover, product availability on online distribution channels will
supplement the carpets and rugs market share over the forecast period.
Key
participants in the carpet and rugs market are Victoria Plc., Ikea Group, Tarkett S.A., Interface
Inc., Milliken & Company, Mohawk Industries, Inc., Oriental Weavers, Tai
Ping Carpets International Limited, Home Depot Inc., and Dixie Group
Incorporation, among others.
For
the purpose of this report, Reports and Data has segmented into the Global
Carpets and Rugs Market on the basis of material, type, application,
distribution channel, and region:
Material Outlook (Volume, Thousand Units;
Revenue, USD Billion; 2017-2027)
- Polyester
- Nylon
- Polypropylene
- Other
Type Outlook (Revenue, USD Billion;
2017-2027)
- Woven Carpet and Rugs
- Knotted Carpet and Rugs
- Needle-punched Carpet and Rugs
- Tufted Carpet and Rugs
- Others
Applications Outlook (Revenue, USD
Billion; 2017-2027)
- Residential
- Commercial
- Others
Distribution Channel Outlook (Revenue, USD
Billion; 2017-2027)
- Supermarket/Hypermarkets
- Online
- Specialty Stores
- Others
Regional Outlook (Revenue, USD Billion;
2017-2027)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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Further
key findings from the report suggest
- On the basis of material, the polyester segment
is estimated to exhibit a growth rate of 5.2% through 2027. The polyester
material is stain-resistant, is made from recycled bottles, and is also
cost-efficient. Growing environmental concerns is likely to drive the
demand for polyester-based rugs and carpets over the coming years.
- Based on type, woven carpets and rugs are
forecast to showcase a growth rate of 5.1% through 2027 on account of less
wastage in manufacturing, which aids manufacturers to save money. The
woven designs offer superior performance, aesthetics, and value as
compared to other types.
- The tufted carpets segment is forecast to
account for 32.1% of the carpet and rugs market share through 2027 on
account of positive product attributes such as sturdy and hardwearing. Due
to attractive properties, it is widely used for wall-to-wall carpeting and
rooms with heavy furniture.
- The commercial segment is estimated to account
for 38.1% of the market share over the analysis period on account of
extensive product usage for maintaining a unique décor.
- On the basis of application, the residential
sector is estimated to contribute significantly to the carpets and rugs
market share, exhibiting a CAGR of 4.9% through 2027. Inspired by social
media trends, homeowners are replacing their worn out or old carpets and
rugs with newer ones. The growing focus of homeowners on interior
decoration will boost segmental growth over the analysis period.
- On the basis of the distribution channel, the
online segment is anticipated to witness a growth rate of 5.1% through
2027. The robust growth can be attributed to the comfort and ease of
shopping online without having to deal with the hassle of going out and
looking for the desired item in different shops. The segmental growth will
be driven by an increased focus on saving time and money.
- These industry players are adopting several
strategies such as acquisitions, mergers, collaborations, new product
development, and capacity expansion, thereby supporting the overall growth
of the market. Moreover, rising investments by the key industry players
for the R&D activities will further bolster market growth over the
analysis period.
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Key
insights presented in the report:
·
Market revenue
shares by major business players, by type, application, and market scope of
global Carpet and Rugs market
·
Sales revenue by
key players and new entrants
·
Competitive
analysis of key players, including company overview, product or services specification,
vendors, and buyers.
·
Recent mergers,
acquisitions, product launches, recent investments, and joint ventures
· Regional analysis to provide insight into recent trends and opportunities.
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