Carpets and Rugs Market 2023 Historical Analysis, Current Market Scenario and the Potential of the Market till 2030
Research Reports
Feb 16, 2023
Carpets and Rugs Market overview
Carpets and rugs are the items that are extensively used to beautify proficient and commercial spaces. The carpet market has been thriving for decades. The fame of home flooring and decorative products is growing. Numerous factors operate the evolution of the carpets and rugs market in India and other nations. Rugs and carpets are used to change the design of your space by adding a little more comfort and warmth. Plenty of rugs are accessible in the market, comprising shag rugs, bedroom rugs, living room rugs, braided rugs, office rugs, wool rugs, and other rugs. The carpet & rugs market is expected to increase by about 5.5% CAGR from 2022 to 2030. Carpet & rugs market is predicted to reach around USD 120 billion by the end of 2030.
These carpets are made of the materials such as linen, jute, hemp, and mixed materials. But owing to the growing fear over environmental matters, customers are more interested in buying eco-friendly rugs made with recycled raw resources.
The pandemic has hindered the carpet and rugs market, like the other markets. The demand for sales was affected. Owing to this, the carpets and rugs market implemented the new actions to upsurge the sale. The pandemic has influenced demand due to the disturbance in the value analysis and supply chain. It impacted the business’s financial characteristics because of transportation interruptions and the lockdown. Rather than this, the manufacturing of raw materials was slowed down, directly impacting the carpet business.
The main drivers of the carpets and rugs market, which fuel the demand for the carpets market, are increasing construction, the fast growth in population, urbanization, varying lifestyles, the demand for furniture, and spending on interiors have increased. The carpets and rugs market demand is mostly determined by the growing demand for ornamental and decorative rugs.
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Market segmentation
Based on type
- Tufted
- Woven
- Needle-punched
- Knotted
- Others
Based on material
- Nylon
- Polyester
- Polypropylene
- Others
Based on the end-use sector
- Residential
- Non-residential
- Automotive & transportation
Based on region,
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
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Regional analysis
North America has reported important progress in the market from all the discussed areas of the carpets and rugs market. In North America, the U.S. is expected to maintain the prediction period and record the highest growth rate during the evaluation period.
The substantial growth in the market movements in the U.S. is increasing because of the High customer curiosity in the field of interior decoration. Besides all these facts, the growing remodeling and renovation activities in the real estate market are endlessly increasing the market’s growth.
After North American regions, now Asia Pacific nations are leading the market growth. The high quantity of real estate growth upsurges the demand for rugs. In the Asia Pacific nations, China also estimates substantial market growth. The fast urbanization, growing population, and curiosity in interior design are driving the market’s progress in India.
Industrial news
In 2018, US-based Mohawk Industries, Inc. purchased Godfrey Hirst Group. The latter is a bulging flooring company in New Zealand.
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