Carpets and Rugs Market: Increased Use of Carpets and Rugs for Interior Designing to Boost the Market Growth

Global Carpets and Rugs Market size was valued at USD 37.58 Bn in 2023 and is expected to reach USD 51.84 Bn by 2030, at a CAGR of 4.7%.
Carpets and Rugs Market Overview
Carpets and rugs are widely used for decorative purposes in residential and commercial spaces. Types of forms of carpets and rugs such as materials, designs, and colors. This varieties to attracts consumer attention to buying such products. Nowadays plush carpets are popular among households for their living room decoration purpose. It helps cover a particular area of a floor and to keep the floor from getting too cold in winter. Carpet rugs are made of thick materials such as wool and silk, now a day carpet rugs are used as important elements in interior design and offer aesthetic looks.To know about the Research Methodology :- Request Free Sample Report
Carpets and Rugs Market Dynamics
Increasing demand for different styles of Carpets and Rugs to drive the market growth

Carpets are useful and decorative and prevent moist flooring. They insulate and soundproof homes and businesses. Due to rising employment and disposable income of families, notably dual-income ones, the global carpets and rugs market is expected to develop. With increased purchasing power, more customers have to buy non-essential leisure things.

The carpets and rugs market has witnessed significant growth over the years, driven by factors such as increasing urbanization, rising disposable income, and changing lifestyle preferences of consumers. Consumers are now willing to invest in home decor and furnishings to enhance the aesthetics of their living spaces. Moreover, the growing trend of home renovation and remodeling activities is also expected to boost the demand for carpets and rugs.

The Benefits of Carpets and Rugs to Influence the Demand for Carpets and Rugs in the Market

Every person has a way of decorating their floors. Those living in hotter countries are to install tile or hardwood floors, but those in colder climates used to fit their floors with rugs and carpets. Reasons behind that such as carpets and rugs being visually pleasing, insulating, noise-canceling and keeping warm feet. The features like that color and different patterns of carpet and rugs are expected to create a lucrative opportunity for market growth.

Additionally, the technological advancements in digital printing technology are opening new avenues for the growth of the market. Digital printing technology allows for custom designs and patterns to be printed on carpets and rugs, providing consumers with more options to choose from. However, fluctuations in raw material prices, such as wool and silk, pose a challenge to market growth. Government regulations related to the use of certain chemicals and materials in the manufacturing process are expected to hinder the Carpets and Rugs Market.

Carpets and Rugs Market Trends to Boost the Market Growth

Increase in use of carpets and rugs for interior designing: Carpet rugs are majorly used by interior designers as the basic coverage of the floor, rugs are a key element in adding beauty to floors and generating thermal insulation to floors. It works as a protective layer during winters and defends feet from cold tiles. Carpet rugs are used to enhance the ambiance of the room and carpet rugs are exclusively designed by the artist for their premium customers to make a perfect combination of floors with the whole interior. The growing popularity of carpets and rugs across the world and the wide use of carpets in interior designing are significant factors in the growth of the global Carpets and Rugs Market.

Rise in the trend for eco-friendly and organic carpet rugs to fuel the Carpets and Rugs industry: In recent days people are becoming more concerned about environmental factors and started adopting eco-friendly carpets and rugs to enhance the appearance of the interior at homes and commercial places. Eco-friendly carpets and rugs are made from natural rubbers and non-toxic pads. Natural rubbers are extracted from trees and rugs are free from adhesives which release harmful chemicals. Organic rugs are also made up of natural rubbers and pads are made up of jute plant fiber which is 100% natural and organic in nature. Increasing use of eco-friendly and organic carpets and rugs is a major factor responsible for Carpets and Rugs Market size growth in terms of revenue.
Carpets and Rugs Market Segment Analysis
Based on the product type, the carpets and rugs market is segmented into woven, tufted, knotted, needle-punched, flat-weave, hooked and others. Among these, the tufted segment dominated the market with a share of over 50% in 2023 due to its low cost and easy maintenance. Tufted Rugs are perfect for adding that special touch of upscale style to Interior Decor. These rugs are an enduring part of a home's decor and provide years of comfort and beauty. The benefits such as durability, affordable, available in various size and shapes as well as color and texture. Unlimited designs of tufted carpets and rugs to fuel the market demand across the world. However, the knotted segment is expected to grow at the highest CAGR during the forecast period due to the increasing demand for high-quality hand-woven carpets.

Based on Application, the market is segmented into residential and commercial and other. The residential segment dominated the market share in 2023 with a share of over 60% due to the increasing demand for home decor products. It is used to strengthen the aesthetic appeal of a room and sound & thermal insulation. Carpets are available in a variety of colors and textures to complement any decor. As a result segment growth is driven by these factors in the global market. However, the commercial segment is expected to grow at a significant pace during the forecast period due to the increasing demand for carpets and rugs in the hospitality and tourism industry.Based on the material, the market can be segmented into wool, silk, cotton, jute, and others. The wool segment accounted for the largest market share in 2023. Wool material is the most user-friendly material in terms of handmade carpets because it is suitable for all places in a home. The segment’s growth is due to its durability, natural insulation properties, and aesthetic appeal. The increasing demand for luxury and premium carpets and rugs to boost the industry’s growth over the forecast period.

Based on the distribution channel, the Carpets and Rugs Market can be segmented into online and offline. The offline segment held the largest market in 2023 due to the preference of consumers to touch and feel the product before making a purchase. The online segment is expected to grow at a significant pace during the forecast period due to the increasing penetration of e-commerce platforms and the convenience they offer.
Carpets and Rugs Market Regional Insight
Growing consumer interest in interior design to fuel the North American market growth over the forecast period. In the U.S., new trends such as smart homes and renovation in home decoration and remodeling of the real estate industries are driving the demand for the carpets and rugs industry.

For example, Sales of new houses in the US unexpectedly jumped 9.3% month-over-month to a seasonally adjusted annualized rate of 683K in March of 2023, the highest in a year, and beating forecasts of 630K. Sales jumped 170.8% to 65K in the Northeast, 29.8% to 161K in the West and 6% to 71K in the Midwest but fell 5.4% to 386K in the South. The median price of new houses sold was $449,800 while the average sales price was $562,400, compared to $435,900 and $511,800 respectively a year ago. There were 432K houses left to sell, the lowest since April of 2022, corresponding to 7.6 months of supply at the current sales rate.

Asia Pacific held the second-largest market share in 2023 and is expected to grow at a significant CAGR over the forecast period. The regional market growth is attributed to increasing construction activities in commercial and residential areas and growth in disposable income. Carpets and rugs are mainly seen as materials that modify the structure of a place by adding comfort, warmth, and cushion to the place. Various kinds of rugs such as bedroom rugs, living room rugs, shag rugs, office rugs, wool rugs, braided rugs, and other flooring rugs are preferred in the Carpets and Rugs Market.

India is a leader in the production of handmade carpets in terms of both volume and value. Its heritage in handmade carpets is recognized in the world with its recognizable share in the global exports. As a matter of fact, 90% of the carpets produced in India are exported. During April-November 2020, exports of handmade carpets from India stood at INR 64,407.19 crore (USD 916.15 million). India exports carpets to more than 70 countries worldwide. Major importers for the Indian woven carpets are the United States, Germany, Canada, the United Kingdom, Australia, South Africa, France, Italy, Brazil, etc. With the advent of globalization, new opportunities are opening for the Indian carpet market in developing countries.
Competitive Landscape
The major Carpets and Rugs Market players are spending on R and D activities to increase their product size, which is held to the growth of the market and push toward developmental business. Competitors in the carpets and rug industry offer cost-effective items to expand and survive in an increasingly competitive and rise-in market environment. The report provided the key companies of carpets and rugs including 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.

For example, Steelcase owned coalesce manufacturers patterned with Spanish rugs company nanimarquina to launch nanimarquina collection of handicraft rugs for the domestic and commercial applications. This partnership will help to maintain its dominance in the competitive market over the forecast period.
Carpets and Rugs Market Scope: Inquire before buying



Carpets and Rugs Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 37.58 Bn.


Forecast Period 2024 to 2030 CAGR:
4.7%
Market Size in 2030:
US $ 51.84 Bn.


 Segments Covered:
by Products Type
Woven
Tufted
Knotted
Needle-Punched
Flat-Weave
Hooked
Other


by Application
Residential
Commercial
Automotive applications


by Material
Nylon
Wool
Silk
Polyester
Triexta
Acrylic
Polypropylene
Other


by Distribution Channel
Offline
Online



Carpets and Rugs Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
South America (Brazil, Argentina Rest of South America)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of MEandA)
Carpets and Rugs Key Players
1.Mohawk Industries, Inc.
2.Shaw Industries Group Inc.
3.Genie Carpet Manufacturers
4.Royalty Carpet Cleaning & Flooring
5. Inter IKEA Systems B.V.
6.Beaulieu International Group
7.Engineered Floors LLC
8.Milliken & Company
9. Lowe's
10. Taekett
11.Home Depot
12.Interface, Inc.
13. Dixie Group, Inc.
14.Orientals Weavers
15. Tai Ping
16. Victoria PLC
17.Saif Carpets Pvt. Ltd
18.Genie Carpet Manufactures
19. KarpetsbyRKS
20. Marwar Carpets International

Frequently Asked Questions:

1] What is the growth rate of the Global Carpets and Rugs Market?
Ans. The Global Carpets and Rugs Market is growing at a significant rate of 4.7% during the forecast period.

2] Which region is expected to dominate the Global Carpets and Rugs Market?
Ans. North America is expected to dominate the Carpets and Rugs Market during the forecast period.

3] What is the expected Global Carpets and Rugs Market size by 2030?
Ans. The Carpets and Rugs Market size is expected to reach USD 51.84 Bn by 2030.

4] Which are the top players in the Global carpet and Rugs Market?
Ans. The major top players in the Global Carpets and Rugs Market are Mohawk Industries, Inc., Shaw Industries Group Inc., Genie Carpet Manufacturers. and others.

5] What are the factors driving the Global Carpets and Rugs Market growth?
Ans. The rise in disposable income and consumer preferences for eco-friendly products is expected to drive market growth during the forecast period.