Carpets & Rugs market Analysis and Global Forecast 2023-2033

Carpets & Rugs market Overview

The Carpets & Rugs market Size is expected to reach USD 112.41 Billion by 2033. The Carpets & Rugs market industry size accounted for USD 51.44 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 5.21% from 2023 to 2033. The Carpets & Rugs market refers to the sector of the economy involved in the production, distribution, and sale of various types of floor coverings made from textiles or other materials designed to be laid on a floor surface for aesthetic, comfort, or functional purposes. Broadloom carpets, also known as wall-to-wall carpets, are large pieces of carpeting typically installed over an entire floor area. These can be made from various materials such as wool, nylon, polyester, or blends.

The Carpets & Rugs market serves both residential and commercial sectors, including homes, offices, hotels, restaurants, retail stores, and other establishments. Key factors influencing this market include consumer preferences, interior design trends, construction activities, economic conditions, and environmental concerns such as sustainability and eco-friendliness of materials used in carpet and rug production.

Global Carpets & Rugs market Synopsis

COVID-19 Impact Analysis

The COVID-19 pandemic had significant impacts on the Carpets & Rugs market. During the initial phases of the pandemic, lockdowns and restrictions on movement disrupted supply chains globally. This led to challenges in sourcing raw materials, manufacturing components, and transporting finished goods, impacting the production and distribution of carpets and rugs. With more people spending time at home due to lockdowns and remote work arrangements, there has been a shift in consumer preferences towards home improvement and renovation projects. While this could potentially boost demand for carpets and rugs for residential use, the overall impact may be mitigated by economic factors and uncertainties about the future. The Carpets & Rugs market is closely tied to the construction industry, as these products are commonly used in residential and commercial building projects. The pandemic has led to delays and cancellations of construction projects, affecting the demand for carpets and rugs. As people became more conscious of hygiene and cleanliness during the pandemic, there may be increased demand for carpets and rugs that are easy to clean and maintain, as well as those made from antimicrobial or hypoallergenic materials.

Carpets & Rugs market Dynamics

The major factors that have impacted the growth of Carpets & Rugs market are as follows:

Drivers:

Ø  Housing Market Trends

The state of the housing market, including new construction, renovation, and resale activity, significantly influences the demand for carpets and rugs. Growth in housing construction and sales often correlates with increased demand for floor coverings. Changes in interior design preferences and styles influence the types of carpets and rugs that consumers seek. Trends such as minimalist design, sustainable materials, and bold patterns can drive demand for specific products within the market. Innovations in manufacturing technologies, materials, and processes can drive product development and differentiation within the Carpets & Rugs market. Advancements such as stain-resistant treatments, eco-friendly materials, and digital printing techniques can attract consumers seeking high-performance and sustainable options.

Restraint:

• Perception of Flooring Options

Carpets and rugs face competition from various other types of flooring options, such as hardwood, laminate, vinyl, tile, and engineered flooring. Each of these alternatives offers distinct advantages in terms of durability, maintenance, aesthetics, and environmental considerations. As a result, consumers may opt for these alternatives instead of carpets and rugs, particularly in certain settings like kitchens, bathrooms, and high-traffic areas where carpets may be less practical or desirable. Competition from alternative flooring options can limit the growth potential of the Carpets & Rugs market and necessitate innovative marketing strategies to differentiate carpet and rug products and highlight their unique benefits.

Opportunity:

⮚      Rising Demand for Sustainable and Eco-Friendly Products

There is a growing consumer preference for sustainable and eco-friendly products across various industries, including home furnishings. This trend presents a significant opportunity for the Carpets & Rugs market to develop and offer environmentally responsible products that meet the demands of environmentally conscious consumers. Manufacturers can capitalize on this opportunity by sourcing renewable materials, incorporating recycled content, using eco-friendly production processes, and obtaining certifications for sustainability and environmental standards. By offering sustainable options, such as carpets and rugs made from natural fibers like wool, organic cotton, jute, or recycled materials, companies can appeal to a broader customer base and differentiate themselves in the market.

Carpets & Rugs market Segment Overview

By Type

Based on Type, the market is segmented based on Woven, Tufted, Knotted, Needle-Punched and Others. The Tufted segment dominants the market. This is primarily owing to the rising demand for carpets & rugs, which led to the rise in demand for tufted products in the overall market. Tufted rugs are manufactured with a hand-held tufting gun that can closely match the handmade oriental rugs.

By Application

Based on Application, the market has been divided into Residential and Commercial. Residential held the largest segment, owing to the rapid increase of decorative and stylish carpets and rugs across the globe. It has been estimated that 50% of the residential is increasing demand for the aesthetic appeal of the room and sound and thermal insulation. Carpets and Rugs are available in different colors, styles, and textures, for a finishing touch to the decoration.

Global Carpets & Rugs market Regional Analysis

Based on region, the global Carpets & Rugs market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the Carpets & Rugs market followed by the Asia-Pacific and Europe regions.

North America Market

North America holds a dominant position in the Carpets & Rugs market. North America has a mature Carpets & Rugs market, driven by a combination of residential and commercial demand. The region is home to several major manufacturers and retailers of carpets and rugs. Trends in North America include a growing preference for soft and luxurious carpet materials, such as plush and frieze, as well as increased demand for eco-friendly and sustainable products. There’s also a significant market for area rugs, with consumers using them to add color and texture to their living spaces.

Asia-Pacific Market

The Asia-Pacific region has indeed emerged as the fastest-growing market for the Carpets & Rugs market industry. The Asia-Pacific region represents a significant growth opportunity for the Carpets & Rugs market, fueled by rapid urbanization, rising disposable incomes, and expanding construction activities. In Asia-Pacific, there’s a growing demand for carpets and rugs in both residential and commercial sectors. Consumers often prioritize affordability and durability, leading to a market for synthetic materials like polyester and polypropylene. Traditional handwoven rugs from countries like India and Pakistan also have a strong presence.

Competitive Landscape

The global Carpets & Rugs market is highly competitive, with numerous players offering a wide range of software solutions. The competitive landscape is characterized by the presence of established companies, as well as emerging startups and niche players. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as product launches, and strategic alliances.

Prominent Players:

• Mohawk Industries Inc.
• Shaw Industries Group Inc.
• Genie Carpet Manufacturers
• Beaulieu International Group
• Lowe’s
• Taekett
• Interface Inc.
• Dixie Group Inc.
• Orientals Weavers.

Key Development

In January2022: The partnership between Tarkett and Reader’s Wholesale Distributors is announced. For both commercial and residential clients in the areas of southern Texas, southern Louisiana, and central and south Mississippi, Reader’s will represent the company’s robust product range. By extending its distribution network, Tarkett will be better able to meet the demands of both residential and business clients in these important regions. With Tarkett and Reader’s joining forces, we can continue to drive long-term, sustainable development via a strong and broad distribution network while also delivering top-notch customer service across all markets.

Scope of the Report

Global Carpets & Rugs Market, by Type

• Woven
• Tufted
• Knotted
• Needle-Punched
• Others

Global Carpets & Rugs market, by Application

• Residential
• Commercial

Global Carpets & Rugs market, by Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Benelux
  • Nordic
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Indonesia
  • Austalia
  • Malaysia
  • India
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of SouthAmerica
• Middle East &Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • SouthAfrica
  • Rest of Middle East & Africa

 

Parameters	Indicators
Market Size	2033: $112.41 Billion
CAGR	5.21% CAGR (2023-2033)
Base year	2022
Forecast Period	2023-2033
Historical Data	2021
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Key Segmentations	Type, Application
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, Middle East, Africa
Key Vendors	Mohawk Industries Inc., Shaw Industries Group Inc., Genie Carpet Manufacturers, Beaulieu International Group, Lowe’s, Taekett, Interface Inc., Dixie Group Inc. and Orientals Weavers.
Key Market Opportunities	• Rising Demand for Sustainable and Eco-Friendly Products
Key Market Drivers	• Housing Market Trends • Technological Advancements

 

REPORT CONTENT BRIEF:

• High-level analysis of the current and future Carpets & Rugs market trends and opportunities
• Detailed analysis of current market drivers, restraining factors, and opportunities in the future
• Carpets & Rugs market historical market size for the year 2021, and forecast from 2023 to 2033
• Carpets & Rugs market share analysis at each product level
• Competitor analysis with detailed insight into its product segment, Government & Defense strength, and strategies adopted.
• Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
• To identify and understand the various factors involved in the global Carpets & Rugs market affected by the pandemic
• To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.