The Asia Pacific Carpets and Rugs Market would witness market growth of 4.7% CAGR during the forecast period (2023-2030).
The demand for carpets and rugs is driven by consumers' preference for non-geometric designer patterns and attractive vibrant colors. Additionally, there is a rising demand for contemporary area rugs, environment-friendly carpets, and carpet tiles. In recent years, the concentration of manufacturers has been on making the products more eco-friendly, versatile, durable, and easier to install and maintain.
A few decades ago, carpets and rugs demand peaked in industrialized economies. Recent years have seen a change in this pattern, with people spending more on aesthetic improvements to their homes or offices. The alleviation of the economic crisis has contributed to a renewed desire for carpets and rugs, contributing to this need. The development of the end-use industries is also anticipated to support the market.
In addition, demand for organic and eco-friendly carpet and rug fabrics and materials, like recycled and repurposed materials, is rising due to consumers' growing interest in eco-friendly home decor solutions. A growing emphasis has been placed on natural textures and colors and soft-textured wall coverings made of sisal, cotton, jute, and wool fabrics.
The National Investment Promotion and Facilitation Agency's Invest India reports that India's textile and apparel sector has strengths along the whole value chain, from fiber, yarn, and fabric to apparel. The Indian textile and apparel sector is extremely diverse, with numerous segments ranging from handicrafts, traditional handloom, wool, and silk products to the organized textile sector. This collaboration between the two industries continues to shape the way carpets and rugs are designed, produced, and marketed. Therefore, the expanding regional textile industry will aid in the expansion of the regional market throughout the forecast period.
The China market dominated the Asia Pacific Carpets and Rugs Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $7.7 billion by 2030. The Japan market is estimated to witness a CAGR of 4.1% during (2023 - 2030). Additionally, The India market would showcase a CAGR of 5.4% during (2023 - 2030).
Based on Application, the market is segmented into Residential, and Commercial. Based on Material, the market is segmented into Synthetic Fibers, Animal Yarn, and Plant-made Yarn. Based on Product Type, the market is segmented into Tufted, Woven, Knotted Pile, Needle Punched, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Carpets and Rugs Market is Projected to reach USD 102.4 Billion by 2030, at a CAGR of 4.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Tai Ping Carpets, Mohawk Industries Inc., Lowe's Companies inc., Tarkett group, Victoria PLC Group (Victoria Carpets Ltd), Shaw Industries Group, Inc. (Berkshire Hathaway, Inc.), Interface Inc., Beaulieu International Group, Royalty Carpet, and Oriental Weavers
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