The Global Carpets and Rugs Market size is expected to reach $102.4 billion by 2030, rising at a market growth of 4.2% CAGR during the forecast period.
Asia-Pacific has the largest textile industry in the globe. To increase their revenue share, leading producers in the Asia Pacific carpets and rugs market concentrate on creating cutting-edge products like carpet runners, handmade carpets, handmade rugs, and area rugs. Therefore, the Asia Pacific segment will capture 2/5th share of the market by 2030. The expansion of the textile industry has resulted in a global supply chain, allowing manufacturers to source materials and components from various parts of the world. China and India are prominent producers and exporters of carpets globally. Some of the factors impacting the market are increasing number of technologically developed products, remodelling and renovation activities to boost demand, and High prices of raw material and increasing duties by government.
Due to trends in the residential and commercial sectors, including convenience, distinctive theme designs, and modifications, the availability of technologically advanced items has substantially increased. Manufacturers concentrate on the introduction of new, innovative products, the expansion of product demand, and the expansion of the market. The GI tag was introduced to help the sector for Kashmiri carpets to recover. On March 11, 2022, Germany exported the first batch of hand-knotted carpets with GI tags. Therefore, all these elements are propelling the growth of the market. The market expansion is driven by increased product demand brought on by increased remodelling and renovation. The products are used for their useful characteristics, including floor heat insulation, slip prevention, and aesthetic appeal. In the field of interior design, these are becoming more relevant, and growing consumer interest in interior aesthetics, together with developing e-commerce platforms, is propelling market expansion. The economic crisis's easing has partly spurred a renewed demand for carpets and rugs. Moreover, the increasing disposable income of consumers along with all the above factors, is likely to foster the expansion of the market in the coming years.
However, rapid fluctuations in the prices of raw materials such as crude oil, the primary constituent in the production of nylon and polyester staple fiber, have a negative impact on the market. The price of nylon and other fibers fluctuates with the price of crude oil, raising the cost of the raw ingredients used to make carpets and rugs. Rugs and carpets produced in other nations or with materials from outside might impose import taxes imposed by governments. These duties increase the price of imported products, impacting consumers and producers. High trade taxes and the dumping of carpets and rugs by the governments of numerous nations further constrain the market's growth.
On the basis of application, the market is divided into residential and commercial. In 2022, the residential segment dominated the market with maximum revenue share. The growth of the segment is owed to the rising trend of carpeting in the household to enhance the décor with unique patterns and colors. The demand for this market segment is rising as more people are interested in remodelling their homes, including removing out-of-style or worn rugs and carpets. The residential use of carpets and rugs is also rising as they prevent accidents and provide a comfortable play surface for children.
Based on material, the market is classified into animal yarn, plant-made yarn, and synthetic fibres. In 2022, the animal yarn segment acquired a substantial revenue share in the market. Silk products' growing popularity is due to their durability, strength, and mold resistance. Silk is regarded as a luxurious fiber, and the availability of handmade silk products with ancient traditional designs drives the expansion of this market segment. Manufacturers are introducing new products to cater to the rising demand for luxurious, unique products made from silk and wool. Therefore, in the coming years, a steady increase in the use of animal-made yarn is projected.
By product, the market is categorized into knotted pile, needle punched, woven, tufted, and others. The tufted segment held the highest revenue share in the market in 2022. Consumers' preferences constantly shift in the market, with preference towards affordable and washable carpets. Tufted carpets receive a stain-resistant chemical treatment to lengthen the life of the carpet fibers. These carpets are suitable for use in rooms with heavy furniture and heavy foot traffic. These elements are fueling segment market expansion.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 74.3 Billion |
| Market size forecast in 2030 | USD 102.4 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 4.2% from 2023 to 2030 |
| Number of Pages | 240 |
| Number of Table | 360 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling |
| Segments covered | Product Type, Material, Application, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region led the market by generating the highest revenue share. This region's market growth is supported by the rapid growth of housing and construction activities, particularly in the US. Product demand will rise in the coming years due to rising decoration trends and demand for new homes. Additionally, an increasing number of people are using internet to shop online, which has increased the availability of carpets and rugs on such distribution channels.
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.
Free Valuable Insights: Global Carpets and Rugs Market size to reach USD 102.4 Billion by 2030
By Application
By Material
By Product Type
By Geography
This Market size is expected to reach $102.4 billion by 2030.
Increasing number of technologically developed products are driving the Market in coming years, however, High prices of raw material and increasing duties by government restraints the growth of the Market.
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.
The expected CAGR of this Market is 4.2% from 2023 to 2030.
The Synthetic Fibers segment is leading the Market by Material in 2022; thereby, achieving a market value of $36.1 billion by 2030.
The North America region dominated the Market by Region in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $37.7 billion by 2030.
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