The Latin America, Middle East and Africa Carpets and Rugs Market would witness market growth of 6.8% CAGR during the forecast period (2023-2030).
In the commercial and residential sectors, carpets and rugs add padding to protect the floor. They enhance the interior design of a building's general space with color and offer decorative effects. Rugs and carpets are also very popular in colder areas because they prevent the floor from becoming too cold during the winter. The demand for carpets and rugs is increasing substantially due to their practical and aesthetic qualities.
The growth of the market is also fueled by increased construction activity, rising consumer disposable income, rising need for home furnishings, and quick urbanization in developing nations. This market has experienced significant development in recent years, which can be attributed to several factors. During the projected period, it is anticipated that rising consumer preference for interior decorations and rising per capita disposable income will fuel the expansion of the market.
The UAE government estimates that in 2022, the travel and tourism industry contributed AED 167 billion, or 9% of the UAE's overall GDP. Tourists from other countries spent a total of AED 117.6 billion in 2022. The UAE now has 1189 hotels, and the country can accommodate 203,000 hotel rooms, according to 2022 statistics provided by the Ministry of Economy of UAE. The travel & tourism sector requires carpets and rugs for both aesthetic and functional purposes. The growth of the tourism and hospitality industry drives demand in this regional market.
The Brazil market dominated the LAMEA Carpets and Rugs Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $2.1 billion by 2030. The Argentina market is anticipated to grow at a CAGR of 7.4% during (2023 - 2030). Additionally, The UAE market would witness a CAGR of 6.5% 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 Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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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