The North America Carpets and Rugs Market would witness market growth of 3.7% CAGR during the forecast period (2023-2030).
Carpets are functional and decorative and prevent moist floors. They soundproof and insulate homes and businesses. This market is anticipated to grow due to increased employment and disposable income of families, particularly dual-income ones. More customers must purchase non-essential leisure things as their purchasing power increases. Over the years, the market has expanded significantly, propelled by increased urbanization and shifting consumer lifestyle preferences. Additionally, it is anticipated that the rising popularity of home remodeling and renovation projects will increase demand for carpets and rugs.
Rugs, which are a significant component in enhancing the attractiveness of floors and producing thermal insulation for floors, are frequently employed by interior designers as the basic floor coverage. It serves as a protective layer during the winter and shields the soles from cold tiles. Carpets and rugs are utilized to boost the ambiance of a room, and many artists designs carpet rugs exclusively for their premium customers to create a perfect combination of the floors and the interior.
In this region, due to factors like changing consumer preferences, a spike in disposable income, and the emergence of rapid fashion, the demand for these products has increased. The changing consumer lifestyles are a major online home decor sector driver. Consumer preferences have significantly changed in recent years to favor more contemporary and useful home design items. In 2021, there were 57.5 million users of Mexican eCommerce, up 11% from the previous year. In 2020, women made up 51% of Mexican eCommerce users. Hence, the region will present lucrative growth prospects for the market in the coming years.
The US market dominated the North America Carpets and Rugs Market by Country in 2022, and would continue to be a dominant market till 2030; thereby, achieving a market value of $27.0 billion by 2030. The Canada market is poised to grow at a CAGR of 6% during (2023 - 2030). Additionally, The Mexico market would register a CAGR of 5.1% 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 U.S., Mexico, Canada, and Rest of North America.
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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