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The carpets and rugs market size is estimated to grow by USD 11.2 billion at a CAGR of 4.45% between 2023 and 2028. The market's growth is driven by several key factors. Firstly, there is a noticeable increase in consumer preference for home decor, driving demand for a variety of decorative products. Secondly, the market benefits from the growth in residential and commercial construction activities, as these projects often require a range of decor items. Additionally, the rising number of renovations and remodeling activities contributes to market expansion as homeowners seek to update and personalize their living spaces with home textiles. These factors collectively indicate a positive outlook for the home decor market, with increasing opportunities for growth and innovation in response to evolving consumer preferences and market trends. The report provides market size, historical data spanning from 2018 - 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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The market is influenced by various factors, including consumer preferences, regulations, and economic conditions. Consumers seek carpets and rugs as well as flooring solutions for aesthetics, insulation, and non-slip flooring, particularly in cold climates. The market caters to new dwelling buildings and construction projects, offering alternative solutions to concrete floors. Economic uncertainties and micro-economic factors impact stakeholders, influencing pricing signals and financial performance analysis. Competitors strategize using tools like the Ansoff matrix, considering consumer inclination towards contemporary area rugs and carpet tiles. Interior decoration drives demand, positioning carpets and rugs in different quadrants based on human emotions and technological advancements. Understanding these dynamics is crucial for navigating the diverse landscape of the carpets and rugs market. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market is experiencing substantial growth driven by consumers' growing preference for home decor. Factors such as the increasing population of working women and rising incomes promote spending on interior design services. Consumers are investing more time and money in decorating their homes with the best interiors, facilitated by easy availability and web tools like Pinterest and design blogs.
Additionally, there is a rising demand for organic carpet and rug materials, including recycled and repurposed options, aligning with consumers' interest in sustainable home decor. Vendors are focusing on offering advanced options like contemporary area rugs and carpet tile, enhancing interior design possibilities. This trend towards natural textures and colors, along with soft-textured wall coverings, fuels market growth by providing consumers with diverse and eco-friendly choices.
Technological advances are an emerging trend shaping market growth. In the case of carpets and rugs, technological progress is increasing. For example, luminous carpets are the latest trend in the market. Desso, a Tarkett-acquired company, has partnered with Koninklijke Philips NV (Philips) to develop luminous carpets. These carpets combine the light-emitting diodes (LEDs) by Philips with the light-transmissive carpets that are specially developed by Tarkett.
Furthermore, luminous carpets are durable and make a stylish flooring solution that can direct users with the help of LED lighting on the carpets. The virtual rooms of these commercial products can be viewed, designed, and configured by customers to make an informed purchase decision. For instance, Mohawk has adopted Virtual Interactive Studio, a VR technology, to give its customers a better idea of the designs it offers.
Moreover, such a platform helps consumers try out many combinations of commercial carpets virtually on the virtual platform. Also, Tarkett provides a VR platform called the Room Visualizer to allow a virtual atmosphere while choosing carpets. During the purchase process, many companies are also expected to adopt VR on their websites to provide customers with a real-time experience. Thus, such technological innovations in carpets and rugs are anticipated to boost market growth during the forecast period.
The high cost of raw materials used is a significant challenge hindering market growth. The increasing prices of high-quality raw materials can influence the overall manufacturing cost. The cost of raw materials is a major element in confining the manufacturing cost. This increased cost would be transmitted to the consumers in the form of increased prices of carpets and rugs, which leads to a limit on the purchase of such products. Acrylic, cotton, polyester, nylon, polypropylene, jute, and wool are some of the raw materials used to produce carpets and rugs. Green carpets are rapidly being adopted by consumers due to growing concerns about pollution from the environment and deterioration in air quality at home. All the materials for green carpets are purely organic, so they come with a high price. This will result in a higher overall cost of producing green carpets and rugs.
Moreover, a potentially detrimental impact on the world carpet and rug market has occurred as a result of increases in commodity prices and resource scarcity. Secondly, there has been a global shortage of materials due to an increase in China's production capacity. This has led to the rapid and sharp rise in prices of basic materials, particularly linen, wool, silk, jute, or cotton, on the market. The price of synthetic fibres like polypropylene and polyamides has also increased. Therefore, the high cost of raw materials is anticipated to pose a major challenge to the market growth during the forecast period.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Engineered Floors LLC - The company offers carpets and rugs such as Silver Liningiv, Stellar, and Gold standard I.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market share growth by the nylon segment will be significant during the forecast period. Nylon has become one of the most commonly employed materials for carpet production due to its excellent properties and performance. Nylon is known for its extraordinary durability and resilience. Nylon has the ability to withstand heavy foot traffic and wear, making it an ideal material for carpets and rugs in high-traffic areas such as commercial spaces, hallways, and living rooms.
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The nylon segment was the largest segment and was valued at USD 22.50 billion in 2018. Manufacturers are constantly looking at improving nylon's performance, incorporating new characteristics such as antibacterial properties to fight against mould and mildew growth so that carpets often come with built-in stain resistance treatments, which make them easy to clean and maintain. These developments improve the value proposition for nylon carpets and rugs as a whole. Also, manufacturers are offering sustainable nylon options made from recycled materials, aligning with the rising consumer choice for sustainable products. Such factors are anticipated to drive the demand, which, in turn, is expected to fuel the growth of the nylon segment of the market during the forecast period.
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North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
In North America, consumers are looking for carpets and rugs with improved characteristics, including stain resistantness, simplicity of maintenance as well as increased durability. The demand for essential components of interior spaces is expected to grow as consumer lifestyles evolve and the region continues to experience growth and development, which in turn is expected to fuel the growth of the regional market during the forecast period.
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The market is a dynamic industry influenced by various factors, including aesthetics, insulation, and non-slip flooring, catering to diverse needs in both developed and cold-climate regions. Amid economic uncertainties and purchasing power parity concerns, consumers seek alternative solutions such as technologically carpets and rugs. Online channels and e-commerce platforms drive accessibility, especially in urban regions, offering woven carpets, knotted carpets, and tufted carpets. Nylon and polypropylene segments dominate, responding to supply and demand curves shaped by macro and micro-economic factors.
Furthermore, Competitive players like Abbey Carpet & Floor and Cormar Carpets navigate the industry's regulatory landscape while employing Ansoff matrix analysis for diversification. Housing starts and nonresidential buildings influence market dynamics alongside motor vehicle production and hard surface flooring trends, ensuring a robust market performance amid evolving consumer preferences and regulatory scenarios. Also, the construction industry often uses installed carpeting for decorative purposes, providing formal floor coverings that enhance the overall aesthetic appeal.
Moreover, the market is a dynamic sector influenced by various macro-economic factors and industry dynamics. In the developed world, particularly in cold climates, there is a growing demand for carpets and rugs, especially in new dwelling buildings and construction projects. Factors such as disposable incomes, regulatory scenarios, and pricing signals shape market dynamics. With recent developments and impending economic slowdown, stakeholders closely monitor the competitive landscape and market performance. The market caters to consumer inclination towards luxury vinyl tile, needlepunch carpeting, and wall-to-wall carpeting, offering decorative options for both formal and informal settings.
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Market Scope |
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Report Coverage |
Details |
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Base year |
2023 |
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Historic period |
2018 - 2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 4.45% |
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Market growth 2024-2028 |
USD 11.2 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
4.12 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
North America at 37% |
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Key countries |
US, China, UK, Germany, and Canada |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Bhadohi Rug Co., BRINTONS AGNELLA Ltd., Capel Inc., Engineered Floors LLC, Harounian Rugs International, House of Tai Ping, Inter IKEA Holding B.V., Koch Industries Inc., Lowes Co. Inc., Mannington Mills Inc., Milliken and Co., Mohawk Industries Inc., Oriental Weavers Group, RUGS INC., Saraswati Global Pvt. Ltd., Stark Carpet Corp., Tarkett Group, TAT MING FLOORING, The Home Depot Inc., and Victoria Plc |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Material
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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