Carpets & Rugs Industry Growth Opportunities and Forecast 2024
Market Research Future (MRFR) confirms in its extensive study that the carpet & rugs market 2020 can touch USD 93.6 billion by 2024-end. The market can also presumably record a growth rate of 4.75% between 2019 and 2024 (evaluation period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Key Boosters and Main Challenges
The COVID-19 outbreak has had a devastating effect on every aspect of the world economy, disrupting the supply chains and industrial manufacturing to a standstill. The pandemic has resulted in massive revision in the growth prospects of the Carpet and Rugs Industry. Since governments imposed a lockdown to curb the spread of SARS-CoV-2, the demand for non-essential items such as carpets and rugs went down significantly, industrial activities closed down all over the world. The COVID-19 impact on the construction and transportation industries can also be a massive challenge for the carpets and rugs market.
However, despite the growing menace of the novel coronavirus, the market for carpets and rugs can still benefit from the increasing remodeling and renovation activities and the rising interest in interior design among consumers. The fast growth of urbanization as well as globalization can also induce substantial market growth in the years to come. The escalating demand for carpet tiles, eco-friendly carpets combined with the growing interest in contemporary area rugs are deemed to be some of the top trends in the global market.
With technological innovations and product development, many of the renowned firms are trying to expand their presence by seeking new contracts and explore new markets. In the coming years, many of the vendors are also projected to take up acquisitions, mergers and new launches as their main marketing hacks for business expansion in the carpets and rugs market.
For instance, in July 2020, CHACCRA (London) launched two flat woven rug designs, the Chakra Design Collection. With the combination of artisanal rug craft from Nepal and the creative abstract design handcrafted from Tibetan wool, the resultant rugs boast of soft and appealing textures.
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The carpets & rugs industry can be considered for type, product type as well as end use.
The key material types mentioned in the study are wool, nylon, cotton, polypropylene, polyester, jute, silk, and more.
The various product types listed are tufted, woven, needle-punched, knotted, and others. Between these, it is expected that the tufted segment can take the lead as a result of accelerated use of this type in the commercial and residential projects. Continuous technological innovations have led to higher deployment of recycled fiber during the manufacturing processes of rugs and carpets, which further boosts market expansion rate.
The carpets & rugs market, depending on end use are residential as well as commercial. The residential segment is in the lead and can soon procure the fastest CAGR, given the increasing use of carpets in floor coverings applications by residential end-users. Since carpets come in various textures and colors, they are deemed ideal for residential applications, regardless of any type of decor.
The regional consideration of the carpets & rugs market covers Europe, Asia Pacific/APAC, North America, and RoW/the rest of the world.
Since 2018, North America has remained the top-performing market for carpets & rugs, with the United States/US heading the growth. The significant interest in interior design and decoration among people and the enabling financial conditions help the carpets & rugs market remain lucrative in the region. Besides, the surge in remodeling and renovation activities across the real estate industry, especially in the US, has caused the carpets & rugs market to boom in recent years.
The APAC market for carpets & rugs is not much behind, as it shows the potential to achieve considerable growth in the ensuing period. Rapid real estate expansion paired with the accelerating disposable income of the people and the consequent increase in the demand for home decoration items has been favorable for the market here. In 2018, China became the highest gaining market in the region, thanks to the massive development of the real estate sector. However, giving tough competition to China, India could potentially achieve the fastest expansion rate in the years to come, considering the fast urbanization rate and the growth of foreign direct spending on the real estate industry.
Renowned Industry Players
Renowned industry players listed in the MRFR study are Orientals Weavers Company for Carpets (Egypt), Victoria PLC (U.K.), Shaw Industries Group (U.S.), Mohawk Industries, Inc. (U.S.), Taekett S.A. (France), Dixie Group, Inc. (U.S.), Home Depot, Inc. (U.S.), Lowe's Companies Inc. (U.S.), Tai Ping Carpets International Limited (China), Interface, Inc. (U.S.), to name a few.
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Note: Our team of researchers are studying Covid-19 and its impact on various industry verticals and wherever required will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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