Industry Analysis
Carpets and rugs are popular because of their aesthetic and practical qualities. It's an addition to floor coverings that adds to the overall beauty of a house or office's decor. Rugs and carpets protect floors by adding a layer of padding. Rugs and carpets are a blessing for people who live in cold climates because they keep the floor from being too cold. The major applications of carpets and rugs involve commercial, residential and industries. In developed economies, carpets and rugs have higher demand. Global Carpets and Rugs Market was valued at USD 172.47 million in 2021 and is expected to reach USD 116.73 million by 2029, registering a CAGR of 5.00% during the forecast period of 2022-2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Carpets and Rugs Market research report has put forth a bench-marking example for a vibrant market that explores several recommendations and practical growth strategies in relation to the market. The market report covers a wide spectrum of regions and also focuses on key regions that include North America, Europe, Asia Pacific, Middle East, South America, and the Middle East Africa (MEA). The chapter of the competitive landscape is presented well in the market research report and is analysed based on the tools such as Porter’s five forces analysis. The study throws light upon market attractiveness where all the segments are arranged based on the compound growth rate, size, and general attractiveness.
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Carpets and Rugs Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- Increased Renovation and Remodeling Activities
Carpets and rugs are utilized for their aesthetic appeal as well as utilitarian characteristics such as slip prevention and floor heat insulation. Carpets and rugs provide a protective layer to floors in addition to covering them and boosting the overall appearance of home or workplace design.
- Surge in Disposable Income
Carpet and rug demand was at its peak in industrialized economies a few decades ago. However, this trend has shifted in recent years, with people spending more money on making cosmetic changes to their homes or offices. This need has been fueled partly by the easing of the economic crisis, resulting in a renewed desire for carpets and rugs. Furthermore, increased consumer disposable income, particularly in developing countries, is projected to support market expansion.
Furthermore, the increasing interest of consumers toward interior decoration will further propel the growth rate of carpets and rugs market. Additionally, the expansion of the end use industries is projected to bolster the market's growth.
Opportunities
- Implementation of Strategies and Growth in importance of Organized Retailing
Furthermore, manufacturers' implementation of various new strategies and technology extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, the increasing importance of organized retailing will further expand the future growth of the carpets and rugs market.
Restraints/Challenges
- Shortage of Raw Materials
The sector is suffering from fluctuations in the prices of raw materials (polyester, nylon, jute, and cotton) due to their shortage. As a result, this factor is projected to hamper market growth.
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Industry Segmentation and Size
The carpets and rugs market is segmented on the basis of type, product, material, application and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Carpet
- Rugs
Product
- Woven
- Tufted
- Knotted
- Needle-Punched
- Flat-Weave
- Hooked
- Others
Material
- Synthetic Fiber
- Natural Fiber
Application
- Residential
- Commercial
- Industrial
- Institutional
Distribution Channel
- Supermarket/Hypermarkets
- Specialty Stores
- Online
- Others
Market Country Level Analysis
- The countries covered in the carpets and rugs market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Industry Share Analysis
Some of the major players operating in the carpets and rugs market are
- Mohawk Industries, Inc. (U.S.)
- Shaw Industries Group Inc., (U.S.)
- Genie Carpet Manufacturers (India)
- Royalty Carpet Cleaning Flooring (U.S.)
- Inter IKEA Systems B.V. (Netherlands)
- Beaulieu International Group (Belgium)
- Engineered Floors LLC (U.S.)
- Milliken Company (U.S.)
- Lowe's (U.S.)
- Taekett (France)
- Home Depot (U.S.)
- Interface, Inc. (U.S.)
- Dixie Group, Inc. (U.S.)
- Orientals Weavers (Egypt)
- Tai Ping (China)
- Victoria PLC (U.K.)
Carpets and Rugs Market Report Answers the Following Questions:
- What is the current size of the Carpets and Rugs Market?
- What are the key drivers and challenges for the Carpets and Rugs Market?
- What are the different types of Carpets and Rugs Market?
- What are the leading companies operating in the Carpets and Rugs Market?
- What is the future outlook for the Carpets and Rugs Market?
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