The rising per capita disposable income, along with increasing consumer spending on interior decoration, will stimulate market growth.
NEW YORK CITY, NEW YORK, UNITED STATES, October 25, 2021 /EINPresswire.com/ — The global Carpet and Rugs Market size is estimated to reach USD 168.27 Billion from USD 111.49 Billion in 2019, delivering a CAGR of 4.50% through 2028. The market growth is driven by rapid urbanization and globalization across the globe, along with increasing consumer spending on home interior aesthetics and renovation activities.
Carpets and rugs are used in homes and offices for their artistic, aesthetic, and functional properties. They not only cover floors but also enhance the overall appeal as a part of interior decoration. The rugs and carpets offer a protective layer to floors and are a crucial part of the home and office interiors in the cold climate region for trapping warmth. A rise in the number of residential and commercial projects across the globe, along with an increasing focus on the aesthetics aspect of buildings, is likely to boost the global carpets and rugs market growth.
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The industry players in the carpets and rugs market are focused on developing products that are more environment-friendly, durable, versatile, and easy to install as well as maintain. Moreover, product availability on online distribution channels will supplement the carpets and rugs market share over the forecast period.
Key participants in the carpet and rugs market are Victoria Plc., Ikea Group, Tarkett S.A., Interface Inc., Milliken & Company, Mohawk Industries, Inc., Oriental Weavers, Tai Ping Carpets International Limited, Home Depot Inc., and Dixie Group Incorporation, among others.
For the purpose of this report, Reports and Data has segmented into the Global Carpets and Rugs Market on the basis of material, type, application, distribution channel, and region:
Material Outlook (Volume, Thousand Units; Revenue, USD Billion; 2018-2028)
Type Outlook (Revenue, USD Billion; 2018-2028)
• Woven Carpet and Rugs
• Knotted Carpet and Rugs
• Needle-punched Carpet and Rugs
• Tufted Carpet and Rugs
Applications Outlook (Revenue, USD Billion; 2018-2028)
Distribution Channel Outlook (Revenue, USD Billion; 2018-2028)
• Specialty Stores
Regional Outlook (Revenue, USD Billion; 2018-2028)
• North America
• Asia Pacific
• Latin America
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Further key findings from the report suggest
• On the basis of material, the polyester segment is estimated to exhibit a growth rate of 5.2% through 2028. The polyester material is stain-resistant, is made from recycled bottles, and is also cost-efficient. Growing environmental concerns is likely to drive the demand for polyester-based rugs and carpets over the coming years.
• Based on type, woven carpets and rugs are forecast to showcase a growth rate of 5.1% through 2028 on account of less wastage in manufacturing, which aids manufacturers to save money. The woven designs offer superior performance, aesthetics, and value as compared to other types.
• The tufted carpets segment is forecast to account for 32.1% of the carpet and rugs market share through 2027 on account of positive product attributes such as sturdy and hardwearing. Due to attractive properties, it is widely used for wall-to-wall carpeting and rooms with heavy furniture.
• The commercial segment is estimated to account for 38.1% of the market share over the analysis period on account of extensive product usage for maintaining a unique décor.
• On the basis of application, the residential sector is estimated to contribute significantly to the carpets and rugs market share, exhibiting a CAGR of 4.9% through 2027. Inspired by social media trends, homeowners are replacing their worn out or old carpets and rugs with newer ones. The growing focus of homeowners on interior decoration will boost segmental growth over the analysis period.
• On the basis of the distribution channel, the online segment is anticipated to witness a growth rate of 5.1% through 2027. The robust growth can be attributed to the comfort and ease of shopping online without having to deal with the hassle of going out and looking for the desired item in different shops. The segmental growth will be driven by an increased focus on saving time and money.
• These industry players are adopting several strategies such as acquisitions, mergers, collaborations, new product development, and capacity expansion, thereby supporting the overall growth of the market. Moreover, rising investments by the key industry players for the R&D activities will further bolster market growth over the analysis period.
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Key insights presented in the report:
• Market revenue shares by major business players, by type, application, and market scope of global Carpet and Rugs market
• Sales revenue by key players and new entrants
• Competitive analysis of key players, including company overview, product or services specification, vendors, and buyers.
• Recent mergers, acquisitions, product launches, recent investments, and joint ventures
• Regional analysis to provide insight into recent trends and opportunities.
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Source: EIN Presswire