Global Rugs and Carpets Market Size Analysis Report - Market Share, Forecast Trends and Outlook (2024-2032)

Rugs and Carpets Market Growth

The rugs and carpets market is influenced peculiarly by cultural and aesthetic trends and technological developments. Cultural influences dictate people's attraction to artisanal and hand-made carpets; at the same time, people are developing an interest in unique, specially-made designs that help make their homes look more beautiful. Technologically, it would be the developments that make the introduction of eco-friendly materials or smart carpets with integrated sensors inside the carpet, thereby attracting environmentally concerned and technologically savvy customers. These together put into perspective facilitate the rugs and carpets demand growth and diversification of the market.

Key Trends and Recent Developments

The expanding tourism sector, availability of different kinds of rugs and carpets, and social media influence are a few factors shaping the rugs and carpets market dynamics and trends.

March 2024

Interface, a global flooring solutions company and leader in sustainability has released three new carpet introductions—Open Air Stria, Open Ended, and World Woven Two. The Open Air product platform from Interface is billed as a revolutionary approach to carpet tile manufacturing, providing an expansive offering of high-quality products at an accessible price point.

Expanding tourism sector

A key trend in the rugs and carpets market is the expansion of the travel and tourism sector owing to rising disposable incomes and the development of infrastructure and transportation systems is aiding the rugs and carpets market for rugs and carpets. Various hotels, restaurants, and guest houses use carpets and rugs for decoration as they enhance the aesthetic appeal of the location while providing thermal insulation and slip resistance.

Availability of different varieties

The availability of rugs and carpets in different styles, designs, and colour tones is supporting the market expansion. Various customers prefer neutral and gentle colours for cosy effects and minimalist styles while others prefer bright and vibrant colours to make the space livelier. Key manufacturers are investing on the development of rugs and carpets in varying tones to meet the altering requirements of the consumers.

Social media influence

The increasing influence of social media and content creators is providing lucrative growth opportunities to the market. Various manufacturers are collaborating with social media influencers to increase brand awareness and enhance their customer base. Such strategic collaborations allow brands to reach their target audience, thereby leading to rugs and carpets market opportunities.

Rugs and Carpets Market Trends

One of the ongoing trends that could be witnessed in the rugs and carpets market is the usage of sustainable and eco-friendly materials. With increased awareness among people about the environment, it has been found that customers are most interested in purchasing goods made from recycled fibres, organic cotton, and biodegradable materials. This change in consumer purchasing behaviour is essentially driven by an ever-increasing intention to reduce one's carbon footprint along with fostering ethical manufacturing processes, hence bolstering the rugs and carpets industry growth. Companies are also using transparent supply chains and including eco-certification to market their products to environmentally sensitive buyers, reflecting the broader commitment to sustainability in home decor.

Industry Outlook

A Growing Construction Sector Positively Influences The Demand For Rugs And Carpets

From 2022 to 2037, the construction industry growth will remain unbalanced across different global regions and this will help in bolstering the rugs and carpets industry revenue. In this regard, the highest growth rate is expected to be seen in Emerging Asia at a CAGR of 3.3%. Sub-Saharan Africa and MENA would show the second and third-order positions with respective CAGRs of 2.8% and 2.7%. It is expected that Latin America will record a high growth of 2.5%, while Eastern Europe will trail at 2.3%. Western Europe and North America will achieve a growth of 1.8% and 1.7% respectively, which is on the moderate side. The lowest growth will be in Developed Asia at 1.1%. The above construction trends are likely to positively impact the market performance. With increased construction activity, especially in Emerging Asia, Sub-Saharan Africa, and MENA, the demand for interior furnishings, including rugs and carpets, will rise. According to the Department of Commerce & Industry, the Textile Export Promotion Council states that carpet and other floor coverings exports from India have shown fluctuating trends from 2017-18 to 2023-24. These factors result in significant trends of the rugs and carpets market.

During the year 2017-18, the value was USD 1,711.2 million, increasing to USD 1,765.9 million in the year 2018-19 but falling to USD 1,666.1 million in 2019-20. Once again, the export value crept upward to USD 1,869.2 million in 2020-21 and reached a high of USD 2,233.0 million in 2021-22. After 2021-22, the exports drastically slumped to USD 1,366.0 million in the year 2022-23. During 2023-24, the export value up to January 2024 has reached USD 1,153.0 million. The peak in 2021-22 can, therefore, be attributed to a post-pandemic surge in demand for home furnishings when consumers concentrated on home improvements. This decline could be due to various factors, such as uncertainties in the global economy, disturbances in supply chains, and changes in consumer spending behaviour.

Global Rugs and Carpets Industry Segmentation

“Rugs and Carpets Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

On the basis of type, the market is divided into:

• Tufted
• woven
• Needle-punched
• Knotted
• others

Based on material, the market is segregated into:

• Nylon
• Polyester
• Polypropylene
• Others

On the basis of application, the market is bifurcated into:

• Residential 
• Commercial

Based on distribution channel, the market is classified into:

• Mass Merchandisers
• Home Centres
• Speciality Stores
• Others

On the basis of region, the market can be divided into:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Rugs and Carpets Market Share

Tufted Segment To Account For A Significant Share Owing To Their Durable Nature

As per the rugs and carpets market analysis, tufted products are anticipated to account for a significant market share owing to their cost-effective and durable nature, availability in different colours and styles, and fast production time. These carpets and rugs also provide acoustic properties that aid in the absorption and minimisation of airborne sounds and noises, resulting in their increased adoption in offices and commercial spaces. The easy-cleaning nature of tufted rugs and carpets makes them preferred for residential applications.

The demand for high-quality rugs and carpets, keeping in mind the beauty of the building interiors, helps the market grow further.

• There are lots of designs, materials, and price levels that range according to various consumer tastes and budgets and ultimately aids in boosting the rugs and carpets market revenue.
• Rugs and carpets improve aesthetic appeal and have functional and decorative values. 
• Artistic value is also considered a crucial feature when handmade rugs exhibit cultural and other artisan traditions that are highly demanded by customers.
• The durability associated with a high-quality rug or carpet means that consumers see them as something worth investing in, as they can sustain heavy foot traffic and can last longer.

The High Price and Need to Clean and Maintain Them Frequently Can Limit the Demand for Rugs and Carpets.

• There is a probably high cost of raw materials and skilled labour, particularly for handmade rugs.
• Rugs and carpets require frequent cleaning and maintenance. As per rugs and carpets industry analysis, this could be a factor that deters some people from investing in them.
• Being prone to discoloration, wear, and tear, and being attacked by pets affects the durability factor of rugs and carpets. 
• Demand is seasonal; cold-month sales are higher compared to other times of the year. 
• Hence, in a year, it may result in fluctuating revenues. 
• The fast growth of the market has been strongly influenced by increased consumer interest in home décor, demand for sustainable products, and increased prevalence of online sales channels.

Increasing consumer interest in home decoration is considered an excellent opportunity for the market's growth.

• The demand for products that are eco-friendly and sustainable can be achieved by manufacturing rugs and carpets out of natural or recycled materials.
• The proliferation of online shopping platforms facilitates wider market reach and the possibility for direct-to-consumer sales, widening the rugs and carpets market growth.
• Selling personalised or customised rugs might be one potential customer direction wherein unique, bespoke solutions for home decoration are sought.

Rugs and Carpets Market Regional Analysis

The rugs and carpets industry in North America is anticipated to account for a significant share of the market in the coming years. This growth can be attributed to the strong presence of various major manufacturers in the region and increasing consumer interest in interior decoration. The expansion of the real estate sector coupled with rising spending on remodelling and renovation activities owing to increasing disposable incomes have boosted the demand for rugs & carpets. Growing emphasis on the development of innovative floor coverings including area rugs and carpet rugs are further supporting the market expansion in North America.

Competitive Landscape

Key players in the rugs and carpets market focus on sustainability through the usage of eco-friendly materials, embedding smart technology into the product, and customizable designs with the evolution of consumer preference.

Shaw Industries Group, Inc. established in the United States in 1967, applies environmentally friendly manufacturing practices. It uses such sustainable materials as recyclable fibres. The company is developing new technologies on advanced levels continuously, including stain resistance, and expanding globally through strategic buyouts and partnerships.

The United States-based Mohawk Industries, Inc. has been in business since 1878 and employs a vertically integrated supply chain process that caters both to cost control and quality. Online sales and digital marketing are being put in place with the idea of further improving such methods and focusing on sustainability and recycled materials.

Headquartered in France, Tarkett S.A. founded in 1886, is committed to circular economy priorities through designing products for recyclability and facilitating product take-back. They introduce modern design collections and invest in digital tools to offer better customer experience and operational efficiency.

Founded in 1920 and the United States-based, Dixie Group, Inc. also targets the high-end market with high-quality carpets and rugs. Quality and exclusiveness are the operative words here. Product line expansion and brand reinforcement are achieved through intensive marketing, with the development of designer relationships.

Victoria PLC, based in the United Kingdom and established in 1895, continues to expand its market share and product portfolio through strategic acquisitions. The company is committed to manufacturing processes and materials that have a minimum environmental impact.

Other key players in the rugs and carpets market report include Dixie Group Inc., Tai Ping Carpets International Ltd., Shaw Industries Group, Inc., Milliken & Company, Tarkett Group, Oriental Weavers Group, and Genie Carpet Manufacturers, among others.

Competitive Factors in the Global Rugs and Carpet Market

• Superior quality enables the brand to command a premium price over its competitors. 
• Style, colour, and pattern variations will appeal to the varied tastes of consumers. 
• A high degree of brand identity will play a determining role in purchasing decisions. Pricing strategies must, therefore, be competitive for luring the price-sensitive consumer. 
• Partnerships with retailers and online platforms will aid in providing better market access, accelerating the growth of the rugs and carpets market.
• Providing customization options related to size, design, and material can help tap consumer preferences and demand for personalised products.
• These products could combine natural or recycled material with sustainable production methods to attract ecologically aware consumers.