Carpets & Rugs Market Growth Factors, Segmentation, Trends, Opportunities, Key Players and Forecast | Evolve Business Intelligence

Key Highlights:
• The global Carpets & Rugs market size is expected to reach $144.31 Billion by 2028 growing at a CAGR of 4.83% from 2021 to 2028.
• North America dominated the market in 2021
• Asia Pacific is expected to grow at the highest CAGR from 2021 to 2028

As per the study initiated by Evolve Business Intelligence, The global Carpets & Rugs market size is expected to reach $144.31 Billion by 2028 growing at a CAGR of 4.83% from 2021 to 2028. Carpets and rugs are textile floor coverings designed to enhance comfort, warmth, and aesthetic appeal within indoor spaces. Typically made from various materials such as wool, nylon, polyester, or a blend of fibers, carpets, and rugs come in a diverse range of styles, patterns, and colors to suit different interior design preferences. These floor coverings serve both functional and decorative purposes, providing insulation, noise reduction, and a soft underfoot feel. Carpets are typically larger and cover a significant portion of a room, while rugs are smaller and often used to define specific areas within a space. Both carpets and rugs contribute to creating a comfortable and visually pleasing environment in residential, commercial, and institutional settings.

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The Carpets & Rugs market is primarily driven by factors such as increasing demand for interior décor solutions, growing residential and commercial construction activities, and the desire for enhanced comfort and aesthetics in living spaces. Additionally, evolving consumer preferences, the availability of a wide range of designs and materials, and the rising awareness of the benefits of carpets and rugs in terms of noise reduction, insulation, and warmth contribute to the market's growth.

Key Players
Some of the major Carpets & Rugs Market players holding high market shares include Mohawk Industries Inc., Shaw Industries Group Inc., Tarkett S.A, Dixie Group Inc., and Genie Carpet Manufacturers. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Victoria PLC, Ikea Group, Beaulieu International Group, Tai Ping Carpets International Limited, and Oriental Weavers Carpets Co.

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Segmental Analysis
Based on Type, the Carpets & Rugs market is segmented into Woven, Tufted, Knotted, Needle-punched, and Others. The dominance of the Woven segment in the Carpets & Rugs market is attributed to its enduring popularity driven by the craftsmanship, durability, and diverse design possibilities offered by woven techniques. Woven carpets and rugs are often associated with superior quality and intricate patterns, as they are created by interlacing warp and weft yarns.
Based on Material Type, the Carpets & Rugs market is Nylon, Polyester, Polypropylene, Cotton, Wool, and Others. The Carpets & Rugs market's projected high CAGR in the Nylon segment is attributed to the increasing demand for durable, resilient, and versatile flooring solutions. Nylon, as a synthetic fiber, offers excellent wear resistance, stain resistance, and ease of maintenance, making it a preferred choice for carpets and rugs in both residential and commercial settings.
Based on Application, the Carpets & Rugs market is segmented into Residential and commercial. The Residential segment's dominance is further fueled by evolving home décor trends, increased disposable income, and a growing emphasis on creating cozy and personalized living spaces. Consumers often prioritize carpets and rugs to complement their interior design, contributing to the segment's sustained prominence in the market.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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