Surge in demand for home décor products and considerable interest in interior design of workplace and living spaces are expected to propel the market
Wilmington, Delaware, United States, May 23, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – Steady increase in preference among consumers toward adopting various home décor products presents significant opportunities for companies in the global rugs market. The global rugs market is projected to reach US$ 37.8 Bn by end of 2031, expanding at a CAGR of 5.7% from 2023 to 2031.
Rapid increase in popularity of custom made rugs for living rooms is a key trend that is likely to boost the global rugs industry. Surge in adoption of handmade rugs is likely to present significant revenue growth to home décor companies. Rugs are also used to add elegance to living spaces, and hence consumers are seeking rugs with intricate designs.
Rapid growth in consumer spending on interior decoration is likely to boost the demand for rugs. Consumers are seeking unique rugs to add warmth and comfort to their living spaces. Availability of a wide array of unique rugs on e-commerce portals is likely to bolster market demand.
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|Market Revenue||USD 24.7 Bn|
|Estimated Value||USD 37.8 Bn|
|Growth Rate – CAGR||5.7%|
|Forecast Period||2023 – 2031|
|No. of Pages||210 Pages|
|Market Segmentation||Type, Category, Material, Shape, Manufacturing, Price, Usage, Application, Distribution Channel|
|Regions Covered||North America, Europe, Asia Pacific, Middle East & Africa, South America|
|Key Players||Beaulieu International Group, Devgiri Carpet PVT. LTD, Interface, Inc., Milliken & Company, Mohawk Industries, Shaw Industries Group Inc., Tai Ping Carpets International Ltd., Tarkett Group, Victoria PLC, Yak Carpet PVT. LTD|
Key Findings of Study
- Rapid Adoption of Rugs in Interior Decoration of Living Rooms and Office: Surge in popularity of rugs made of eco-friendly and sustainable materials is anticipated to accelerate market development. Rugs made of wool rugs and natural fibers are thus rapidly gaining traction, which is likely to broaden the market outlook.
- Consistent rise in demand for area rugs (rugs used in open floor spaces of homes) is anticipated to offer lucrative opportunities to companies operating in the market.
- Rise in Preference for Oriental Rugs: Significant preference for oriental rugs presents substantial revenue opportunities in the market. Rise in adoption of traditional rugs and handwoven rugs is propelling the oriental rugs type segment. Demand for these is expected to increase considerably due to growing popularity of durable rugs.
- Eco-friendly rugs are priced highly and are likely to witness increase in demand since consumers have become conscious about the environment. Companies, including rug manufacturers, are promoting usage of natural materials, such as bamboo, to attract consumers in the rugs market.
- Increase in Availability of Unique Rugs on E-commerce Portals: Rapid expansion of e-commerce distribution channels for rugs is expected to augment the market size in the near future.
- E-commerce portals are widely being used by consumers to shop for home décor products such as carpets and rugs. This is likely to strengthen the market outlook. Availability of affordable rugs is expected to boost the market value.
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- Steady rise in disposable incomes of people, especially in developing countries, is a key driver of the rugs market. Rapid pace of urbanization is also a significant driver of the demand for home décor products such as carpets and rugs.
- Rise in housing construction activities in numerous countries around the world is likely to boost market growth. Consumers have increased their focus on adding style to new homes by enhancing esthetics and comfort to living spaces through rugs.
Regional Growth Dynamics
Asia Pacific is projected to account for the leading market share from 2023 to 2031. Rapid increase in discretionary spending on home décor in developing countries, such as India and China, is expected to fuel the market expansion. Asia Pacific is home to several rug manufacturers and producers, which has made the region the leading exporter of rugs globally.
North America and Europe are anticipated to offer significant growth opportunities for home décor companies in these regions. Entry of rug manufacturers in these regions is anticipated to boost the market size in both regions in the near future.
Recent market trends underscore that mergers & acquisitions and product portfolio expansion are some of the competitive strategies that are likely to positively influence the growth of the market in the near future.
Leading players are also focusing on product innovations in order to consolidate their positions. Several key players are intent of launching rugs that are durable so that these can be adopted in a wide range of uses.
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Key companies operating in the market are
- Devgiri Carpet PVT LTD.
- Interface, Inc.
- Milliken & Company
- Mohawk Industries
- Shaw Industries Group Inc.
- Tai Ping Carpets International Ltd.
- Tarkett Group
- Victoria PLC
- Yak Carpet PVT LTD.
Rugs Market Segmentation
- Others (Shag Rugs, Braided Rugs, and Hooked Rugs)
- Others (Jute and Bamboo, Nylon, Faux Fur, Polypropylene etc.)
- Others (Oval, Customized, etc.)
- Below US$ 200
- US$ 200 to US$ 500
- Above US$ 500
- Entertainment Centers
- Others (Retail, Corporate Etc.)
- E-commerce Portal
- Company-owned Websites
- Specialty Store
- Others (Independent Retail Stores, Designer Boutiques)
- North America
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
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