LONDON--(BUSINESS WIRE)--The global carpets and rugs market is expected to grow by USD 18.98 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
Consumers around the globe are spending on designer home furnishings to decorate their homes. In addition, the consumer preference for interior decoration is changing with growing awareness of different cultures, mounting media penetration, evolving lifestyles, and rising consumer income levels. This is leading to an increase in the sales of rugs, cushion covers, beds, carpets, curtains, and other furnishings. The rising income level and growing population of working women is further encouraging customers to invest in home décor, leading to growth opportunities of home furnishing brands and retailers. Thus, the growing consumer preference for interior designs will boost the growth of the carpets and rugs market during the forecast period.
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As per Technavio, the rising demand for eco-friendly carpets and rugs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Carpets and Rugs Market: Rising Demand for Eco-Friendly Carpets and Rugs
Consumer preference for eco-friendly carpets and rugs is increasing because they promote a safe and sustainable environment. These products are safe as they are made from natural fibers such as wool and bio-degradable sisal, jute, and cotton. These sustainable home décor solutions, use recyclable materials and organic fabrics and materials. Thus, with the rising use of eco-friendly raw materials will boost the growth of the carpets and rugs market over the forecast period.
“The increasing adoption of carpet tiles and growth in number of residential and commercial construction activities are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Carpets and Rugs Market: Segmentation Analysis
This market research report segments the carpets and rugs market by end-user (residential and non-residential), and geographic segmentation (APAC, Europe, MEA, North America, and South America).
APAC led the carpets and rugs market in 2019. During the forecast period, the APAC region is expected to register the highest incremental growth due to rapid urbanization and increased demand for furnishings from new housing projects.
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Some of the key topics covered in the report include:
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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