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Decorative rugs market revenue is expected to register around 6.5% CAGR between 2023 and 2032 propelled by the increasing consumer focus on home decor.
Overview
The latest study conducted by Global Market Insights Inc. claims that the Decorative Rugs Market size will cross USD 6.5 billion by 2032. Growing e-commerce sector and online retail will boost sales of decorative rugs over the forecast years.
The emergence of online retail has improved consumer access to premium and high-quality home decor products. Additionally, middle-income groups are able to find a wide range of affordable options on e-commerce platforms providing access to diverse materials, styles, designs, and price points. Due to the optimum level of convenience and accessibility, e-commerce has gained traction worldwide.
Some of the fields available in report -
| Required Fields | Format |
|---|---|
| Market Size in 2022 | USD 3.5 Billion |
| Value Projection by 2032 | USD 6.5 Billion |
| **Compound Annual Growth Rate (CAGR) ** | 6.5% |
| ** Residential end-use segment CAGR** | 6% |
| hand-tufted segment in 2032 | USD 4.5 billion |
| ** Machine-made rugs CAGR ** | 7% |
| ** Commercial end-use segment in 2032** | USD 4.5 billion |
| North America Market in 2032 | USD 3 billion |
| No. Of Tables | 528 |
| Figures & Charts | 18 |
| No. Of Report Pages | 200 |
| Countries covered in the report | U.S., Canada, Germany, UK, France, Portugal, Spain, Italy, Romania, Poland, Russia, China, India, Japan, Brazil, Argentina, Mexico, Chile, Saudi Arabia, GCC. |
| Segments covered | Product, Material, Distribution Channel, End Use and Region |
| Companies covered in the report | Balta Group, Bukhara Oriental Rugs, Mohawk Industries Inc., Capel Rugs, Harounian Rugs International, Agnella, Kalaty Rug Corp., Loloi Inc., Milliken and Co., Momeni Inc. |
Rapid urbanization boosts demand for machine-made rugs
Machine-made decorative rugs market size will expand at 7% CAGR from 2023-2032. Machine-made rugs are preferred due to their durability, affordability, easy maintenance, and availability in a variety of designs. The introduction of advanced manufacturing equipment and automated tools is allowing companies to design high-quality rugs. While handcrafted rugs have a certain appeal, they are time, energy, and cost-intensive, whereas machine-made commodities tend to be cost-effective, easier, and faster to produce. Additionally, these rugs are easy to clean, which makes them an ideal fit for urban and busy households.
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Rising commercial infrastructure development
Decorative rugs market share from commercial end-use segment will surpass USD 4.5 billion by 2032. Decorative rugs find widespread demand from commercial spaces such as retail stores, offices, restaurants, hotels, and hospitality venues, among others. Commercial buildings invest heavily in improving the functional and aesthetic value of their spaces by adding decorative items for enhancing acoustics or protecting flooring. With the increasing focus on enhancing the interior aesthetic of commercial spaces, several retailers and officers are spending on easy-to-maintain products. Manufacturers of decorative rugs are providing commercial customers with a wide variety of materials, designs, sizes, and customization options.
Booming construction & tourism sectors in APAC nations
Asia Pacific decorative rugs market will value over USD 1 billion by 2032. Rapid urbanization, rising disposable income, and changing consumer lifestyles are driving the decorative rugs industry growth in APAC. Countries such as India, South Korea, China, Japan, and Australia are witnessing a rise in demand for decorative rugs on account of the increasing residential and commercial construction.
The number of retail outlets, hotels, and restaurants in these countries has increased notably in the recent past due to the thriving tourism sector in the APAC region. Furthermore, a steady rise in disposable incomes is resulting in large spending on home décor products, which may boost product demand in the region.
Decorative rugs competitive landscape
Agnella, Balta Group, Loloi Inc., Mohawk Industries Inc., Harounian Rugs International, Kalaty Rug Corp., Milliken and Co., Momeni Inc., Bukhara Oriental Rugs, are some of the leading companies in the decorative rugs market. These brands are focusing on product innovation to attract a larger customer base. For instance, in January 2023, Milliken & Company announced the successful elimination of all per- & poly-fluoroalkyl substances (PFAS) from its textile fibers and finishes portfolio, emerging as the first American multi-market textile company to remove PFAS.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Global Market Insights Inc.
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