With the presence of a large pool of participants, the global carpets & rugs market is displaying a highly competitive business landscape, finds a new research report by Zion Market Research (ZMR). Victoria PLC, Tai Ping Carpets International Limited, Mohawk Industries Incorporation, and Dixie Group Incorporation are some of the key vendors of carpets & rugs across the world. These players are focusing aggressively on innovation, as well as on including advanced technologies in their existing products. Over the coming years, they are also expected to take up partnerships and mergers and acquisitions as their key strategy for business development, states the carpets & rugs market study.
In a major event that can promote the growth of carpets & rugs market in the near future, on August 25th 2018, Iran hosted world’s biggest hand-woven carpet exhibition in Tehran, the capital city of Iran. Reportedly, the 27th Persian Handmade Carpet Exhibition displayed plethora of products from the country’s carpet sector.
As estimated in this report, the global carpets & rugs market stood at US$ 84.3 billion in 2017. Witnessing a tremendous rise during the period from 2017 to 2023, the revenue in this carpets & rugs market is expected to reach US$ 107.9 billion by the end of the forecast period. The main products available in this carpets & rugs market are knotted, tufted, hand-loomed, and machine-loomed. Among them, the demand for machine-loomed products is relatively higher and the trend is anticipated to remain so over the next few years, notes the research report.
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Immense Application Across Myriad Sectors To Boost Product Sales
“Robust product demand from information technology, banking, insurance, business process outsourcing, and financial services sectors will propel the growth of carpets & rugs market size in the years ahead,” says the author of this carpets & rugs market study. Apart from this, the product finds suite of applications in offices & hotels as well as in transport, automotive, and residential sectors. In addition, carpets & rugs are used as a result of their aesthetic and functional features along with their ability to provide protection to the floors.
Few decades back, the rampant usage of product was witnessed only in the developed countries. However, today a big chunk of consumers across the globe are spending more on interior designing or décor to create an aesthetic appeal for their homes or offices, thereby driving carpets & rugs market demand.
Escalated Demand For Housing To Support North America Maintain Dominance
Regionally, North America has been leading the worldwide carpets & rugs market and is anticipated to continue on the dominant position in the years to come, states the carpets & rugs market study. The rapid expansion of housing & construction activities in the residential sector across countries such as the U.S. is the main factor behind the dominance of the North America carpets & rugs market. The high number of market players being headquartered in North America is another significant factor that is supporting this regional carpets & rugs market.
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The global carpets & rugs market is segmented as follows:
- Natural fiber
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa