Rugs Market Growth, Trend, Forecast Analysis

Rugs Market: Introduction

The rugs market is expected to reach value of ~US$ 30 Bn by 2027. The global rugs market was valued at US$ 18.6 Bn in 2018 and is expected to expand at a CAGR of 5.5% from 2019 to 2027. The market is expanding significantly in terms of value. North America is the largest rugs market and expected to maintain its dominance over the forecast period 2019 to 2027. Transforming living standards of the masses coupled with rise in number of people opting for separate living has resulted in propulsion of the rugs market. Retailers such as IKEA, H&M Home, and Home Depot are pioneers in this field and are known for their huge stores with customer centric products. These retailers have their sourcing and design offices in Asian countries for faster development of products. Such innovative approaches can boost the market growth in the coming years.

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Key Challenges

The global usage of rugs is expected to see continuous growth; however, this creates a significant challenge to the environment. Strict government regulations in developed countries related to environment-friendly production processes is expected to be a challenge for small scale manufacturers.

Rugs Market: Segmentation

Based on type, the tufted segment accounted for leading share of the global rugs market in 2018. In terms of application, the US$ 101 to US$ 300 segment accounted for major share of the global rugs market in 2018. In terms of material, the wool segment is expected to remain popular in the global rugs market. This is due to increasing awareness and usage of natural fibers made of plant and animal based sources, which is leading to demand for rugs made of natural material. In terms of application, the residential segment is expected to maintain its dominance. On the basis of shape, rectangular shape segment holds more than 80 percent share in the global market. Asia Pacific is projected to be the fastest growing region in the global rugs market during the forecast period.