New York, NY, May 15, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Carpets & Rugs Market by Material (Wool, Natural fiber, Cotton, Synthetic [Nylon, Polyester, Polypropylene]) by Product (Knotted, Tufted, Hand-loomed, Machine-loomed) by Application (Office, Hotel, Automotive, Residential) by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023’’ . According to the report, global carpets & rugs market was valued at around USD 84.3 Billion in 2017 and is expected to reach approximately USD 107.9 Billion in 2023, growing at a CAGR of slightly above 4.0% between 2017 and 2023.
Carpets and rugs are decorative textiles made up of thick material and normally intended as floor covering. Previously carpet was used only as a cover for table or wall hanging. But, after the introduction of machine products, it is being used exclusively as a floor covering. Both in the U.S. and Great Britain rugs are used as a partial floor covering. But for handmade carpets, the names carpet and rugs are used interchangeably. Designs of the product consist of a border, the pattern in the center and an inner field. The border of the carpet serves as a frame on the picture or cornice on the building, to control the implied movements, isolate the field, and emphasize the limits. Border and design of the inner field harmonize pleasingly but remains distinct.
Browse through 99 Tables & 29 Figures spread over 130 Pages and in-depth TOC on "Global Carpets & Rugs Market Share 2017: Industry Size, Trends, Statistics Analysis and Forecast, 2023”.
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Office space requirements for the sectors including logistics, manufacturing and fast moving consumer goods have given a positive outlook in 2016 and have continued even in 2017. New office spaces are decorated with attractive and suitable carpets & rugs to provide an encouraging work environment. Many large consulting firms and start-ups are projected to boost their employee strength to cater their business growth, resulting in increased office space demand. Most of the IT firms are preferring to lease rather than constructing their own IT Park. For instance, TCS and Infosys are inclining towards leasing office space. Thus multiplying the need for office space requirements. Strong demand from other sectors such as insurance, financial services, banking, and business process outsourcing would foster a number of office buildings and other commercial trade towers.
Stringent emissions norms for old vehicles along with the rise of personal transportation era and global macroeconomic forces will influence automotive industry till 2025. Investments of automakers in new factories and expansion of existing manufacturing capacities will propel automobile demand during the forecast period. Automobile sales in certain regions have outpaced their forecasts of 2015. The industry has witnessed considerable growth in European Union after the economic downturn. Intense internal competition has driven the industry through innovation in past few years, new competition sources have emerged and have influenced design and development of vehicles. Further, vehicles are installed with advanced software technologies than ever before, providing high-tech entertainment and driving capabilities. Thus, technical advancements in automobile industry coupled with advanced versions of cars will induce demand for vehicles.
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North America is anticipated to hold maximum share in carpets & rugs market owing to its expansion in housing activities. Demand for housing in the U.S. continues to rise. Single-family houses had witnessed an increase of 8.4% in 2017 to 608,000 units than the previous year. Further, existing home sales registered growth of 1.1% in 2017 to 5.51 million units, highest level achieved since 2006. Country’s homebuilder sentiment rose to 74 in 2017 as compared to 69 last year and was highest in past 18 years. Robust construction activity for new housing has grown by 2.4% to 1,202,100 units. Favorable demographics, low unemployment rates, and a shortage of existing home inventory will give a positive outlook to single-family house construction in coming years. New home sales are projected to increase up to 0.7 million units in 2018 coupled with existing home sales to 5.7 million units.
The Asia Pacific will register substantial growth rate over the forecast timeframe. China is a significant automobile manufacturing market and has manufactured more than 26 million units in 2016. Japan and India are projected to grow by 4.4% during the forecast period. Business-friendly and flexible government policies in Japan and India have tremendously supported wheel manufacturing plants in the region. Auto parts manufacturing development in the region is owing to the growth in its automobile industry, especially in India, Korea, and China. China’s automobile industry growth is strongly driven by a number of automobiles used across the country. In 2016, China was having around 200 million vehicles in its use and the statistics are projected to increase rapidly in future. The gigantic automotive industry of the country is mainly due to its inexpensive labor and is even attractive outsourcing for automotive components and parts.
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Europe will contribute significantly in the global carpets & rugs market owing to its escalating real estate industry. Construction activity in EUROCONSTRUCT had increased by around 3.5% in 2017. With the strongest stimuli coming from the residential sector construction. In 2017, developments in the region are remarkable as regional construction measures growth had reached to its peak level since 2006. Moreover, construction demand has registered an increase in all the 19 member countries. This was the first time after Germany’s reunification that growth was registered across the whole board of Europe. European construction industry is now on its growth track since 2014. The industry output has grown by a total of 9% from 2014 to 2017. Till 2020, a further rise of 6% is projected in all the 19 EUROCONSTRUCT member states. By 2020, renovation sector will register a stronger growth versus new construction.
The Middle East & Africa will witness strong growth in the global carpets & rugs market till 2023. Africa’s hotel industry grew at a better pace than gulf countries in the region. Its hotel occupancy grew from 5.6% to 58.0% as the ADR rose by 7.4% to USD 104.15 and RevPAR by 13.4% to USD 60.43. Cape Town has registered a substantial surge in hospitality industry owing to enhanced flight accessibility. Further, the country’s International Convention Centre’s expansion has boosted corporate demand by drawing market share from Johannesburg.
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Prominent manufacturers in carpets & rugs market are Victoria PLC, Tai Ping Carpets International Limited, Orientals Weavers Company for Carpets, Dixie Group, Inc, Interface, Inc., Home Depot, Inc., Taekett S.A., Lowe’s Companies, Inc., Shaw Industries Group, and Mohawk Industries, Inc. Producers are adopting expansion and acquisition strategies to cater to the increasing demand of the product in emerging markets.
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The report segments global Carpets & Rugs market as follows:
Carpets & Rugs Market: Material Segment Analysis
- Wool
- Natural fiber
- Cotton
- Synthetic
- Nylon
- Polyester
- Polypropylene
Carpets & Rugs Market: Product Segment Analysis
- Knotted
- Tufted
- Hand-loomed
- Machine-loomed
Carpets & Rugs Market: Application Segment Analysis
- Office
- Hotel
- Automotive
- Residential
Carpets & Rugs Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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