According to Custom Market Insights (CMI), the global Carpet Market size was estimated at USD 68.23 billion in 2023 and is anticipated to reach around USD 97.41 billion by 2032, recording a CAGR of roughly 4.6%% between 2023 and 2030.
Carpet Market: Growth Factors and Dynamics
The global carpet market is expected to grow over the forecast period, driven by a combination of factors and dynamics. Here are some of the key growth factors and dynamics:
- Increasing consumer interest in interior decoration: The demand for carpets is increasing as consumers pay more attention to the aesthetics and design of their homes and workplaces. Carpets are a popular choice for adding warmth, comfort, and style to interior spaces.
- Growing demand for eco-friendly products: Consumers are increasingly concerned about the environmental impact of the products they use. As a result, there is a growing demand for eco-friendly carpets made from recycled materials and sustainable manufacturing processes.
- Rising per capita disposable income: As per capita disposable income increases, consumers have more money to spend on home furnishings, including carpets. This trend is especially strong in emerging markets, where rising incomes are driving demand for higher quality and more expensive products.
- Technological advancements: Technological advancements are driving innovation in the carpet market, resulting in the development of new materials, designs, and manufacturing processes. This, in turn, is creating new opportunities for manufacturers and suppliers.
- Growing construction industry: The construction industry is a major driver of demand for carpets, as carpets are used extensively in residential and commercial buildings. As the construction industry continues to grow, the demand for carpets is likely to increase as well.
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Carpet Market: COVID-19 Analysis
The COVID-19 pandemic has had a significant impact on the global carpet market, causing disruptions in both supply and demand. Here are some of the key impacts of COVID-19 on the carpet market:
- Supply chain disruptions: The lockdowns and travel restrictions imposed in response to the pandemic have caused disruptions in the global supply chain. This has affected the availability of raw materials and the ability of manufacturers to produce and distribute carpets.
- Reduced demand: The pandemic has led to a decline in demand for carpets, as many consumers have put home renovations and other discretionary spending on hold. This has had a particularly strong impact on the commercial carpet market, which has seen a sharp decline in demand due to the closure of many businesses and public spaces.
- Shifts in consumer preferences: The pandemic has led to shifts in consumer preferences, with many consumers now prioritizing health and safety in their purchasing decisions. This has led to an increased demand for carpets made from antimicrobial and hypoallergenic materials.
- Accelerated adoption of e-commerce: The pandemic has accelerated the shift towards e-commerce, as consumers have been forced to rely more heavily on online shopping due to store closures and social distancing measures. This has created new opportunities for online retailers in the carpet market.
- Increased focus on sustainability: The pandemic has led to an increased focus on sustainability and environmental responsibility, with consumers looking for products that are eco-friendly and made from sustainable materials.
Overall, the COVID-19 pandemic has had a significant impact on the global carpet market, creating challenges for manufacturers and suppliers while also creating new opportunities for innovation and growth.
List of the prominent players in the Carpet Market:
- Lowe’s Companies Inc.
- Mohawk Industries Inc.
- Feltex Carpets
- Saif Carpets
- Cormar Carpet Co.
- Stainmaster
- Dixie Group Inc.
- Cambridge Mills
- Others
Table of Contents: https://www.custommarketinsights.com/report/carpet-market/#table-of-contents
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