Carpet and Rug Market Analysis

Based on product type, the market can be divided into woven, tufted, knotted, needle-punched, flat-weave, and others. The tufted segment dominated the global market, accounting for USD 31 billion in 2023. Tufting is a relatively inexpensive manufacturing process compared to traditional weaving methods. It enables the mass production of carpets and rugs at lower costs, making them more affordable for consumers. Additionally, tufted carpets and rugs can be easily customized to meet specific customer requirements such as size, color & design. This flexibility is especially beneficial for commercial projects where unique designs or branding elements may be desired.

Based on material, the market is categorized into nylon, wool, silk, polyester, acrylic, and others. In 2023, the wool segment accounted for a market share around 49%. Wool is a natural fiber known for its resilience and durability. Wool carpets & rugs can withstand heavy foot traffic and maintain their appearance over time, thereby making them a popular choice in homes & commercial spaces. Additionally, wool fibers are naturally soft and provide a comfortable surface to walk on. They create a warm and inviting atmosphere in rooms, making wool carpets & rugs particularly desirable in living rooms, bedrooms, and other areas where comfort is a priority. These advantages will propel segment growth over the forecast period.

Based on application, the carpet and rug market is divided into residential and commercial. In 2023, the residential segment led the global market with a share around 72%. Residential consumers often prioritize aesthetics and comfort in their homes, leading to a steady demand for carpets & rugs to enhance the interior design and provide warmth & coziness. Additionally, carpets & rugs provide warmth and comfort underfoot, making them highly desirable in residential settings, especially in areas with cold climates. They create a cozy atmosphere and insulate floors, particularly in bedrooms & living rooms where people spend a lot of time.

Based on distribution channel, the carpet and rug market is divided into online and offline. In 2023, the offline segment led the market with a share around 72%. In offline stores, customers can visually inspect the color, pattern, and design of the carpets & rugs under different lighting conditions, ensuring they match their preferences & existing décor. Additionally, many offline retailers offer customization options for carpets and rugs, allowing customers to choose specific colors, sizes & patterns tailored to their preferences. This level of customization is often easier to facilitate in person than online, thereby boosting segment growth.

North America dominated the global carpet and rug market, generating USD 15 billion in 2023. This leading position is attributed to the increasing interest in carpets & rugs along with the rising electrification and urbanization in the region. As urbanization gains momentum, a growing number of individuals will migrate to cities, elevating living standards and presenting lucrative opportunities for the expansion of carpets & rugs. The rise in disposable income further contributes to this regional market trend.