Decorative Rugs Market Analysis

Decorative Rugs Market Analysis

The hand-tufted decorative rugs market valuation is set to reach over USD 4.5 billion by 2032. Hand-tufted rugs have grown popular recently owing to their affordable pricing. These rugs offer a cost-effective alternative to hand-knotted rugs for middle-income groups seeking affordable yet stylish home décor. Additionally, they give customers access to a higher level of customization, and personalization with a wide variety of designs, sizes, and colors to choose from. Hence, the flexibility and appeal offered by hand-tufted rugs will spur decorative rugs industry growth.
 

The residential end-use segment of the decorative rugs market is projected to expand at a 6% CAGR from 2023 to 2032. High-end decorative rugs are experiencing an uptick in demand for residential applications such as bedrooms, dining rooms, and living rooms as they provide an aesthetic appeal and add value to the décor. The availability of rugs in a wide variety of designs and pricing models is helping manufacturers and retailers cater to broad demographic and different income groups.
 

The increasing trend of home renovation and interior decoration backed by rising disposable income and changing consumer preferences will foster demand for decorative rugs. Moreover, the significant rise in residential construction across developing economies is anticipated to broaden the application scope of decorative rugs.
 

 

North America decorative rugs market is predicted to surpass USD 3 billion by 2032. Recently, there has been a substantial rise in demand for home décor products, with countries such as the U.S., and Canada witnessing a rapid uptake of decorative rugs. Consumers across these countries are spending heavily on home renovation and interior decoration as a result of the growing trend for luxury aesthetics and comfortable home décor.
 

The presence of a favorable economic scenario and rapid urbanization will increase the adoption of decorative rugs. Furthermore, the increasing development of commercial infrastructures such as hotels, retail stores, and offices is indicating a rise in need for decorative rugs.