The carpet industry is one of the largest and fastest growing segments in the聽global home textile market. With the increasing demand for carpets and rugs across the residential, non-residential, and transportation sectors around the world, the global carpet industry is expected to show stable growth over the next few years.
According to the latest report published by Lucintel, the global carpet industry is expected to reach an estimated US$39.1 billion by 2021 and is forecast to grow at a CAGR of 2.6% by value from 2016 to 2021. The major growth drivers for this market are the growth in the construction and transportation industries and the increase in renovation activities. Consumers are moving toward bold, attractive colors and non-geometrical designer patterns for carpet and rugs. which also helps to drive demand in the market.
Lucintel also reports that the residential end user segment currently makes up the majority of the global carpet and rug market, and is expected to remain the largest and fastest growing segment by value and volume over the next five years. The growth in demand for carpets and rugs is largely attributed to housing renovation and new residential construction, which are the major factors that would encourage growth for this segment over the forecast period.
When it comes to the regional market, North America is expected to remain the largest market due to continuous growth in residential and commercial building construction activities. However, Asia Pacific is expected to witness stronger growth over the next few years, mainly due to its economic growth, rising income levels, and increasing construction activities.
India is currently the world’s largest producer and exporter of handmade carpets in terms of value and volume. Around 70鈥�75% of carpets manufactured in India are exported. Indian Brand Equity Foundation reports that in 2015/16, exports of handmade carpets and other floor coverings from India totaled US$ 1.45 billion, representing a nearly 5% increase from previous year.
Pakistan is another one of the major carpet suppliers in the global home textile market, thanks to the exquisite design, subtle elegance, attractive colours and workmanship in its carpet manufacturing. However, Pakistan鈥檚 carpet industry is losing its share in the global market, mainly due to a lack of government support.
Emerging trends such as increasing acceptance of carpet tiles, demand for eco-friendly carpet, and preference for contemporary area rugs are changing the dynamics of the global carpet industry. However, the demand, especially for high quality handmade carpets still remains high, therefore the industry growth is projected to continue over the next few years.
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