The global rug market was valued at USD 27.8 billion in 2019 and is expected to reach USD 34.9 billion by 2027, growing at a CAGR of 3.1% from 2020 to 2027. The market is driven by factors such as increasing urbanization, rising disposable income, and growing demand for home décor products.
The Asia Pacific region is expected to dominate the global rug market during the forecast period due to the presence of a large population and increasing urbanization. The region is also witnessing a rise in disposable income, which is driving the demand for home décor products.
The hand-woven rugs segment is expected to hold the largest market share during the forecast period due to their durability, unique designs, and high-quality materials. The machine-made rugs segment is also expected to grow at a significant rate due to their affordability and easy availability.
The online distribution channel is expected to witness significant growth during the forecast period due to the increasing popularity of e-commerce platforms and the convenience they offer to consumers. However, brick and mortar stores will continue to dominate the market due to the tactile experience they provide to customers.
Some of the key players in the global rug market include Mohawk Industries, Inc., Shaw Industries Group, Inc., Oriental Weavers Group, Dixie Group, Inc., and Jaipur Living, Inc, Shri Gokulesh Exports etc. These companies are focusing on product innovation, expanding their product portfolio, and expanding their distribution channels to remain competitive in the market.