The global tufted carpet market is showing exponential growth and is expected to grow significantly in the coming years. The carpet market is expanding with changing lifestyle. Tufted carpets are made with tufting process, an ancient technique of manufacturing carpets, in which raw material is interested with the help of a needleto make primary base for making carpet pile. There are different types of designs for making tufted carpet. The tufted market has thermal insulation and additional sound for better comfort on the back. It provides benefits such as home decor, reduces noise, safety, and improve air quality. It has an AB web, which ensures the carpet stability and shape for a long time. Carpet has high demand in the market and 95% of the carpet is tufted carpet. The tufted carpet market is segmented on the basis of material, enduser, sales channel, and region.
COVID-19 Scenario Analysis:
- COVID-19 has severely affected the whole economy and business sector.
- Due to COVID-19, retailers are facing problems with the supply of inventory and cannot meet the demand of the consumer.
- North America is the largest producer of carpets and rugs. However, due to safety measure and government restriction, the exports are stopped and has caused excess inventory that can be a problem for the company.
- The demand for carpets has decreased, which has impacted the manufacturer and employees of the companies.
- The retail stores are closed due to less inventory and lockdown.
- It has caused financial losses for the companies and distributors.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Change in lifestyle with rapid urbanization is the factor that majorly drive growth of the global tufted carpets market. Apart from that increase in disposable income, leaning toward interior decoration and rise in people liking toward luxuries thing can be the factors of growth of the global market. However, cost of raw material can be the factor that impacts growth of the tufted carpet market. Contrarily, investments in real estate sectors and renovating activities can be an opportunity for growth of the market. In addition, carpet provides health benefits that can increase the demand for the tufted carpets.
The Global Rugs and Carpets Market Trends
Market key players are launching their portfolio with new release on spring trends Books. Oriental Weavers, a carpet company of Egypt has launched its 2020 Spring Trend book featuring colors, design to watch, and emerging lifestyle decorating direction.
Carpet manufactures are focusing on producing eco-friendly products as people are getting health conscious and aware of environmental issues. So, companies are making eco-friendly products such as Shaw has launched Antoinette in their Inspired Spaces collection that are manufactured from Nylon 6, which can be recycled. Companies are manufacturing handmade tufted carpets that are expensive compare to machine-made carpets.
Key Benefits of the Report
- This study presents the analytical depiction of the global tufted carpet industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global tufted carpet market share.
- The current market is quantitatively analyzed to highlight the global tufted carpet market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global tufted carpet market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions Answered in the Tufted carpet Market Research Report
- Which are the leading players active in the tufted carpet market?
- What would be the detailed impact of COVID-19 on the market?
- What are the current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the tufted carpet market?
- What are the projections for the future that would help in taking further strategic steps?
Tufted Carpet Market Report Highlights
By Sales Channel
Key Market Players
Tai Ping Carpets International Limited, Oriental Weavers Carpets Co., Mohawk Industries Inc., Genie Carpet Manufacturers, Beaulieu International Group, Tarkett S.A, Victoria PLC., Ikea Group, Shaw Industries Group Inc., Dixie Group Inc.