Market Trends of Carpet Tile Industry
North America Region is Dominant in the Market
North America has been one of the leading regions in the global carpet tile market and is expected to continue to lead in the near future. The rapid expansion of the construction and housing activities across the region, particularly in the United States, is one of the primary factors fostering the growth of the carpets and carpet tile market. High consumer interest in interior decoration is one of the significant factors for the growth of the carpet tile market in the United States. Apart from that, increasing renovation and remodeling activities in real estate sectors in the United States have resulted in the massive demand for carpet tiles over the last few years. The region has a high rate of innovation, which helps in propelling market growth. High disposable income leads to a high level of investment and better standards of living. The United States is one of the countries generating the highest revenue for the market.
Residential Segment is Driving the Market
Growing disposable income and comparative advantage over other flooring solutions are responsible for the increased expenditure in home renovation projects, such as the removal of worn or out-of-style carpets and rugs. This will likely spur the demand for the carpet tiles market. The installation of new carpeting can improve a home's appearance and boost its value. Carpet tiles and carpets are often installed in newly built houses because of their moderate cost, ease of installation, and favorable aesthetics. Residential remodeling and replacement will likely continue to account for the largest share of carpet and rug demand as homeowners replace older or worn carpets and rugs with newer products that offer enhanced visuals or improved stain resistance.
