According to the new research report available at MarketStudyReport.com under the title ‘Global Modular Carpet Tile Market (Value, Volume): World Market Review By Size (50*50cm, 25*100cm, 50*100cm, 100*100cm), End User Sector (Office, Retail, Healthcare, Hospitality, Residential, Others), Sales Channel, By Region, By Country (2019 Edition): Opportunities and Forecast (2014-2024) - By Region (North America, Europe, APAC, LAMEA), By Country (US, Canada, Mexico, UK, Germany, France, Rest of Europe, China, Japan, Australia, New Zealand, Rest of APAC)’, the worldwide modular carpet tile market is expected to expand significantly by the year 2024.
Carpet tiles, which are included in soft floorings, are referred to as modular carpets or carpet squares and are popular in both non-residential and residential sectors. Their elasticity in terms of ease of installation, high level of customizability in terms of optimum pricing, size, design and specific attributes like easy maintenance and noise insulation are likely to stimulate the product demand.
The growth of modular carpet tiles market can be attributed to the surging product adoption in developing and developed countries. Additionally, the durability of the product and its high performance can also be credited for the expansion of the market trends. That apart, numerous developments in the service sector and the robust rise in per capita incomes, especially across the emerging economies, are also anticipated to propel the demand of modular carpet tiles.
The worldwide modular carpet tile market is mainly influenced by rising construction as well as remodeling projects prevailing currently across the commercial and residential sectors. Other major factors influencing the market dynamics include interest rates, availability of credit, consumer confidence, consistently shifting consumer preferences, inflation, spending for durable goods and turnover in overall strength of the economy.
According to the report, modular carpet tile market was worth US $11.96 billion in 2018 and is predicted to increase at a substantial growth rate through 2024. Also, Details regarding market dynamics, such as drivers, restraints, and trends impacting the industrial growth, alongside the expansion strategies for each company are also encompassed in the report.
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Modular carpet tile market is analyzed on the basis of application sector, size, sales channels, and regional landscape. Based application sector, the market is segmented as healthcare, hospitality, office, residential, retail, and others. While considering the size segment, the market is segmented as 50*50cm, 25*100cm, 50*100cm, and 100*100cm.
Speaking of the sales channel, the market is segmented as direct sales and indirect sales. While based on the regional landscape, the market is divided into four main regions which are North America, Asia Pacific, Europe, and rest of the world.
The prominent companies operating in modular carpet tile market include Beaulieu International Group, Interface, Mohawk Industries, Milliken & Company, Tarkett, Mannington, Balta Group, Shaw Industries, and Forbo.
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