The import of woven carpets and floor coverings to Malaysia has seen significant growth from 2013 to 2023, reaching USD 36.124 million in 2023. External factors such as economic development and rising demand influenced the steady increase over the years, except for 2019 and 2020 where the yearly increase was marginal. Notably, from 2021 onwards, the overall increase remained modest yet consistent, showing signs of market stabilization.
The year-on-year variations have fluctuated, indicating dynamic market conditions, with notable changes in 2016 (31.03%) and a leveling off in recent years (around 4.42% in 2023). The five-year CAGR dropped from 7.1% in 2022 to 3.93% in 2023, reflecting a slowdown in growth rate over the more extended period.
Forecasts suggest continued growth, albeit at slower rates, with a predicted five-year CAGR of 2.88% from 2024 to 2028, culminating in a 2028 forecast value of USD 43.346 million, representing a projected five-year growth of 15.28%.
Future trends to watch for include potential market saturation, changes in consumer preferences, impact of international trade policies, and economic factors influencing disposable income. Additionally, evolving design trends and sustainable material demand will be crucial determinants of market trajectory.
