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The Luxury Vinyl Tile (LVT) Floor Covering Market size is forecast to increase by USD 24.01 billion, at a CAGR of 11.82% between 202 and 2028. Several factors significantly impact market growth, including the growing demand for luxury vinyl tiles, the thriving global construction industry, and the cost-effectiveness and ease of maintenance associated with these tiles. These elements collectively contribute to market dynamics, reflecting the increasing preference for luxury vinyl tiles in various construction projects worldwide. With their versatility, affordability, and low maintenance requirements, luxury vinyl tiles continue to gain traction, driving sustained growth in the market. The report provides market size, historical data spanning from 2018-2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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The market serves various sectors, including building projects, construction industry, and residential construction. It's popular for remodeling & maintenance activities due to its durability and budget-friendly nature. With options like vinyl sheets and glue-down flooring material, customers enjoy a wide array of choices in floor design. Its water resistance makes it suitable for areas like dining spaces and bathrooms. Moreover, advancements in vinyl flooring products ensure product quality and offer features like color and texture customization, appealing to consumer lifestyles and meeting demands in office and workspaces. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Low cost and easy maintenance are the key factors driving the market expansion. Luxury vinyl tile appeals to a broad range of consumers, including homeowners, businesses, and property developers, offering a cost-effective alternative to traditional materials like hardwood and stone. Its lower upfront costs are particularly advantageous in projects constrained by budget considerations, such as construction and renovations. Moreover, features like click-and-lock systems simplify installation, reducing the need for extensive subfloor preparation or professional services. Building projects in the construction industry with residential construction and non-residential construction needs vinyl flooring products like vinyl sheets.
Additionally, the durability of luxury vinyl tile, with its stain, scratch, and water resistance, minimizes damage and associated repair or replacement expenses, enhancing its longevity, especially in high-traffic areas. Further, color and texture customization options are available for various types of flooring materials, including natural stone, ceramic tiles, and hardwood, ensuring both aesthetic appeal and practical features like water resistance. The wide range of available designs caters to diverse style preferences, enhancing its popularity. Overall, the combination of affordability and low maintenance will drive the market growth during the forecast period.
An increasing shift toward resilient flooring is the primary trend shaping the market. Resilient flooring, notably luxury vinyl tiles, is renowned for its durability, making it a practical option for high-traffic areas in residential and commercial spaces, enhancing its appeal. Its resistance to water and moisture renders it suitable for spill-prone zones like kitchens, bathrooms, and basements, enhancing its functionality. Vinyl and plastic composites serve as the primary materials for resilient flooring, experiencing robust demand in developed markets like the US and Western Europe in 2020, driven largely by luxury vinyl tile sales.
Additionally, technological advancements have broadened design possibilities, including wood-plastic composites and rigid-core vinyl products. These tiles offer cost-effective installation with reduced surface preparation compared to hardwood or stone flooring and superior resistance to humidity and temperature fluctuations. With offerings replicating wood and stone finishes, manufacturers like Mohawk Industries and Shaw Industries Group Inc. cater to consumer preferences for low-maintenance and sustainable flooring options, fostering the rise in resilient flooring's popularity and positively influencing the market's growth forecast.
Shortage of skilled labor is the major challenge that affects the market expansion. The scarcity of skilled labor poses significant challenges, particularly during installation, where precision and expertise are crucial for optimal outcomes. The complexity of these installations demands qualified professionals, and a lack thereof can lead to project delays, escalated costs, and compromised quality. Inexperienced installers may struggle to achieve the necessary precision, resulting in uneven surfaces or misalignments that affect appearance and performance.
Moreover, labor shortages disrupt construction timelines, increase labor costs, and diminish the economic appeal of luxury vinyl tile. This scarcity may impede market growth by limiting the ability to meet rising demand. Additionally, poor installations due to labor shortages may negatively impact consumer perceptions and erode confidence in luxury vinyl tile products, further hindering market expansion. Overall, the shortage of skilled labor presents a significant obstacle to the growth of the market.
The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The non-residential segment is estimated to witness significant growth during the forecast period. The increasing utilization in the commercial sector is propelled by rising investments in public infrastructure. While North America experienced a decline, MEA and APAC witnessed steady growth in commercial construction projects in 2023. Government initiatives to enhance public infrastructure in these regions are further driving commercial construction, particularly in the non-residential segment encompassing retail and office buildings.
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The non-residential segment was the largest segment and was valued at USD 13.93 billion in 2018. With the expansion of hotels, hospitals, restaurants, and educational institutions globally, the commercial segment's growth will drive demand for vinyl tile floor covering in the forecast period. Additionally, APAC is poised for rapid commercial construction growth due to MNCs' expansion strategies, particularly in countries like India, Singapore, Malaysia, and Indonesia, driven by favorable labor costs and government policies. This surge in foreign investments is expected to significantly boost the segment revenue and luxury vinyl tile floor covering market growth during the forecast period.
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APAC is estimated to contribute 42% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. China, India, and Japan are pivotal to the luxury vinyl tile floor covering market in the region, with the latter being the largest growing segment, favored for its cost benefits. Major infrastructure investments in China and India, coupled with urbanization trends, will drive demand. South Korea's construction industry slowdown contrasts with growth in China and Japan. Southeast Asia will witness increased demand for luxury vinyl tile due to its cost advantages. Despite lower popularity compared to Europe and North America, luxury vinyl tile adoption is rising in APAC, driven by commercial and residential sectors. Australia's renovation projects further boost the market. Overall, the APAC luxury vinyl tile (LVT) floor covering market expects robust growth.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
In the realm of luxury vinyl tile (LVT) floor coverings, innovation drives the market forward. With a focus on customer service and product pricing, manufacturers cater to diverse needs in both residential and commercial applications. Advantages like stain resistance, dent resistance, and scratch resistance coupled with easy cleaning & sterilization make LVT popular in shopping malls, apartments, and small houses. As the construction market grows, so does demand for technologically advanced flooring products across various industries like the automotive industry, chemicals industry, fast-moving goods industry, food & beverage industry, and pharmaceutical industry.
Further, the luxury vinyl tiles (LVT) market is witnessing substantial growth due to rising demand from the new housing demand and infrastructural sector. With its stain, dent, and scratch resistance properties, LVT competes with traditional flooring options like natural stone and hardwood. Its flexible segment and wide plank vinyl flooring make for easy installation and maintenance, appealing to designers and architects alike. As the preference for modern architecture structures increases, LVT's residential application in single-family houses and residential buildings surges.
Luxury Vinyl Tile Floor Covering Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 11.82% |
Market Growth 2024-2028 |
USD 24.01 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
10.33 |
Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 42% |
Key countries |
US, Canada, China, Japan, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Beaulieu International Group, Congoleum Corp., EarthWerks, Forbo Management SA, Gerflor Group, Gordon Brothers Commercial and Industrial LLC, Interface Inc., James Halstead plc, LX Hausys Ltd., Milliken and Co., Mohawk Industries, Parador GmbH, Responsive Industries Ltd., Shaw Industries Group Inc., Tarkett, The Dixie Group Inc., Toli Corp., Adore Floors Inc., American Biltrite Inc., Daejin Co. Ltd., and Raskin Industries |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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