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The luxury vinyl tile floor covering market share is expected to increase by USD 13.64 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 10.36%.
This luxury vinyl tile floor covering market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers luxury vinyl tile floor covering market segmentation by type (flexible and rigid) and geography (APAC, North America, Europe, Middle East and Africa, and South America). The luxury vinyl tile floor covering market report also offers information on several market vendors, including Adore Floors Inc., American Biltrite Inc., Armstrong Flooring Inc., Beaulieu International Group, Congoleum Corp., Daejin Co. Ltd., Dixie Group Inc., EarthWerks, Forbo Holding AG, Gerflor Group, Interface Inc., James Halstead plc, LG Corp., Milliken and Co., Mohawk Industries Inc., Parador GmbH, Raskin Industries, Responsive Industries Ltd., Shaw Industries Group Inc., and Tarkett SA among others.
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The growing demand for luxury vinyl tiles is notably driving the luxury vinyl tile floor covering market growth, although factors such as shortage of skilled labor may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the luxury vinyl tile floor covering industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Luxury Vinyl Tile Floor Covering Market Driver
The growing demand for luxury vinyl tiles is one of the key drivers supporting the luxury vinyl tile floor covering market growth. LVT is a heterogeneous vinyl tile composed of three layers such as a backing or base composed of vinyl and fillers, a pattern layer, and a finish layer. The luxury vinyl tile segment is the fastest-growing segment of the global vinyl flooring market. This is because it can exactly replicate the finishing of hardwood flooring at comparatively lower costs. The LVT segment of the global vinyl flooring market is constantly gaining higher shares from the sales of vinyl composite tiles and vinyl sheets. Some key benefits of them include moisture resistance, durability, high customizability, low cost (compared to hardwood flooring), and suitability for high traffic areas. These benefits are fueling the demand for LVT in both the commercial and residential end-user industries. Such increasing demand will drive market growth during the forecast period.
Key Luxury Vinyl Tile Floor Covering Market Trend
Augmented reality (AR) in the flooring industry is another factor supporting the luxury vinyl tile floor covering market growth. Now, with the introduction of AR floor visualizer applications in the flooring industry, consumers can modify the design of rooms or homes without the need to view samples physically. Some major flooring vendors are also leveraging AR and VR technologies on their websites. For instance, Armstrong Flooring offers Design Visualizer, a virtual reality tool that allows users to visualize and select from a variety of flooring products. Similarly, Mohawk Industries recently tied up with Theia Interactive to create a VR experience while introducing its Lichen flooring collection at NeoCon, a design expo and conference event for commercial interiors. Tarkett also provides a VR platform called Room Visualizer to enable a virtual atmosphere for customers when choosing flooring materials. Such innovations will propel the growth of the global luxury vinyl tile flooring market during the forecast period.
Key Luxury Vinyl Tile Floor Covering Market Challenge
The shortage of skilled labor is one of the factors hindering the luxury vinyl tile floor covering market growth. The dealers are forced to pay substandard labor for the sake of retaining the workforce. Such a practice can affect the quality of flooring installation work. Moreover, the paucity of labor has increased average flooring labor costs. Although investments in construction activities are constantly increasing, the shortage of skilled workers can negatively impact the global vinyl flooring market. Manufacturers are losing revenue, as they are being forced to turn down project offers due to a labor shortage, and they are paying more to retain the existing workforce. Overall, the shortage of skilled labor will be a key challenge for the global luxury vinyl tile flooring market growth during the forecast period.
This luxury vinyl tile floor covering market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the luxury vinyl tile floor covering market as a part of the global home furnishings market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the luxury vinyl tile floor covering market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the luxury vinyl tile floor covering market encompasses successful business strategies deployed by the key vendors. The luxury vinyl tile floor covering market is fragmented and the vendors are deploying growth strategies such as price, quality, innovation, product bundle, and product features to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The luxury vinyl tile floor covering market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the luxury vinyl tile floor covering market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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37% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for luxury vinyl tile floor covering market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increasing adoption of LVT will facilitate the luxury vinyl tile floor covering market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 in the region is expected to hamper the growth of the regional vinyl flooring market. However, in Q4 2020, lockdowns were lifted and manufacturing activities were resumed due to increasing vaccination drives in the region. Thus, the regional luxury vinyl tile floor covering market is expected to grow positively during the forecast period.
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The luxury vinyl tile floor covering market share growth by the flexible segment will be significant during the forecast period. The flexible segment of the global luxury vinyl tile flooring market accounts for the highest share. Such tiles are made of materials such as vinyl, linoleum, and rubber flooring products. However, the emergence of LVT and Wood Plastic Composite Flooring (WPC) as adaptable flooring options will limit the growth of rubber and linoleum sheet and tile flooring products. The resilient flooring segment is expected to exhibit rapid growth during the forecast period. Thus, the popularity of LVT and investments in technology and R&D by key vendors to improve LVT offerings will continue to drive the growth of the segment during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the luxury vinyl tile floor covering market size and actionable market insights on post COVID-19 impact on each segment.
Vinyl Flooring market - The market share is expected to increase by 262.94 million m2 from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 5%.
Saudi Arabia Vinyl Flooring market - The market share is expected to increase by USD 136.24 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.47%.
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Luxury Vinyl Tile Floor Covering Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 10.36% |
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Market growth 2022-2026 |
$ 13.64 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
9.8 |
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Regional analysis |
APAC, North America, Europe, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 37% |
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Key consumer countries |
US, Canada, China, Japan, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Adore Floors Inc., American Biltrite Inc., Armstrong Flooring Inc., Beaulieu International Group, Congoleum Corp., Daejin Co. Ltd., Dixie Group Inc., EarthWerks, Forbo Holding AG, Gerflor Group, Interface Inc., James Halstead plc, LG Corp., Milliken and Co., Mohawk Industries Inc., Parador GmbH, Raskin Industries, Responsive Industries Ltd., Shaw Industries Group Inc., and Tarkett SA |
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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, Market condition analysis for the forecast period |
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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 report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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