Luxury Vinyl Tiles (LVT) Flooring Market Scope
The research report on Luxury Vinyl Tiles (LVT) Flooring Market provides comprehensive analysis on market status and development trend, including types, enduse, rising technology and region. Luxury Vinyl Tiles (LVT) Flooring Market report covers the present and past market scenarios, market development patterns, and is likely to proceed with a continuing development over the forecast period. The Report contains the analysis of Luxury Vinyl Tiles (LVT) Flooring market drivers, challenges, and restraints impacting the industry.
The Luxury Vinyl Tiles (LVT) Flooring Market is projected to grow from USD 18.0 billion in 2019 to USD 31.8 billion by 2024, recording a CAGR of 11.7% from 2019 to 2024.
The Luxury Vinyl Tiles (LVT) Flooring Market Research 2023 provides deep insights into prosperous growth opportunities, trends, and challenges. It highlights current and futuristic market scenarios, specific growth patterns, and business development plans for the top manufacturers. Luxury Vinyl Tiles (LVT) Flooring market report focuses on the supply-demand scenario, import-export status, production and consumption demand with respect to all industry segments. Furthermore, the report covers geographical segmentations and upcoming marketing strategies followed by top key players. It also covers new techniques, investments plan, and qualitative research for the forecast period.
Luxury Vinyl Tiles (LVT) Flooring Market Drivers & Restraints
- Durability & easy maintenance
- Versatile design options
- Affordability compared to natural materials
- Improved water resistance
- Increased demand for eco-friendly products
- Concerns over long-term durability
- Limited sound absorption
- Limited heat resistance
- Difficulty in installation
- Limitations in available patterns and textures.
Browse in-depth TOC on "Luxury Vinyl Tiles (LVT) Flooring Market"
32 - Figures
146 - Pages
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Luxury Vinyl Tiles (LVT) Flooring Market Key Players
- Mohawk Industries (US)
- Tarkett (France)
- Forbo (Switzerland)
- Shaw Industries, Inc. (US)
- Interface (US)
- Armstrong Flooring (US)
- Gerflor (France)
- The Dixie Group (US)
- Responsive Industries Ltd. (India)
- Mannington Mills, Inc. (US)
Luxury Vinyl Tiles (LVT) Flooring Market Segmentation
On the basis of type
On the basis of End-use industry
In terms of volume, the residential segment leads the luxury vinyl tiles (LVT) flooring market in 2019.
Luxury vinyl tiles (LVT) enhances the aesthetic appeal of a building, along with properties such as durability, comfort, and protection from extreme weather conditions. These factors are also projected to drive the residential sector during the forecast period. In addition, the rise in housing renovations and maintenance is further projected to drive the demand for luxury vinyl tiles in the residential sector.
The use of LVT flooring solutions in residential buildings also enhances the aesthetic appeal and provides durability and comfort. Luxury vinyl tiles are preferred for bathrooms, kitchens, laundry rooms, and basements, due to their waterproof features. Further, LVTs don't trap dust and pet dander in the bedrooms. All these factors are projected to drive the demand for LVT flooring solutions in the residential sector.
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On the basis of Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
The luxury vinyl tiles flooring industry is projected to grow in parallel to the growth of the construction industry across the globe. Factors such as the increase in the residential and non-residential constructions, innovation in flooring solutions, rising number of remodeling projects, along with a high demand for durable LVTs that can withstand various weathering actions and resist chemical attacks & deterioration are factors expected to support the market growth during the forecast period.
In terms of value and volume, the flexible segment is estimated to lead the luxury vinyl tiles (LVT) flooring market in 2019.
The flexible segment accounted for a larger share, on the basis of type, in the luxury vinyl tiles flooring market as it is affordable and is installed in regions that have extreme weather conditions. It is a traditional glue-down flooring material that inherits several properties such as durability, flexibility, ease installation, and budget-friendly. The growth of the flexible segment remains high due to its properties, which makes it a preferred LVT flooring solution for the residential as well as commercial application. The flexible LVT flooring solutions are considered suitable for almost all applications such as residential and commercial.
The Asia Pacific region is projected to account for the largest share in the luxury vinyl tiles (LVT) flooring market during the forecast period
The Asia Pacific region is projected to dominate the Luxury Vinyl Tiles (LVT) Flooring Market, in terms of both value and volume, during the forecast period. Factors such as the increasing number of new housing units and huge investments in the infrastructural sector are projected to drive the luxury vinyl tiles (LVT) flooring industry growth in the Asia Pacific region. In addition, increasing demand in countries such as China, Australia, India, Japan, Thailand, Vietnam, and Indonesia, due to the increasing growth opportunities in these countries has driven the market for LVT flooring.
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Luxury Vinyl Tiles (LVT) Flooring Market Key Points:
- Define, describe, and forecast luxury vinyl tiles (LVT) flooring market by material, application, end use and region.
- Provide enterprise external environment analysis and SWOT analysis.
- Provide strategies for company to deal with the impact of COVID-19.
- Provide market dynamic analysis, including market driving factors, market development constraints.
- Provide market entry strategy analysis for new players or players who are ready to enter the market, including market segment definition, client analysis, distribution model, product messaging and positioning, and price strategy analysis.
- Keep up with international market trends and provide analysis of the impact of the COVID-19 epidemic on major regions of the world.
- Analyse the market opportunities of stakeholders and provide market leaders with details of the competitive landscape.
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