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The Luxury Vinyl Tiles (LVT) market never operates alone, as it is constantly affected by several key market factors that steer its performance and trends. While it is one of the crucial factors that oomph up the LVT market is the requirement of the aesthetically pleasing durable flooring solutions. Consumers begun to value visual appeal and durability during the recent years. As a condition LVT seems as a perfect solution for the occasion as it duplicates the appearance of natural materials like wood or stone while at the same time offering longer life span and easy maintenance.
Luxury Vinyl Tile Market has grown to a size of USD 13.8 billion in the year 2022. The Luxury Vinyl Tiles industry forecasts an increasing growth from $15.18 billion to $32.5396 billion by 2032 within 10 years with a compound annual growth rate (CAGR) of 10%.
Additionally, the increasing trend of renovation, remodeling and home décor projects largely affects the materials market scenario. In the face of the tougher economy, the increasing number of homeowners are picking LVT which is multifunctional and also affordable as it provides them with the high-end quality experience without having to spend a fortune. Installing LVT is a quick process and that makes it highly desirable for projects in the renovation market as it is quick and easy to make the upgrade.
Factors like consumer taste and technological developments cannot be neglected as they determine the trends in the market of luxury vinyl tiles. The constant invention of manufacturing procedures and the selection of the best material composition has made LVT with a high performance so that the market territory expansion becomes possible. With the advancement of printing technologies, LVT has dramatically improved its ability to capture the complex intricacies of natural materials, which increases its visual appeal and consequently LVT is faster becoming more and more popular.
As sustainability and environmental care got global attention the demand of luxurious vinyl tiles also get affected. With the rising trend of the eco-friendly alternatives, the manufacturers are resorting to recycled products and also adopting the sustainable production practices the increasing demand from the environmentally conscious customers. The change in consumer preferences and the market consciousness make sustainability the most logical direction for business; on the other hand, it helps companies develop a favorable brand image.
Worthy to note, the development of economy through its promotion of construction industry and urbanization among others lead to the growth of LVT market. As urban development and houses construction projects keep on continue to its rise the demand for these kinds of the cost effective and fancy flooring like LVT grows as well. The attractiveness of LVT in the eyes of premium designers thanks to its great versatility allows it to used in residential, commercial and institutional spaces. This leads to further widening its market reach.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2023 | USD 15.18 billion |
| Growth Rate | 8.70%(2024-2032) |
Luxury Vinyl Tiles Market Highlights:
Global Luxury Vinyl Tiles Market Overview
Luxury Vinyl Tiles Market Size was valued at USD 15.18 billion in 2023. The Luxury Vinyl Tiles industry is projected to grow from USD 16.70 Billion in 2024 to USD 32.54 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.70% during the forecast period (2024 - 2032). Increased expenditure on remodeling and remodeling and rising consumer demand for luxury vinyl tiles from emerging economies are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Luxury Vinyl Tiles Market Trends
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Surge in construction and renovation activities is driving the market growth
The rapid growth in the construction sector is anticipated to fuel market expansion. The luxury vinyl tile flooring market is expected to be driven by rising residential and non-residential construction, renovation, and maintenance activities, high durability, and increased aesthetic look of these goods. An increase in the construction of opulent dwelling projects around the world boosts the expansion of the industry. Additionally, the market is positively impacted by the general public's rising demand for low-maintenance flooring options. In addition, the growing need for multifamily housing to accommodate the expanding population worldwide provides industry investors with lucrative expansion potential. Moreover, there is a rise in the need for construction materials that require little care, are inexpensive and are lightweight.
Additionally, various trends in the luxury vinyl tile (LVT) flooring sector favor product advancement developments by the market players, further extending profitable opportunities to the market players from 2022 to 2029. The leading manufacturers of luxury vinyl flooring are concentrating on creating cutting-edge products that use cutting-edge technology to replace natural materials in the products with improved stability and ecological performance. Additionally, the growing research and developmental activities will further expand the future growth of the luxury vinyl tiles market. The major market players spend a lot on research and developmental projects to provide bespoke product solutions in various colors, patterns, textures, and dimensions. They are concentrating on introducing self-adhesive floorings in accordance with this. Thus, driving the Luxury Vinyl Tiles market revenue.
Luxury Vinyl Tiles Market Segment Insights
Luxury Vinyl Tiles Type Insights
The Luxury Vinyl Tiles market segmentation, based on type, includes Rigid, Flexible. The rigid segment dominated the market because rigid LVT is a popular choice for commercial and residential applications due to its durability and water resistance. Rigid LVT is a popular choice for commercial and residential applications. Rigid LVT is durable and water resistant. Rigid LVT is easy to install and maintain.
Luxury Vinyl Tiles Application Insights
The Luxury Vinyl Tiles market segmentation, based on Application, includes Residential, Non-Residential. The residential segment dominated the market because LVT is a popular choice for flooring in homes due to its durability, water resistance, and ease of maintenance. LVT is a popular choice for flooring in homes. LVT is durable and water resistant. LVT is easy to maintain.
Figure1: Global Luxury Vinyl Tiles Market, by Application, 2023 & 2032 (USD billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Luxury Vinyl Tiles Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American Luxury Vinyl Tiles market area will dominate this market due to the burgeoning quantity of fashionable residence units that will boost the market growth in this Region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure2: GLOBAL LUXURY VINYL TILES MARKET SHARE BY REGION 2023 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's Luxury Vinyl Tiles market accounts for the second-largest market share due to the increasing spending on research and development in the Region. Further, the German luxury Vinyl Tiles market held the largest market share, and the UK Luxury Vinyl Tiles market was the fastest-growing market in the European Region.
The Asia-Pacific Luxury Vinyl Tiles market is expected to grow at the fastest CAGR from 2023 to 2032. This is due tothe expanding renovation and construction activities across the Region's household and non-residential architecture divisions. Moreover, China’s Luxury Vinyl Tiles market held the largest market share, and the Indian luxury Vinyl Tiles market was the fastest-growing market in the Asia-Pacific region.
Luxury Vinyl Tiles Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Luxury Vinyl Tiles market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Luxury Vinyl Tiles industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Luxury Vinyl Tiles industry to benefit clients and increase the market sector. The Luxury Vinyl Tiles industry has offered some of the most significant advantages in recent years. Major players in the Luxury Vinyl Tiles market, including Mohawk Industries (US), Shaw Industries Group, Inc. (US), Interface, Inc. (US), Tarkett (France), Gerflor (France), Mannington Mills, Inc. (US), Armstrong Flooring, Inc. (US), Forbo Group (Switzerland), and James Halstead plc (UK). The Dixie Group, Inc. (US), Responsive Industries Limited (India), Vinyasa (Mexico), Adore Floors, Inc. (US), Milliken & Company (US), and American Biltrite (Canada) Ltd. (Canada)., and others, are attempting to increase market demand by investing in research and development operations.
Tarkett S.A., known until 2008 as Sommer-Allibert S.A., is a French multinational corporation specializing in producing floor and wall coverings. Headquartered in La Défense, near Paris, the company was formed in October 1997 by merging two others: French Sommer-Allibert and German Tarkett AG. Tarkett, which competes in the market for luxury vinyl flooring, has introduced a line of luxury vinyl tiles called iD Inspiration that imitates natural materials like wood and stone. It is appropriate for places with moderate to heavy foot traffic and is designed for hospitality, education, residential, retail, and office interiors.
Armstrong Flooring is a trusted foundation that inspires beauty wherever your life happens. That motivates and unites the people of AHF Products and the Armstrong Flooring brand. The three premium flooring collections are called Coalesce, Terra, and Biome. Armstrong Flooring is a well-known American maker of cutting-edge flooring products. For category-leading scuff, stain, and scratch performance, these are outfitted with the proprietary Diamond 10 technology. These collections also offer a gloss finish and a cutting-edge Eased Edge treatment for simple upkeep.
Key Companies in the Luxury Vinyl Tiles market include
- Interface Inc. (US)
- Tarkett (France)
- Gerflor (France)
- Mannington Mills Inc. (US)
- Armstrong Flooring Inc. (US)
- Forbo Group (Switzerland)
- James Halstead plc (UK)
- The Dixie Group Inc. (US)
- Responsive Industries Limited (India)
- Vinyasa (Mexico)
- Adore Floors Inc. (US)
- Milliken & Company (US)
Luxury Vinyl Tiles Industry Developments
June 2021: A French Company called Tarkett, which competes in the market for luxury vinyl flooring, has introduced a line of luxury vinyl tiles called iD Inspiration that imitates natural materials like wood and stone. It is appropriate for places with moderate to heavy foot traffic and is designed for hospitality, education, residential, retail, and office interiors.
May 2021: Coalesce, Terra, and Biome are the three premium flooring collections. Armstrong Flooring is a well-known American maker of cutting-edge flooring products. For category-leading scuff, stain, and scratch performance, these are outfitted with the proprietary Diamond 10 technology. These collections also offer a gloss finish and a cutting-edge Eased Edge treatment for simple upkeep.July 2023: Mannington Commercial launches its "Luminate" collection, featuring 100% recyclable LVT with a focus on sustainability and low environmental impact. This collection appeals to eco-conscious consumers and businesses looking for responsible flooring choices.November 2023: Tarkett, a leading global flooring company, announces the launch of its "Eco Responsibility Commitment," setting ambitious goals to reduce its environmental impact throughout the LVT lifecycle, including sourcing sustainable raw materials and increasing recycled content.
Luxury Vinyl Tiles Market Segmentation
Luxury Vinyl Tiles Type Outlook
- Rigid
- Flexible
Luxury Vinyl Tiles Application Outlook
- Residential
- Non-Residential
Luxury Vinyl Tiles Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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