Luxury Vinyl Tiles (LVT) Flooring Market by Type (Rigid, Flexible), End-Use Sector (Residential, Non-residential), and Region (North America, Asia Pacific, Europe, Middle East & Africa, and South America) - Global Forecast to 2024

Luxury Vinyl Tiles (LVT) Flooring Market by Type (Rigid, Flexible), End-Use Sector (Residential, Non-residential), and Region (North America, Asia Pacific, Europe, Middle East & Africa, and South America) - Global Forecast to 2024

“Increase in the construction activities (innovation, remodeling, and maintenance) are projected to drive the overall growth of the luxury vinyl tiles (LVT) flooring market across regions from 2019 to 2024.”

The LVT flooring market is projected to grow from USD 18.0 billion in 2019 to USD 31.4 billion by 2024, recording a CAGR of 11.7% from 2019 to 2024. The global LVT flooring market witnesses a high growth mainly due to the increasing construction activities worldwide. The rising disposable income of consumers, particularly in developing countries, is another key factor contributing to the increase in renovation and remodeling activities, which in turn, is projected to drive the growth of the LVT flooring market over the next few years.

“In terms of both value and volume, the rigid segment is projected to record a higher CAGR during the forecast period.”
The rigid segment of the LVT flooring market is projected to grow at a higher CAGR during the forecast period, in terms of value as well as volume. It is a durable, waterproof, and resilient flooring material in the market. It includes an extruded polymer-based core layer, which provides a better rigid property to the floor. Its properties, such as ease of installation and smooth finished appearance after the installation, is further projected to drive the market for rigid LVT flooring solutions.

“In terms of both value and volume, the residential segment is projected to dominate the LVT flooring market during the forecast period.”

The growth of the residential segment in the LVT flooring market is mainly attributed to the favorable and lenient lending policies initiated by governments across all regions. This is projected to drive the sales of residential construction projects. The residential construction expenditure is estimated to go up, particularly in the developing countries of the Asia Pacific and Latin America. There is an increasing trend of urbanization observed in these regions, which has resulted in higher growth rate for the residential construction market, in comparison to the developed markets. The increasing need for renovation, remodeling, and maintenance further leads to a growing need for LVT in the residential segment.

“In terms of both value and volume, the Asia Pacific luxury vinyl tiles (LVT) flooring market is projected to account for a major market share during the forecast period.”
In terms of value, the Asia Pacific region is projected to dominate the LVT flooring market during the forecast period due to the increasing demand from countries such as China, Australia, India, Japan, Thailand, Vietnam, and Indonesia. Increasing demand in these countries is due to the rising growth opportunities in the construction industry. The increasing number of new housing units and huge investments in the infrastructural sector are factors that are also projected to drive the market growth.

In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the luxury vinyl tiles (LVT) flooring market.

By Company Type: Tier 1: 35%, Tier 2: 40%, and Tier 3: 25%
By Designation: C-level: 40%, D-level: 35%, and Others*: 25%
By Region: North America: 20%, Europe: 35%, Asia Pacific: 25%, Middle East & Africa: 15%, and
South America: 5%
*Others include sales managers, marketing managers, and product managers.
The LVT flooring market comprises major manufacturers such as Mohawk Industries (US), Tarkett (France), Forbo (Switzerland), Shaw Industries, Inc. (US), and Interface (US.

Research Coverage
The study covers the LVT flooring market across various segments. It aims at estimating the market size and the growth potential of this market across different segments, on the basis of type, end-use sector, and region. The study also includes an in-depth competitive analysis of key players in the market, along with their company profiles, key observations related to their products and business offerings, recent developments undertaken by them, and key growth strategies adopted by them to enhance their position in the LVT flooring market.

Key Benefits of Buying the Report
The report is projected to help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers of the overall LVT flooring market and its segments and subsegments. This report is projected to help stakeholders understand the competitive landscape of the market and gain insights to improve the position of their businesses and plan suitable go-to-market strategies. The report also aims at helping stakeholders understand the pulse of the market and provides them with information on the key market drivers, challenges, and opportunities.