Higher Flexibility And Durability Of Luxury Vinyl Tile Flooring To Boost Product Demand; Growing Adoption In Residential Spaces To Offer Consistent Opportunities For Product Sales
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Luxury Vinyl Tile (LVT) Floor Market is expected to reach USD 31,582.0 million by the end of 2026.
Bizlytik analysts forecast the global Luxury Vinyl Tile (LVT) Floor market to grow at a CAGR of 10.4% during the forecast period, according to their latest market research report.
Luxury vinyl tiles are affordable flooring options that are moisture-proof, durable, and flexible in design considerations. The luxury vinyl flooring panels closely mimic the design and patterns of solid hardwood and stone floors. Luxury vinyl tiles have multiple layers and are quite easy to maintain.
The increasing consumer demand for aesthetically pleasing interior flooring arrangements and rising residential construction and renovations in urban centers of living are the influential primary factors that would bolster the prospects of market growth during the forecast period. The increasing ease of luxury vinyl tile installations has led to its heightened demand, with many new residential constructions opting for luxury vinyl floorings. The floor products can easily withstand heavy footfall, accidental spills, and is waterproof for more extended product durability and service life.
The minimal cleaning requirements of the floors have also influenced its higher adoption. The increasing product adoption among the commercial spaces, especially the hospitality industry owing to its close resemblance to solid hardwood, would further generate additional product sales and market growth. The rapid product interest in upper-middle-income households of emerging nations would offer crucial manufacturers with new opportunities for product sales and business expansion over the forecast period.
Flexible Luxury Vinyl Tile (LVT) and Rigid Luxury Vinyl Tile (LVT) are covered in the Type segment of the market scope. In contrast, the Application segment is categorized into Commercial Use and Residential Use. The report covers the volume of the global market by Application, with the volume expressed in Million Sq.m. The Type segment is calculated in terms of value and volume.
The volume of the Residential Use segment by Application is estimated to garner 366.9 Million Sq.m by 2026, growing at a CAGR of 10.1% from 2020 to 2026. The increase in the rate of urbanization and strong product demand for residential construction in emerging nations would be the primary factors to bolster the prospects of segment growth in the coming years.
North America, Europe, Asia Pacific, South America, and Middle East & Africa are taken into consideration while arriving at the global volume and value figures. While North America is further categorized into the United States, Canada, and Mexico, Europe is split into the United Kingdom, Germany, France, Italy, Russia, and Rest of Europe. Asia-Pacific covers India, China, Japan, South Korea, and Rest of Asia Pacific in its scope. South America is bifurcated into Brazil, Argentina, and Rest of South America, with Middle East & Africa involving GCC Countries, Egypt, South Africa, and Rest of Middle East & Africa.
Asia Pacific is a prominent region and holds a substantial share in terms of overall volume and value. The rising spending power of consumers in the area, coupled with strengthening regional demand for durable flooring options, would ensure the growth of the local market.
The Luxury Vinyl Tile (LVT) Floor market is moderately fragmented, with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The expansion of business opportunities through strategic collaborations and rise in investments for extension of production capabilities are the primary business strategies of top players.
Tarkett S.A. is one of the most significant companies of the global Luxury Vinyl Tile (LVT) Floor Market in terms of production volume, with Mohawk Industries, Inc. and Shaw Industries Group, Inc. among many other vendors to hold substantial market share by value and volume.