Luxury Vinyl Tile Flooring Market Size

Luxury Vinyl Tile Flooring Market size was valued at USD 26.1 billion in 2022 and is anticipated to expand at 9.9% CAGR during 2023 to 2032. LVT offers a wide range of design options, including realistic wood and stone textures, as well as various colors and patterns. Consumers can achieve the look they desire without the maintenance challenges of natural materials. The aforementioned factors are therefore expected to accelerate market expansion.

LVT provides a cost-effective alternative to materials like hardwood, ceramic tile, or natural stone, allowing homeowners and businesses to achieve high-end aesthetics at a more reasonable price point.

In some cases, there have been concerns about the quality of LVT products, including issues with durability, color fading, and overall product performance.  The popularity of LVT has led to a crowded market with numerous manufacturers and brands. Intense competition can lead to price wars, driving down profit margins for manufacturers and retailers.  Thus, the risks associated with luxury vinyl tile flooring may drive down the acceptance rate, further hampering the luxury vinyl tile flooring market growth.

COVID-19 Impact

Many manufacturing facilities faced temporary closures or reduced production capacities due to safety concerns and workforce limitations, affecting the supply of LVT flooring. Thus, the reduced number of COVID-19 cases and implementation of subsequent strategies by government and non-government organizations is anticipated to drive the business growth.

Luxury Vinyl Tile Flooring Market Trends

The LVT flooring market has been experiencing steady growth due to its versatility, affordability, and aesthetic appeal. The trend towards realistic wood and stone textures has contributed to its popularity. With more people spending time at home, there has been an increased focus on residential renovations and home improvement projects. LVT's easy installation, durability, and wide range of designs make it a popular choice for these projects. Thus, the growing prevalence is likely to expedite the luxury vinyl tile flooring market growth.

Luxury Vinyl Tile Flooring Market Analysis

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Rigid segment accounted for USD 14.7 billion in 2022. Rigid LVT is engineered with a strong, rigid core layer that enhances its durability and resistance to wear, making it well-suited for high-traffic areas in both residential and commercial settings. Moreover, an increasing usage will further accelerate the segmental growth.

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The click luxury vinyl tile captured around 48% market share in 2022 and is expected to observe lucrative pace by 2032. Glue-down LVT is commonly used in commercial settings due to its strong adhesive bond and durability, making it suitable for high-traffic areas. Thus, the aforementioned factors are projected to expedite the luxury vinyl tile flooring market growth.

Wood-look luxury vinyl tile segment is estimated to register 9.2% growth rate up to 2032. Wood-look LVT designs are popular due to their ability to replicate the warmth and authenticity of real hardwood while offering the practical benefits of vinyl flooring. Thus, the high-quality services and growing usage of luxury vinyl tile flooring.

Based on end-use the market is segmented as Residential Housing, Commercial Spaces, Healthcare Facilities, Others. Residential Housing held a dominant market share in 2022 and is forecast to grow by 2032. Homeowners value the wide variety of design options, including wood and stone looks, that LVT provides.

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U.S. dominated the North American region with majority market share and a revenue of USD 2.03 billion in 2022. LVT's ability to replicate the appearance of natural materials like hardwood and stone while offering enhanced durability and ease of maintenance makes it an attractive choice for homeowners seeking versatile and aesthetically pleasing flooring options. Thus, the above-mentioned variables would augment the luxury vinyl tile flooring business growth in the North America positively.

Luxury Vinyl Tile Flooring Market Share

Some of the major market players operating in the luxury vinyl tile flooring market are:

• Mohawk Industries, Inc.
• Shaw Industries Group, Inc.
• Tarkett S.A.
• Armstrong Flooring, Inc.
• Mannington Mills, Inc.
• nterface, Inc.
• Congoleum Corporation
• Beaulieu International Group
• Forbo Flooring Systems
• Gerflor Group
• Karndean Designflooring
• Novalis Innovative Flooring
• Metroflor Corporation
• EarthWerks
• LG Hausys America, Inc.

These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.

Luxury Vinyl Tile Flooring Industry News:

• In 2022, Tarkett has partnered with Squarefoot in India to launch a carpet recycling initiative.
  
• In 2022, AsanaTM, NidraTM, and ZenscapeTM are three new heterogeneous sheet products from Armstrong Flooring. Diamond 10® Technology, an unique wear layer that utilizes cultivated diamonds to deliver the ultimate in scratch, stain, and scuff resistance while removing the need for polish, is included in each collection.
  

This market research report on luxury vinyl tile flooring includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million & Units from 2018 to 2032, for the following segments:

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Market, By Type

• Rigid
• Flexible

Market, By Product Type

• Glue-Down LVT
• Click LVT
• Loose Lay LVT
• Self-Adhesive LVT

Market, By Design

• Wood-Look LVT
• Stone-Look LVT
• Abstract and Custom

Market, By End-use

• Residential Housing
• Commercial Spaces
• Healthcare Facilities
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Indonesia
  • Malaysia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Egypt