Luxury Vinyl Tiles Market: Current Analysis and Forecast (2024-2032)
Emphasis on Type (Rigid, Flexible); End-user (Residential, Commercial); and Region/Country
Luxury Vinyl Tiles Market Size & Forecast
The Luxury Vinyl Tiles market was valued at approximately USD 22.9 billion in 2023 and is expected to grow at a substantial CAGR of around 9.84% during the forecast period (2024-2032) owing to the rapid growth in the construction sector.
Luxury Vinyl Tiles Market Analysis
Luxury Vinyl Tiles or LVT is a product that looks like real wood or stone but is actually made up of a series of layers, flexible and thin enough to cut through with a knife. This highly durable product is a great way to add warmth to your home, like carpet, but with the practicalities of a tile. It realistically mimics natural materials like stone, marble, travertine, or wood. At the same time, it offers numerous benefits including lower cost, improved scratch resistance, and waterproof performance. LVT includes a photographic print layer to capture the realistic looks and a wear layer for increased durability. It’s available in planks or tiles.
Luxury vinyl tiles market has experienced a robust growth driven by their versatility, strength, and beauty across residential and commercial sectors across the globe. In addition, being capable of looking like natural material, such as wood and stone, LVT had excellent performance capabilities that made them very popular both with consumers and designers. Major drivers in the market expansion are increased urbanization, with the demand for stylish yet practical flooring solutions to be applied in new and renovation construction works.
Luxury Vinyl Tiles Market Trends
This section discusses the key market trends influencing the various segments of the Luxury Vinyl Tiles market as identified by our research experts.
The rapid growth in the construction sector
The rising LVT market is greatly influenced by the drastic surge in residential and non-residential construction activity. Moreover, renovation and maintenance projects worldwide, in which the durability of LVT and enhanced aesthetic appeal have led to an increase in its adoption. The inherent strength of LVT against wear and tear, besides its ability to replicate natural materials such as wood and stone, makes it a very attractive option, especially for high-traffic areas. In addition, the construction of high-end residential developments worldwide boosts demand, with homeowners looking for premium flooring that is both fashionable and practical. As such, all these combine to produce a potent market force that puts LVT as a premium material in flooring. On May 30, 2024, Tarkett, a global leader in innovative and durable flooring solutions, launched True to Form, a new collection on its premium Contour luxury vinyl tile. Combining the durability of Contour construction with genuine wood and stone visuals, True to Form embodies the beauty and strength of elements found in the natural world.
North America leads the market in 2023.
North America held a dominant share of the market in 2023 owing to the expansion of the construction industry, technological development, and government policies in the region; therefore, new, attractive, and up-to-date flooring solution requests are rising day by day. As LVT becomes increasingly popular for its durability, affordability, and versatility, especially in the residential sector, the North America market is expected to continue its rapid expansion in the future. For instance, In June 2024, California seeks first-in-nation EPR for LVT and other flooring options. California lawmakers want to recycle vinyl and composite flooring for the first time in the US, proposing a bill that would mandate fees on companies to pay for infrastructure and set a potential 25 percent recycling rate target.
The continuous innovation in the manufacturing process and product development of luxury vinyl tile flooring has significantly improved the appeal of this luxury vinyl tile floor in the marketplace. As the technology evolves, more focused variants like Stone Polymer Composite (SPC), Wood Polymer Composite (WPC), and traditional rigid core have been designed based on application-based requirements.
Luxury Vinyl Tiles Industry Overview
The Luxury Vinyl Tiles market is competitive, with several global and international players. The key players are adopting different growth strategies to enhance their market presence, such as partnerships, agreements, collaborations, new product launches, geographical expansions, and mergers and acquisitions. Some of the major players operating in the market include Mohawk Industries, Inc., Interface, Inc., AHF, LLC., Tarkett, Gerflor, Mannington Mills Inc., Shaw Industries Group Inc., Forbo Group, Responsive Industries Ltd., LX Hausys.
Luxury Vinyl Tiles Market News
- In 2024 - Mannington Mills, Inc. launched the ADURA Max luxury vinyl plank collection, which combines new, trendy colors with timeless classics.
- On June 12, 2023 – Interface®, the global flooring solutions company where everything is certified carbon neutral, continued its commitment to product design and innovation with the launch of two new carpet tile collections – Lost Palms™ and Woven Gradience™ – and the introduction of the new Silk Complex™ LVT collection.
- In 2023 - According to notification from the Central Board of Indirect Taxes and Customs (CBIC), India’s Ministry of Finance has imposed anti-dumping duty on luxury vinyl tiles from China, Taiwan: The centre imposed a definitive anti-dumping duty of USD 2.05 per square metre on luxury vinyl tiles imports from China and USD 1.44 per square metre on imports from Taiwan based on the recommendations of the Commerce Ministry. The anti-dumping duty will be effective for five years, said a notification by the Central Board of Indirect Taxes and Customs(CBIC). The anti-dumping duty will be in respect of "Vinyl Tiles other than in roll or sheet form" having minimum tile thickness of 2.5 mm and a maximum tile thickness of 8 mm”.
- In June 2022 - Interface Inc., unveiled its latest collections of carpet tile and luxury vinyl tile (LVT), namely the Beaumont Range and Fresco.
Luxury Vinyl Tiles Market Report Coverage
Report Attribute | Details |
Base year | 2023 |
Forecast period | 2024-2032 |
Growth momentum | Accelerate at a CAGR of 9.84% |
Market size 2023 | USD 22.9 billion |
Regional analysis | North America, Europe, Asia-Pacific, Rest of the World |
Major contributing region | Asia-Pacific is expected to grow at the highest CAGR during the forecasted period. |
Key countries covered | U.S., Canada, Germany, France, UK, Spain, Italy, China, Japan, and India |
Companies Profiled | Mohawk Industries, Inc., Interface, Inc., AHF, LLC., Tarkett, Gerflor, Mannington Mills Inc., Shaw Industries Group Inc., Forbo Group, Responsive Industries Ltd., LX Hausys. |
Report Scope | Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Demand and Supply Side Analysis; Competitive Landscape; Company Profiling |
Segments Covered | By Type, By End-User, By Region/Country |
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global Luxury Vinyl Tiles market can be customized further as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Luxury Vinyl Tiles Market Analysis (2022-2032)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global Luxury Vinyl Tiles market were the three major steps undertaken to create and analyze the adoption of Luxury Vinyl Tiles in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Luxury Vinyl Tiles market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the Luxury Vinyl Tiles market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the Luxury Vinyl Tiles market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, end-user, and regions. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Luxury Vinyl Tiles market. Further, we conducted factor analysis using dependent and independent variables such as type, end-user, and regions of the Luxury Vinyl Tiles market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Luxury Vinyl Tiles market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Luxury Vinyl Tiles market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2032 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the Luxury Vinyl Tiles market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global Luxury Vinyl Tiles market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Luxury Vinyl Tiles market. Data was split into several segments and sub-segments after studying various parameters and trends in the type, end-user, and regions of the global Luxury Vinyl Tiles market.
The main objective of the Global Luxury Vinyl Tiles Market Study
The current & future market trends of the global Luxury Vinyl Tiles market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the Luxury Vinyl Tiles market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of the type, end-user, and regions.
- Define and analyze the regulatory framework for the Luxury Vinyl Tiles
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the Luxury Vinyl Tiles market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the luxury vinyl tiles market and the growth strategies adopted by the market players to sustain the fast-growing market.
- Deep dive regional level analysis of the industry
Frequently Asked Questions FAQs
Q1: What is the Luxury Vinyl Tiles market's current size and growth potential?
The Luxury Vinyl Tiles market was valued at USD 22.9 billion in 2023 and is expected to grow at a CAGR of 9.84% during the forecast period (2024-2032).
Q2: What are the driving factors for the growth of the Luxury Vinyl Tiles market?
The rapid growth in the construction sector, rising demand for low-maintenance flooring options, the cost-effectiveness and ease of installation drive the Luxury Vinyl Tiles market.
Q3: Which segment has the largest share of the Luxury Vinyl Tiles market by type?
The rigid segment has the largest share of the Luxury Vinyl Tiles market by type.
Q4: What are the major trends in the Luxury Vinyl Tiles market?
The changing lifestyle preferences and a growing emphasis on home aesthetics is the major trend in the Luxury Vinyl Tiles market.
Q5: Which region will dominate the Luxury Vinyl Tiles market?
North America is expected to dominate the market in 2023.
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