Chicago, May 30, 2024 (GLOBE NEWSWIRE) -- The Luxury Vinyl Tiles Market is projected to grow from USD 18.8 billion in 2024 to USD 35.9 billion by 2029, at a CAGR of 13.7%, as per the recent study by MarketsandMarkets™. The increasing demand for luxury vinyl tiles is fueled by its realistic designs, superior performance features, various installation options, and ease of maintenance. The growth in construction and remodeling projects is expected to further drive the demand for luxury vinyl tiles. However, the fluctuating cost of raw materials is projected to hinder the growth of the luxury vinyl tiles market.
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Browse in-depth TOC on " Luxury Vinyl Tiles Market”
329 - Market Data Tables
48 - Figures
237 - Pages
List of Key Players in Luxury Vinyl Tiles Market:
- Mohawk Industries Inc. (US)
- Tarkett (France)
- Shaw Industries Group, Inc. (US)
- Interface, Inc. (US)
- Gerflor (France)
- Forbo Flooring Systems (Switzerland)
- Armstrong Flooring (US)
- Mannington Mills, Inc. (US)
- Responsive Industries Ltd. (India)
- LX Hausys (South Korea)
Drivers, Opportunities and Challenges in Luxury Vinyl Tiles Market:
- Drivers: Increasing population and rapid urbanization
- Restraint: Volatile raw material prices
- Opportunity: Growing investments in the construction industry
- Challenge: Disposal of waste
Key Findings of the Study:
- Flexible type segment accounted for the second highest CAGR during the forecast period.
- Commercial end-use sector segment accounted for the second highest CAGR during the forecast period.
- Europe is projected to be the second largest region in terms of volume during the forecast period.
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The luxury vinyl tiles market is segmented based on by type, including rigid, and flexible. In 2023, the rigid segment emerged as the dominant segment in terms of value. The Rigid type, offers resistance to dents, scratches, and temperature variations, making it suitable for high-traffic areas and wet environments. Rigid-type LVT can be installed over various existing subfloors, including concrete, plywood, and existing flooring, using a simple click-lock or glue-down method. This ease of installation reduces labor costs and time, making it an attractive option for both professionals and DIY enthusiasts.
The luxury vinyl tiles market is categorized by end-use sector, including residential and commercial. In 2023, the residential segment dominated in terms of both value and volume. The rise in the residential segment of the luxury vinyl tiles market is mainly driven by housing renovation and maintenance projects. With an expected increase in residential construction expenditure, particularly in developing countries of the Asia-Pacific and Latin America, there's a notable trend of urbanization in these regions. This urbanization leads to a significantly higher growth rate for the residential construction market compared to developed markets.
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The luxury vinyl tiles market is analysed across five key regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America. Among these, North America emerges out as the dominant region, commanding the largest market share in both volume and value. The United States and Canada have experienced sustained growth in residential and commercial construction activities, particularly in recent years. This growth has led to an increased demand for floor-covering and wall-covering materials, with luxury vinyl tiles emerging as a popular choice due to their durability, versatility, and cost-effectiveness. Additionally, the rise in renovation and remodeling projects across North America further fuels the demand for luxury vinyl tiles.
Mohawk Industries, Inc. (US) is a flooring manufacturer that focuses on enhancing residential and commercial spaces worldwide. With a cohesive system and a finely tuned distribution network, the company gains a significant competitive edge in producing ceramic tile, laminate, carpets, rugs, as well as wood and vinyl flooring. Mohawk offers a diverse portfolio of products including carpet, rugs, laminates, sheet vinyl, and wood flooring. Additionally, the company provides luxury vinyl tiles under various brands such as Mohawk, Quick-Step, Pergo, Moduleo Design Floors, and IVC Resilient Design.
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