Luxury Vinyl Tile LVT Market Report 2024 (Global Edition)

Global Luxury Vinyl Tile LVT Market Report 2024 Market Size Split by Type (Flexible Luxury Vinyl Tile (LVT), Rigid Luxury Vinyl Tile (LVT)), by Application (Commercial Use, Residential Use)

Luxury Vinyl Tile LVT Market Report Description

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Luxury Vinyl Tile LVT Market Insights Video

Competitive Landscape of the Luxury Vinyl Tile LVT Market

The major players are investing heavily in research and development activities to develop new and innovative luxury vinyl tile products that meet the changing consumer preferences and market trends. They are also focusing on expanding their distribution channels and strengthening their presence in key markets to increase their market share and customer base. In addition to the leading players, there are several small and medium-sized players in the market who are competing on the basis of price and product differentiation. These players are focusing on niche markets and offering customized luxury vinyl tile products to cater to the specific needs and preferences of their customers.

• In 2021, Mannington Mills launched its Adura Rigid line of LVT, which features a rigid core and is available in a variety of styles and colors.

(Source:https://www.mannington.com/residential/adura-luxury-vinyl/adurarigid)

Top Companies Market Share in Luxury Vinyl Tile LVT Industry: (In no particular order of Rank)

• Novalis
• Kenbrock
• Forbo Flooring Systems
• Allure
• Polyflor
• Galaxy Vinyl Flooring
• interface inc.
• Moduleo
• Armstrong Flooring
• Decoline
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Asia Pacific dominated the market in 2023 and accounted for around 38% of the global revenue.

According to Cognitive Market Research, Asia Pacific dominated the market in 2023 and accounted for around 38% of the global revenue. The region is home to some of the fastest-growing economies, including China, India, and Southeast Asian countries, which are driving the growth of the luxury vinyl tile market. One of the key factors driving the growth of the Asia Pacific luxury vinyl tile market is the increasing demand for low-maintenance and cost-effective flooring options in both residential and commercial applications. Luxury vinyl tile offers a high-performance flooring solution that is easy to install, durable, and cost-effective, making it an attractive option for customers in the region.

Europe is the fastest-growing category and is expected to continue growing in the coming years, driven by the region's focus on sustainability, increasing construction activities, and demand for cost-effective and low-maintenance flooring solutions. The European luxury vinyl tile market is also benefiting from the increasing availability of advanced manufacturing technologies, which is enabling manufacturers to produce high-quality and customized luxury vinyl tile products at a lower cost.

The current report Scope analyzes Luxury Vinyl Tile LVT Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Luxury Vinyl Tile LVT Market

According to Cognitive Market Research, the global Luxury Vinyl Tile market size was estimated at USD 19.8 Billion out of which North America held the market of more than 30% of the global revenue with a market size of USD 5.94 billion in 2023 and will grow at a CAGR of 11% from 2023 to 2030. The region is home to some of the leading manufacturers and suppliers of luxury vinyl tile, and the market is characterized by a high level of competition and innovation. One of the key factors driving the growth of the North American luxury vinyl tile market is the increasing demand for low-maintenance and durable flooring solutions in both residential and commercial applications. Luxury vinyl tile offers a high-performance flooring solution that is easy to install, durable, and cost-effective, making it an attractive option for customers in the region. According to Cognitive Market Research, the growing construction industry in the region is also driving the demand for luxury vinyl tile. The increasing number of construction projects, such as commercial buildings, hospitals, and schools, is creating a significant demand for flooring solutions that are both durable and aesthetically pleasing. In conclusion, the North American luxury vinyl tile market is expected to continue growing in the coming years, driven by the region's focus on sustainability, increasing construction activities, and demand for cost-effective and low-maintenance flooring solutions.

Europe Luxury Vinyl Tile LVT Market

According to Cognitive Market Research, with a market value of USD 19.8 billion in 2023 and projected to expand at a CAGR of 11.2% from 2023 to 2030, Europe accounted for a share of over 25% of the global market size of USD 4.95 billion. There is an increasing demand for eco-friendly flooring options, and luxury vinyl tiles are a more sustainable option than traditional flooring options. As a result, consumers are becoming more aware of the benefits of LVTs, such as durability, easy maintenance, and cost-effectiveness, which is driving demand. According to Cognitive Market Research, there is a growing demand for luxury vinyl tiles in both residential and commercial spaces, as they are versatile and aesthetically appealing. In conclusion, the European luxury vinyl tile market is expected to continue growing in the coming years, driven by the region's focus on sustainability, increasing construction activities, and demand for cost-effective and low-maintenance flooring solutions. 

Asia Pacific Luxury Vinyl Tile LVT Market

According to Cognitive Market Research, the global Luxury Vinyl Tile market size was estimated at USD 19.8 Billion out of which Asia Pacific held the market of more than 38% of the global revenue with a market size of USD 7.52 billion in 2023 and will grow at a CAGR of 13.8% from 2023 to 2030. The Asia Pacific region is experiencing rapid urbanization, with an increasing number of people moving to urban areas. This trend is driving the demand for housing, commercial spaces, and infrastructure projects, which, in turn, is expected to drive the demand for LVTs. According to Cognitive Market Research, the construction industry in the Asia Pacific region is growing rapidly, with several large-scale projects underway. This is expected to create a significant demand for flooring materials, including LVTs. In conclusion, the Asia Pacific luxury vinyl tile market is expected to continue growing in the coming years, driven by the region's growing economies, increasing construction activities, and demand for cost-effective and low-maintenance flooring solutions.

South America Luxury Vinyl Tile LVT Market

According to Cognitive Market Research, the global Luxury Vinyl Tile market size was estimated at USD 19.8 Billion out of which Latin America market of more than 5% of the global revenue with a market size of USD 0.99 billion in 2023 and will grow at a CAGR of 12.2% from 2023 to 2030. There is a growing demand for eco-friendly flooring options in Latin America due to increasing awareness about sustainability. LVTs are considered a more sustainable option than traditional flooring materials, which is expected to drive their demand. According to Cognitive Market Research, the commercial segment is expected to dominate the market in the region due to several factors. One of the primary reasons for the dominance of the commercial segment is the growing demand for LVTs in the hospitality industry, including hotels, restaurants, and bars. The hospitality industry in Latin America is growing rapidly, which is driving demand for high-quality and durable flooring materials, such as LVTs. In conclusion, these factors are expected to contribute to the growth of the Latin America luxury vinyl tile market in the coming years.

Middle East and Africa Luxury Vinyl Tile LVT Market

According to Cognitive Market Research, the global Luxury Vinyl Tile market size was estimated at USD 19.8 Billion out of which Middle East and Africa held the major market of more than 2% of the global revenue with a market size of USD 0.40 billion in 2023 and will grow at a CAGR of 12.4% from 2023 to 2030 The construction industry in the MEA region is growing rapidly, with several large-scale infrastructure projects underway. This is expected to create a significant demand for flooring materials, including LVTs. Consumers in the MEA region are becoming increasingly aware of the impact of their actions on the environment. As a result, there is a growing demand for eco-friendly flooring options, such as LVTs, which are made from recycled materials and are recyclable. According to Cognitive Market Research, he flexible LVT segment is expected to be the fastest-growing segment in the region due to several factors. One of the primary reasons for the growth of the flexible LVT segment is its ease of installation. Flexible LVTs can be easily installed on different surfaces, including uneven surfaces, which makes them an ideal choice for renovation projects in the MEA region. In conclusion, these factors are expected to contribute to the growth of the luxury vinyl tile market in the MEA region in the coming years. However, the market is still in the early stages of development, and there are challenges related to distribution and availability of LVTs in some areas.

Luxury Vinyl Tile LVT Market Analysis

Luxury Vinyl Tile LVT Type Segment Analysis

According to Cognitive Market Research, rigid luxury vinyl tile held the major market share over the forecast period due to several factors, including its superior durability, stability, and resistance to indentation compared to flexible LVT. In addition, rigid LVT is easier to install than flexible LVT, which can be a time-consuming and labor-intensive process. The popularity of rigid LVT is also driven by its ability to mimic the look and texture of natural materials such as hardwood and stone, making it a versatile option for a variety of design styles.

Flexible luxury vinyl tile (LVT) is the fastest-growing category over the forecast period. Flexible LVT is a more affordable flooring option compared to natural materials such as hardwood or stone. It offers a similar look and texture to natural materials but at a lower cost, making it an attractive option for homeowners and businesses on a budget.

• Flexible Luxury Vinyl Tile (LVT)
• Rigid Luxury Vinyl Tile (LVT)

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Luxury Vinyl Tile LVT Industry. Request a Free Sample PDF!

Luxury Vinyl Tile LVT Application Segment Analysis

According to Cognitive Market Research, commercial use holds a prominent market share. This is due to the high demand for durable and low-maintenance flooring options in commercial spaces such as offices, hospitals, schools, and retail stores. Luxury vinyl tile is a popular choice for these applications because it offers a similar look and texture to natural materials such as hardwood and stone but with superior durability and resistance to wear and tear. In addition, luxury vinyl tile is easy to clean and maintain, which makes it an ideal choice for high-traffic areas that require frequent cleaning.

Residential use is the fastest-growing category over the forecast period. The demand for low-maintenance and durable flooring options in homes has led to an increase in the adoption of luxury vinyl tile. Additionally, luxury vinyl tile offers a wide range of design options, including designs that mimic the look and texture of natural materials such as wood and stone, making it an attractive option for homeowners. The ease of installation and affordability of luxury vinyl tile also contribute to its popularity in residential applications. As more homeowners become aware of the benefits of luxury vinyl tile, the demand for this flooring option in residential settings is expected to continue growing.

• Commercial Use
• Residential Use

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Author's Detail

David Fuller

Senior Analyst at Cognitive Market Research

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I am working as a Senior Analyst with Cognitive Market Research in the areas of Industry Survey and Market Research/Analytics. I collaborate with CXOs, VPs, and other senior executives to understand their data needs and provide solutions and business strategy building.

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