At 9.7% CAGR, Asia Pacific Luxury Vinyl Tile (LVT) Flooring Market is Projected to be Worth US$ 15,411.86 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Asia Pacific luxury vinyl tile (LVT) flooring market was valued at US$ 7,331.37 million in 2023 and is expected to reach US$ 15,411.86 million by 2031, registering a CAGR of 9.7% from 2023 to 2031. Expansion of commercial sector and technological advancements are among the critical factors attributed to the Asia Pacific luxury vinyl tile (LVT) flooring market expansion.

Luxury vinyl tile (LVT) flooring has emerged as a favored choice for commercial spaces such as offices, retail outlets, and hospitality establishments due to its exceptional durability, low maintenance requirements, and design versatility. In bustling commercial environments, where foot traffic can be intense and continuous, durability is paramount. Luxury vinyl tiles (LVT)'s robust construction ensures it can withstand the rigors of high-traffic areas without succumbing to damage or wear, maintaining its aesthetic appeal and structural integrity over time. Businesses appreciate the low maintenance nature of luxury vinyl tiles (LVT), as its smooth surface is easy to clean, requiring only routine sweeping and occasional mopping to keep it looking pristine. This translates to reduced operational costs and minimal downtime, enhancing the overall efficiency of commercial operations.

Luxury vinyl tiles (LVT) offers unparalleled design flexibility, with a vast array of colors, patterns, and textures to suit diverse aesthetic preferences and interior design themes. Furthermore, the cost-effectiveness of luxury vinyl tiles (LVT), considering its long-term durability and low maintenance requirements, makes it a sound investment for commercial applications, offering significant savings over its lifespan.

On the contrary, environmental concerns hamper the growth of Asia Pacific luxury vinyl tile (LVT) flooring market.

Based on type, the Asia Pacific luxury vinyl tile (LVT) flooring market is bifurcated into rigid and flexible. The rigid segment held 69.7% share of the Asia Pacific luxury vinyl tile (LVT) flooring market in 2023, amassing US$ 5,112.38 million. It is projected to garner US$ 10,882.15 million by 2031 to expand at 9.9% CAGR during 2023-2031.

In terms of end user, the Asia Pacific luxury vinyl tile (LVT) flooring market is segmented into residential, commercial, and institutional. The residential segment held 59.6% share of the Asia Pacific luxury vinyl tile (LVT) flooring market in 2023, amassing US$ 4,371.67 million. It is estimated to garner US$ 9,273.07 million by 2031 to expand at 9.9% CAGR during 2023-2031.

Based on country, the Asia Pacific luxury vinyl tile (LVT) flooring market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 37.8% share of Asia Pacific luxury vinyl tile (LVT) flooring market in 2023, amassing US$ 2,768.64 million. It is projected to garner US$ 6,090.31 million by 2031 to expand at 10.4% CAGR during 2023-2031.

Key players operating in the Asia Pacific luxury vinyl tile (LVT) flooring market are Wedge Industries Ltd; Mohawk Industries, Inc.; Tarkett; Shaw Industries Group, Inc.; Interface Inc; AWI Licensing, LLC; Gerflor Group; and Forbo Holding AG, among others.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com