At 8.8% CAGR, North America Luxury Vinyl Tile (LVT) Flooring Market is Projected to be Worth US$ 13,007.88 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the North America luxury vinyl tile (LVT) flooring market was valued at US$ 6,626.64 million in 2023 and is expected to reach US$ 13,007.88 million by 2031, registering a CAGR of 8.8% from 2023 to 2031. Growing residential construction and cost-effectiveness of luxury vinyl tiles (LVT) flooring are among the critical factors attributed to the North America luxury vinyl tile (LVT) flooring market expansion.

The rising urbanization, particularly in emerging economies, has intensified the need for new residential spaces, prompting increased construction activities. Luxury vinyl tiles (LVT) flooring has emerged as a favored choice among homeowners and builders due to its versatile characteristics and practical benefits. The key factor propelling its popularity is the availability of an extensive range of design options, ranging from realistic wood and stone looks to innovative tile patterns, catering to diverse aesthetic preferences and interior design trends. Moreover, the cost-effectiveness of luxury vinyl tiles (LVT) flooring compared to natural materials such as hardwood or stone makes it an attractive proposition for residential construction projects seeking to optimize budget allocations without compromising on quality or style. Additionally, the ease of installation and low maintenance requirements associated with luxury vinyl tiles (LVT) flooring contribute to its appeal, facilitating smoother construction processes and reducing long-term upkeep expenses for homeowners. Its durability and longevity further enhance its value proposition, offering a resilient flooring solution capable of withstanding the rigors of everyday life while maintaining its aesthetic appeal over time.

The preference for modern features and sustainable materials in residential construction projects aligns well with the characteristics of luxury vinyl tiles (LVT) flooring, which often incorporates eco-friendly components and advanced manufacturing techniques to minimize environmental impact. As consumers increasingly prioritize sustainable living practices, the availability of eco-conscious flooring options becomes crucial, further driving the adoption of luxury vinyl tiles (LVT) in the residential construction market. According to the US Census Bureau, the US construction industry was worth US$ 1.8 trillion, whereas the global construction industry was valued at US$ 8.9 trillion in 2023. Additionally, construction spending in the US during August 2023 was estimated at a seasonally adjusted annual rate of US$ 1,983.5 billion, 0.5% above the revised July estimate of US$ 1,973.7 billion. Thus, the growing residential construction sector significantly drives the luxury vinyl tiles (LVT) flooring market.

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

Based on type, the North America luxury vinyl tile (LVT) flooring market is bifurcated into rigid and flexible. The rigid segment held 72.3% share of the North America luxury vinyl tile (LVT) flooring market in 2023, amassing US$ 4,793.15 million. It is projected to garner US$ 9,525.46 million by 2031 to expand at 9.0% CAGR during 2023-2031.

In terms of end user, the North America luxury vinyl tile (LVT) flooring market is segmented into residential, commercial, and institutional. The residential segment held 64.4% share of the North America luxury vinyl tile (LVT) flooring market in 2023, amassing US$ 4,265.82 million. It is estimated to garner US$ 8,425.58 million by 2031 to expand at 9.1% CAGR during 2023-2031.

Based on country, the North America luxury vinyl tile (LVT) flooring market is categorized into the US, Canada, and Mexico. The US held 89.7% share of North America luxury vinyl tile (LVT) flooring market in 2023, amassing US$ 5,943.41 million. It is projected to garner US$ 11,736.11 million by 2031 to expand at 8.9% CAGR during 2023-2031.

Key players operating in the North America 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; Congoleum; Mannington Mills, Inc.; and Forbo Holding AG., among others.

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