North America Luxury Vinyl Tile Flooring Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis
No. of Pages: 150 | Report Code: BMIRE00030927 | Category: Chemicals and Materials
No. of Pages: 150 | Report Code: BMIRE00030927 | Category: Chemicals and Materials
The North America luxury vinyl tile flooring market size is expected to reach US$ 13,007.88 million by 2031 from US$ 6,626.64 million in 2023. The market is estimated to record a CAGR of 8.8% from 2023 to 2031.
LVT flooring market in North America is segmented into the US, Canada, and Mexico. The LVT flooring market in North America has experienced significant growth and evolution in recent years, driven by factors including growing residential construction and renovation, technological advancements, changing consumer preferences, and the growing demand for durable, aesthetically pleasing flooring solutions. For instance, according to the US Census Bureau and HUD, ~1,470,000 building permits were issued for privately owned construction, which is 8.6% above the January 2023 number of permits issued. LVT flooring has emerged as a popular choice among homeowners, architects, and interior designers due to its numerous advantages over traditional flooring options. The key driver behind the growth of the LVT flooring market in North America is its ability to replicate the look and feel of natural materials such as hardwood, stone, and ceramic tiles at a fraction of the cost. This has made LVT flooring an attractive option for budget-conscious consumers who economically desire the elegance and sophistication of high-end flooring materials. Additionally, advancements in manufacturing technologies have led to the development of LVT flooring products that offer superior durability, water resistance, and easy maintenance, making them ideal for use in high-traffic areas such as kitchens, bathrooms, and commercial spaces. This has further fueled the demand for LVT flooring in North America, particularly among homeowners and businesses seeking long-lasting, low-maintenance flooring solutions. For instance, the value of new residential construction projects in the US was an estimated US$ 986.72 billion in 2023, a 12% increase from 2022. Furthermore, the increasing focus on sustainability and environmental consciousness has prompted manufacturers to produce LVT flooring using eco-friendly materials and processes. Many LVT flooring products now feature recycled content and are certified as low-emission, contributing to their appeal among environmentally conscious consumers.
North America Luxury Vinyl Tile Flooring Market Strategic Insights
Get more information on this report North America Luxury Vinyl Tile Flooring Market Segmentation Analysis
Key segments that contributed to the derivation of the luxury vinyl tile flooring market analysis are type and end user.
The rising urbanization, particularly in emerging economies, has intensified the need for new residential spaces, prompting increased construction activities. 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 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 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 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 LVT in the residential construction market. Thus, the growing residential construction sector significantly drives the LVT flooring market.
Based on country, the North America luxury vinyl tile flooring market comprises the US, Mexico, and Canada. The US held the largest share in 2023.
The LVT flooring market in the US has experienced significant growth over the past decade, driven by various factors including growing preference of LVT flooring due to its cost-effective nature, that have made it a preferred choice for both residential and commercial spaces. Also, the growing residential construction in the country has contributed to the growth of the LVT flooring market. For instance, new residential construction in the US increased significantly, reaching ~US$ 910 billion in 2022. According to the US Census Bureau, building and construction spending in the US in January 2024 amounted to US$ 2,102.4 billion, showing a growth of 11.7% compared to the same period in 2023. Advancements in manufacturing technology have also played a significant role in enhancing the performance of LVT flooring and increasing its preference in the US. This has expanded the application of LVT flooring to areas such as basements, laundry rooms, and bathrooms, where traditional materials may not be suitable. The growing disposable income in the US is also a significant factor leading to the increasing number of renovations, fueling the demand for LVT flooring. In January 2024, the disposable personal income in the United States increased by 0.3% from the previous month. In 2022, the national per capita disposable personal income was US$ 55,832.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 6,626.64 Million |
| Market Size by 2031 | US$ 13,007.88 Million |
| Global CAGR (2023 - 2031) | 8.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
Some of the key players operating in the market include Wedge Industries Ltd, Mohawk Industries Inc, Tarkett, Shaw Industries Group Inc, Interface Inc, AHF LLC, Gerflor SAS, Congoleum, Mannington Mills Inc, and Forbo Holding AG, among others. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.
The following methodology has been followed for the collection and analysis of data presented in this report:
The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:
Note: All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.
Business Market Insight’ conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis, and gain valuable insights. These research interviews are designed to:
Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:
The North America Luxury Vinyl Tile Flooring Market is valued at US$ 6,626.64 Million in 2023, it is projected to reach US$ 13,007.88 Million by 2031.
As per our report North America Luxury Vinyl Tile Flooring Market, the market size is valued at US$ 6,626.64 Million in 2023, projecting it to reach US$ 13,007.88 Million by 2031. This translates to a CAGR of approximately 8.8% during the forecast period.
The North America Luxury Vinyl Tile Flooring Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Luxury Vinyl Tile Flooring Market report:
The North America Luxury Vinyl Tile Flooring Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Luxury Vinyl Tile Flooring Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Luxury Vinyl Tile Flooring Market value chain can benefit from the information contained in a comprehensive market report.
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