Luxury Vinyl Tiles (LVT) Flooring Global Market Report 2024

Luxury vinyl tiles (LVT) flooring is a modular vinyl flooring system where individual tiles are laid out using single sheets. This type of flooring is known for its sustainability, ease of handling, durability, and acoustic properties. It is commonly used to design office or residential spaces to mimic the appearance of real wood.

There types of luxury vinyl tiles (LVT) flooring includes rigid luxury vinyl tiles (LVT) and flexible luxury vinyl tiles (LVT). The market for rigid luxury vinyl tiles (LVT) includes sales of click-type plank vinyl flooring with a rigid core, eliminating the need for adhesives. Three primary types of rigid LVT are stone-polymer composite, wood-polymer composite, and Standard rigid core. These find applications in both residential and commercial industries. Luxury vinyl tiles (LVT) flooring is utilized by both residential and non-residential end users.

The luxury vinyl tiles (LVT) flooring market research report is one of a series of new reports that provides luxury vinyl tiles (LVT) flooring market statistics, including luxury vinyl tiles (LVT) flooring industry global market size, regional shares, competitors with a luxury vinyl tiles (LVT) flooring market share, detailed luxury vinyl tiles (LVT) flooring market segments, market trends and opportunities, and any further data you may need to thrive in the luxury vinyl tiles (LVT) flooring industry. This luxury vinyl tiles (LVT) flooring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The luxury vinyl tiles (lvt) flooring market size has grown rapidly in recent years. It will grow from $23 billion in 2023 to $26.36 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth observed in the historical period can be attributed to factors such as a boom in residential renovations, the adoption of commercial flooring solutions, the emphasis on water and moisture resistance, a focus on environmental sustainability, and compliance with health and safety standards.

The luxury vinyl tiles (lvt) flooring market size is expected to see rapid growth in the next few years. It will grow to $43.35 billion in 2028 at a compound annual growth rate (CAGR) of 13.2%. The anticipated growth in the forecast period can be linked to factors like the upsurge in housing construction, the boom in e-commerce, the adoption of green building practices, the emphasis on wellness and biophilic design, global connectivity initiatives, and the increasing demand for sustainable materials. Key trends expected in this period include a heightened demand for sustainable materials, ongoing infrastructure modernization, the integration of digital printing technology, the incorporation of smart flooring, and the adoption of rapid installation methods.

The robust growth of the construction industry is set to drive the luxury vinyl tiles (LVT) flooring market. Offering economic efficiency and greater effectiveness compared to other flooring options, LVT stands out in the market. Its additional features such as cost-effectiveness, lightweight nature, and low maintenance requirements make it an ideal flooring choice in the construction sector. For instance, the Office of National Statistics UK reported a 3.5% increase in monthly construction output volume in November 2021. Moreover, the construction industry in India is projected to reach $1.4 trillion by 2025, according to Invest India, further emphasizing the significant role of the growing construction industry in propelling the luxury vinyl tiles flooring market.

The increasing demand for real estate is expected to further boost the luxury vinyl flooring market. Real estate, encompassing immovable property like land and buildings, benefits from luxury vinyl flooring, enhancing properties' marketability through durability, visual appeal, and practicality. For example, The Close, a US-based real estate site, reported a 10% increase in for-sale-by-owner (FSBO) home sales in 2022 compared to the previous year. This trend highlights the influence of rising real estate demand on driving the luxury vinyl flooring market.

Innovations in product offerings emerge as a prominent trend in the luxury vinyl tiles (LVT) flooring market. Key players in the market are concentrating on developing innovative products with advanced technologies that replicate natural materials, offering enhanced stability and ecological performance. In 2021, Tarkett, a France-based company in the luxury vinyl tiles flooring market, introduced the ID Inspiration luxury vinyl tile collection, designed to emulate natural materials like wood and stone. Suited for various environments, including hospitality, education, residential, retail, and workplaces, the collection aims to create feel-good interiors and deepen the connection between outdoor and indoor spaces.

Major companies in the luxury vinyl flooring market are driving revenues through innovative products like the new luxury vinyl tile (LVT) range. This collection boasts realistic designs of wood, stone, marble, and minerals in an inspiring and easy-to-coordinate format that promises enduring quality. In October 2022, Gerflor, a France-based company specializing in vinyl flooring solutions, launched the LVT collection with tiles and planks/strips format. Featuring a PUR+ Surface Treatment for easy maintenance and gently beveled edges to reduce dirt buildup, the environmentally friendly LVT range also enhances indoor air quality (IAQ) performance.

In November 2021, Tarkett, a France-based player in the luxury vinyl tiles flooring market, acquired Vinyasa, a Mexico-based company specializing in manufacturing luxury vinyl tiles floorings and offering VCT products. With this undisclosed amount acquisition, Tarkett aims to focus on LVT flooring production at the Florence campus and expand its manufacturing footprint in North America.

Major companies operating in the luxury vinyl tiles (lvt) flooring market include Tarkett SA, Forbo Holding AG, Armstrong World Industries Inc., Shaw Industries Inc., Global Flooring Group, Interface Inc., Mannington Mills Inc., Mohawk Industries Inc., Parador GmbH, Polyflor Ltd., Metroflor Corp., Milliken Co., LG Hausys Ltd., James Halstead PLC, Beauflor USA LLC, Congoleum Corporation, EarthWerks vinyl flooring company, Forbo Holding AG, Halstead International PLC, IVC US Inc., Karndean Designflooring USA, Moduleo Group, Novalis Innovative Flooring Inc., Responsive Industries Ltd., Roppe Holding Company, The Dixie Group Inc., The Stonhard Group, Toli Corporation, Torlys Inc., USFloors Inc., Välinge Innovation AB, Vifloor Canada Ltd., Vinylasa Inc., Wineo, Wonderfloor, World Class Industries Ltd., Zhejiang Kingdom Decorative Material Co. Ltd., Zhejiang Yihua Plastics Co. Ltd., Zibo Piton Industry Co. Ltd.

Asia-Pacific was the largest region in the luxury vinyl tiles (LVT) flooring market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the global luxury vinyl tiles (LVT) flooring industry report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the luxury vinyl tiles (LVT) flooring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The luxury vinyl tiles (LVT) flooring market consists of sales of rigid luxury vinyl tiles and flexible luxury vinyl tiles. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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