China Luxury Vinyl Tile (LVT) Market Size

China Luxury Vinyl Tile (LVT) Market Analysis

The China Luxury Vinyl Tile Market size is estimated at USD 2.07 billion in 2024, and is expected to reach USD 2.80 billion by 2029, growing at a CAGR of 6.23% during the forecast period (2024-2029).

The real estate and construction industries, of which residential housing demand for the flooring industry is relatively prominent, dominate the Chinese LVT market demand. The number of commercial houses, new houses, old houses, and used houses that need new floors has been steadily growing steadily. The good growth of the Chinese high-end flooring market is helped by the growth of secondary decoration and better housing. Aside from this, growing technological improvements in the way vinyl flooring is made have also helped the market growth in terms of performance, installation, and design.

COVID-19 shook the Chinese economy and changed the market scenario. It negatively impacted the Chinese LVT market. Accordingly, this segment witnessed the greatest hit during the pandemic. There were also worries that the pandemic's effect on manufacturing industries would cause transactions to halt, and it was anticipated that the outbreak would continue to harm enterprises for couple of years.

Since the market share is booming and LVT is replacing laminate flooring at high speed, the vinyl plank was in short supply. Thus, a lot of new players in China ventured into new plants and factories, focusing on this new area. The huge worldwide demand is there, so more manufacturers do not make it crowded in the arena. The Chinese real estate market is always growing, and the growth of the Chinese economy in the future could have a big effect on the demand for LVT flooring. During the forecast period, demand for LVT flooring in China is likely to rise because the real estate industry is growing and more people are starting to understand that flooring needs to look good.