Luxury Vinyl Tile Floor Covering Market Size
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 29.87 Billion |
| Market Size (2029) | USD 48.06 Billion |
| CAGR (2024 - 2029) | 9.98 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Luxury Vinyl Tile Floor Covering Market Analysis
The Global Luxury Vinyl Tile Floor Covering Market size is estimated at USD 29.87 billion in 2024, and is expected to reach USD 48.06 billion by 2029, growing at a CAGR of 9.98% during the forecast period (2024-2029).
The global impact of COVID-19 has been exceptional and severe, with the outbreak producing a demand jolt throughout the world. As a result of the mandated lockdown in many countries, numerous building projects were suspended during the pandemic, while others were postponed until early 2020.
The luxury vinyl tile flooring market is projected to grow at a higher CAGR during the forecast period. The high growth of the construction industry across regions is projected to drive market growth. Factors such as the increasing residential and non-residential construction, remodeling & maintenance activities, the high durability, and enhanced aesthetic appearance of these products are projected to drive the demand for luxury vinyl tile flooring.
The rising disposable income of consumers, particularly in developing countries, is another key factor contributing to the increase in renovation and remodeling activities, which in turn, is projected to drive the growth of the luxury vinyl flooring market over the next few years.
Luxury Vinyl Tile Floor Covering Market Trends
This section covers the major market trends shaping the Luxury Vinyl Tile Floor Covering Market according to our research experts:
Flexible Segment is Dominating the Market
The flexible segment accounted for a larger share, based on type, in the luxury vinyl tiles flooring market as it is affordable and is installed in regions that have extreme weather conditions. It is a traditional glue-down flooring material that inherits several properties such as durability, flexibility, ease installation, and budget-friendly. The growth of the flexible segment remains high due to its properties, which makes it a preferred luxury vinyl tile flooring solution for the residential as well as commercial application. The flexible luxury vinyl tile flooring solutions are considered suitable for almost all applications such as residential and commercial. It is a traditional glue-down flooring material and has several properties such as durability, flexibility, ease of installation, and is budget-friendly, which is projected to drive the growth of this segment.
Asia-Pacific Region is Dominating the Market
The Asia Pacific region witnessed an increasing number of remodeling and maintenance activities in the residential and non-residential construction sectors and held the larger market share in 2020. In addition, the luxury vinyl flooring market in this region is projected to grow at the highest CAGR during the forecast period, in terms of both values as well as volume. The growing number of new housing units and increasing investments in the infrastructural sector are factors driving the demand for vinyl flooring market in this region. In addition, increasing demand in countries such as China, Australia, India, Japan, Thailand, Vietnam, and Indonesia, due to the increasing growth opportunities in these countries has driven the market for luxury vinyl tile flooring.
Luxury Vinyl Tile Floor Covering Industry Overview
The report covers major international players operating in Luxury Vinyl Tile Floor Covering Market. In terms of market share, some of the major players currently dominate the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and by tapping new markets.
Luxury Vinyl Tile Floor Covering Market Leaders
Mohawk Industries
Shaw Industries Group, Inc.
Armstrong Flooring
Mannington Mills, Inc.
Tarkett
*Disclaimer: Major Players sorted in no particular order
Luxury Vinyl Tile Floor Covering Market News
- In 2022, Tarkett has partnered with Squarefoot in India to launch a carpet recycling initiative. Tarkett will collect discarded carpet tiles from restoration sites and recycle both the backing and the yarn. The yarn is used to manufacture recycled paper bags, while the backing material is upcycled in the car and construction industries.
- In 2022, AsanaTM, NidraTM, and ZenscapeTM are three new heterogeneous sheet products from Armstrong Flooring. Diamond 10® Technology, an unique wear layer that utilizes cultivated diamonds to deliver the ultimate in scratch, stain, and scuff resistance while removing the need for polish, is included in each collection.
Luxury Vinyl Tile Floor Covering Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Value Chain / Supply Chain Analysis
4.5 Porters 5 Force Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers/Consumers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitute Products
4.5.5 Intensity of Competitive Rivalry
4.6 Insights into Technological Advancements in the Industry
4.7 Impact of Covid-19 on the Market
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Rigid
5.1.2 Flexible
5.2 End-Use
5.2.1 Residential
5.2.2 Commercial
5.3 Geography
5.3.1 North America
5.3.2 South America
5.3.3 Asia-Pacific
5.3.4 Europe
5.3.5 Middle East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Market Concentration Overview
6.2 Company Profiles
6.2.1 Mohawk Industries
6.2.2 Tarkett
6.2.3 Shaw Industries Group, Inc.
6.2.4 LG Hausys
6.2.5 Forbo
6.2.6 Interface
6.2.7 Gerflor
6.2.8 Armstrong Flooring
6.2.9 Mannington Mills, Inc.
6.2.10 The Dixie Group, Inc.*
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Luxury Vinyl Tile Floor Covering Industry Segmentation
A complete background analysis of the Luxury Vinyl Tile Floor Covering Market, which includes an assessment of the National accounts, economy, and the emerging market trends by segments, significant changes in the market dynamics, and the market overview is covered in the report. Luxury Vinyl Floor Covering Market is Segmented by Type (Rigid, Flexible), by End User (Residential, Commercial), and by Geography (North America, South America, Asia-Pacific, Europe, Middle East and Africa).
| Type | |
| Rigid | |
| Flexible |
| End-Use | |
| Residential | |
| Commercial |
| Geography | |
| North America | |
| South America | |
| Asia-Pacific | |
| Europe | |
| Middle East and Africa |
Luxury Vinyl Tile Floor Covering Market Research FAQs
How big is the Global Luxury Vinyl Tile Floor Covering Market?
The Global Luxury Vinyl Tile Floor Covering Market size is expected to reach USD 29.87 billion in 2024 and grow at a CAGR of 9.98% to reach USD 48.06 billion by 2029.
What is the current Global Luxury Vinyl Tile Floor Covering Market size?
In 2024, the Global Luxury Vinyl Tile Floor Covering Market size is expected to reach USD 29.87 billion.
Who are the key players in Global Luxury Vinyl Tile Floor Covering Market?
Mohawk Industries, Shaw Industries Group, Inc., Armstrong Flooring, Mannington Mills, Inc. and Tarkett are the major companies operating in the Global Luxury Vinyl Tile Floor Covering Market.
Which is the fastest growing region in Global Luxury Vinyl Tile Floor Covering Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Luxury Vinyl Tile Floor Covering Market?
In 2024, the Asia Pacific accounts for the largest market share in Global Luxury Vinyl Tile Floor Covering Market.
What years does this Global Luxury Vinyl Tile Floor Covering Market cover, and what was the market size in 2023?
In 2023, the Global Luxury Vinyl Tile Floor Covering Market size was estimated at USD 27.16 billion. The report covers the Global Luxury Vinyl Tile Floor Covering Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Global Luxury Vinyl Tile Floor Covering Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Luxury Vinyl Tile Floor Covering Industry Report
Statistics for the 2024 Luxury Vinyl Tile Floor Covering market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Luxury Vinyl Tile Floor Covering analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
