Market Size of China Luxury Vinyl Tile (LVT) Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Market Size (2024) | USD 2.07 Billion |
Market Size (2029) | USD 2.80 Billion |
CAGR (2024 - 2029) | 6.23 % |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
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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.
China Luxury Vinyl Tile (LVT) Industry Segmentation
Luxury Vinyl is designed to replicate hard surface flooring materials such as stone or wood and is available in planks or tiles. It uses a realistic photographic print film and a clear vinyl layer that opens up a wide variety of design concepts.
The China Luxury Vinyl Tile (LVT) Market Is Segmented By Product Type (Rigid And Flexible), End-User Type (Residential And Commercial), And Distribution Channel (Manufacturer-Owned Store, Specialty Store, Online Store, And Other Distribution Channels). The Report Offers Market Size And Forecasts For The China Luxury Vinyl Tile Market In Terms Of Value (USD) For All The Above Segments.
Product Type | |
Rigid | |
Flexible |
End-User Type | |
Residential | |
Commercial |
Distribution Channel | |
Manufacturer Owned Stores | |
Speciality Stores | |
Online Stores | |
Other Distribution Channels |
China Luxury Vinyl Tile (LVT) Market Size Summary
The China Luxury Vinyl Tile (LVT) market is experiencing significant growth, driven primarily by the burgeoning real estate and construction sectors. The demand for LVT is particularly strong in residential housing, where the need for new flooring in commercial, new, old, and used houses is on the rise. This growth is further supported by advancements in secondary decoration and housing quality. Technological improvements in vinyl flooring production have enhanced performance, installation, and design, contributing to the market's expansion. Despite the initial setbacks caused by the COVID-19 pandemic, which negatively impacted manufacturing and sales, the market has shown resilience and is poised for continued growth. The increasing preference for LVT over laminate flooring has led to a surge in new entrants establishing production facilities in China, capitalizing on the global demand for high-quality vinyl flooring.
China's role as a leading producer of LVT is underscored by its significant contribution to both rigid and flexible vinyl tiles, with a substantial portion of these products being exported to international markets, including Europe and America. The Chinese market is characterized by a fragmented retail landscape, with manufacturer-owned stores and home product malls being the primary channels for flooring sales. Despite the dominance of major international players, mid-size and smaller companies are gaining traction through technological advancements and strategic market expansions. The market dynamics are also influenced by international trade policies, as seen in recent developments such as India's recommendation for anti-dumping duties on Chinese vinyl tiles. These factors collectively shape the competitive landscape and growth trajectory of the Chinese LVT market.
China Luxury Vinyl Tile (LVT) Market Size - Table of Contents
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1. MARKET DYNAMICS AND INSIGHTS
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1.1 Market Overview
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1.2 Market Drivers
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1.3 Market Restraints
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1.4 Industry Value Chain Analysis
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1.5 Industry Attractiveness - Porter's Five Forces Analysis
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1.5.1 Bargaining Power of Buyers
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1.5.2 Bargaining Power of Suppliers
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1.5.3 Threat of New Entrants
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1.5.4 Threat of Substitutes
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1.5.5 Intensity of Competitive Rivalry
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1.6 Insights into Technology Innovations in the Market
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1.7 Insights into Regulatory Landscape Impacting the Market
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1.8 Impact of COVID-19 on the Market
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2. MARKET SEGMENTATION
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2.1 Product Type
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2.1.1 Rigid
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2.1.2 Flexible
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2.2 End-User Type
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2.2.1 Residential
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2.2.2 Commercial
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2.3 Distribution Channel
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2.3.1 Manufacturer Owned Stores
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2.3.2 Speciality Stores
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2.3.3 Online Stores
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2.3.4 Other Distribution Channels
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China Luxury Vinyl Tile (LVT) Market Size FAQs
How big is the China Luxury Vinyl Tile (LVT) Market?
The China Luxury Vinyl Tile (LVT) Market size is expected to reach USD 2.07 billion in 2024 and grow at a CAGR of 6.23% to reach USD 2.80 billion by 2029.
What is the current China Luxury Vinyl Tile (LVT) Market size?
In 2024, the China Luxury Vinyl Tile (LVT) Market size is expected to reach USD 2.07 billion.