India Luxury Vinyl Tile (LVT) Market Size (2024 - 2029)

The Indian Luxury Vinyl Tile (LVT) market is experiencing a dynamic phase, driven by advancements in materials, technology, and machinery, despite being dominated by a few brands reliant on imports. The market's expansion is challenged by the low penetration of LVT due to high costs and product characteristics that do not align with local demand. However, the growth of commercial spaces and increased economic activity are contributing positively to the market's development. The LVT market is gradually gaining traction, supported by a focus on quality, functionality, and competitive pricing, which are essential for meeting customer expectations. The market's trajectory is further bolstered by industrialization, urban infrastructure growth, and rising disposable incomes, all of which are anticipated to enhance the market's scale and share in the coming years.

Market Size of India Luxury Vinyl Tile (LVT) Industry

India Luxury Vinyl Tile (LVT) Market Overview
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 5.00 %
Market Concentration Low

Major Players

India Luxury Vinyl Tile (LVT) Market Major Players

*Disclaimer: Major Players sorted in no particular order

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India Luxury Vinyl Tile Market Analysis

The Indian LVT market has been passing through an exciting period, due to the influx of newer materials, technology, and specialized machinery. However, the market in India is concentrated among 5-6 brands, and these are entirely dependent on imports. The Indian LVT market reached a volume of 42 million square meters in 2020 while witnessing a CAGR of greater than 5% between 2016 and 2020. The market is further expected to grow at a positive rate during the forecast period of 2021-2026.

Owing to the lockdown due to COVID-19, the flooring industry in India is experiencing a slowdown, as the construction of housing and building projects in the country has come to a halt. This has affected the market for LVT flooring. Due to lockdown, the new purchases of LVT in India have decreased. The industry is anticipated to bounce back during the forecast period (2021-2026).

The product is used in niche segments and is dependent on the influence of leading architects and consultants. The demand for flooring products in India does not favor LVT usage; hence, the product sees very low penetration. High prices and product characteristics that do not suit Indian customer demand play a critical role in the low volume of sales for LVT suppliers in India. On the other hand, India's surge in economic activity has led to the growth of commercial Grade A office spaces and demand for private and international schools. Project scales, especially for industrial and commercial flooring, have increased dramatically in recent years. This is helping the concerned market.

In India, the growth trends of the LVT market have been unlike the other segments in the construction industry; but LVT is capturing the market steadily. Increasing emphasis on quality and adherence to strict deadlines while sticking to the budget is a major factor that will drive the trends in the LVT flooring industry. The customer needs quality, functionality, and long-term performance, all at competitive prices. Thus, LVT floors that are easy to clean and maintain and offer excellent wear resistance are becoming an obvious choice. The healthy growth rate maintained by industrialization and the buoyant urban infrastructure scenario may help the market's growth in the near future. One of the trends in the Indian market has been that the commercial flooring segment has been keeping up with the pace of growth of the LVT flooring market. The growth of the market is expected to increase soon. Similarly, increased disposable income and growth in tourism have led to increased customer spending through the retail sector and an increase in the number of hotel rooms. All of these factors are expected to favor the LVT market during the forecast period.

India Luxury Vinyl Tile Industry Segmentation

LVT is a marketing term used to describe vinyl flooring that is decoratively patterned to emulate the look of natural wood, granite, or other types of flooring. A complete background analysis of the Indian LVT market, which includes an assessment of the parental market, emerging trends by segments and regional markets, significant changes in market dynamics, and market overview, is covered in the report. The market is segmented by product category (rigid and flexible), end user (residential and commercial), and distribution channel (home centers, flagship stores, specialty stores, online stores, and other distribution channels).

Product Type
Rigid
Flexible
End User Type
Residential
Commercial
Distribution Channel
Manufacturer Owned Stores
Speciality Stores
Online Stores
Other Distribution Channels
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India Luxury Vinyl Tile (LVT) Market Size Summary

The Indian Luxury Vinyl Tile (LVT) market is experiencing a dynamic phase, driven by advancements in materials, technology, and specialized machinery. Despite being dominated by a few major brands reliant on imports, the market is poised for growth, particularly in the commercial and industrial sectors. The COVID-19 pandemic initially slowed down the market due to halted construction activities, but a rebound is anticipated as economic activities resume. The demand for LVT is influenced by niche segments, with architects and consultants playing a significant role. However, challenges such as high prices and limited penetration in the Indian market due to customer preferences for different flooring solutions have impacted sales. Nonetheless, the growth of Grade A office spaces and international schools, along with increased industrial and commercial project scales, is expected to bolster the market.

The LVT market in India is gradually capturing market share, driven by a focus on quality, functionality, and cost-effectiveness. The product's ease of maintenance and durability makes it an attractive choice for both commercial and residential sectors. The market is benefiting from urbanization, increased disposable income, and the growth of the retail and tourism sectors, which are contributing to higher customer spending and demand for LVT flooring. The residential sector is expected to see increased demand due to the aesthetic appeal, durability, and waterproof features of LVT, making it suitable for areas like bathrooms and kitchens. The market is also witnessing technological advancements and product innovations, allowing mid-size and smaller companies to expand their presence. Major players continue to dominate, but the competitive landscape is evolving with new contracts and market opportunities.

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India Luxury Vinyl Tile (LVT) Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

    3. 1.3 Market Restraints

    4. 1.4 Value Chain / Supply Chain Analysis

    5. 1.5 Porter's Five Forces Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers/Consumers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 Product Type

      1. 2.1.1 Rigid

      2. 2.1.2 Flexible

    2. 2.2 End User Type

      1. 2.2.1 Residential

      2. 2.2.2 Commercial

    3. 2.3 Distribution Channel

      1. 2.3.1 Manufacturer Owned Stores

      2. 2.3.2 Speciality Stores

      3. 2.3.3 Online Stores

      4. 2.3.4 Other Distribution Channels

India Luxury Vinyl Tile (LVT) Market Size FAQs

The India Luxury Vinyl Tile (LVT) Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

Responsive Industries, Inovar Floor, Polyflor India Pvt Ltd, Forbo Flooring India Private Limited and Puneet India are the major companies operating in the India Luxury Vinyl Tile (LVT) Market.

India Luxury Vinyl Tile (LVT) Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)