North America Luxury Vinyl Tile Market Size
| Study Period | 2019 - 2028 |
| Base Year For Estimation | 2021 |
| Forecast Data Period | 2024 - 2028 |
| Historical Data Period | 2019 - 2020 |
| CAGR | > 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Luxury Vinyl Tile Market Analysis
The North American luxury vinyl tile (LVT) market has witnessed substantial growth for the past couple of years. The market accounted for a volume of 325.2 million square meters in 2020, and it is expected to reach almost 474.5 million square meters by 2026, registering a CAGR of more than 6% during the forecast period (2021-2026).
Due to the COVID-19 pandemic, North America was under lockdown from mid-February 2020, which restricted the construction of housing and building projects. The lockdown restrictions limited the new purchases of LVT flooring owing to uncertainty in the economy and purchasing power parity in North America. The market, however, is anticipated to bounce back during the forecast period with the changing situation and customers’ approach toward the pandemic.
The demand for luxury vinyl tiles is expected to be driven by the growing construction industry, the rise in renovation and remodeling, and the rising popularity of tiles. An increase in real estate investments has led to the growth of the construction industry. The rise in the construction of commercial buildings, such as commercial complexes, educational institutes, and offices, increases the demand for luxury vinyl tiles in this market. Growth in the number of housing projects worldwide will increase the demand for luxury vinyl tiles. Apart from this, rising technological advancements in the manufacturing process have also led to a growth in the vinyl flooring market in terms of performance, installation, and design. Factors such as increased expenditure on the remodeling of construction activities impact the market positively. Moreover, reforms and regulations introduced by governments, to strengthen the growth of their infrastructure and real-estate industries, may lead to the growth of the construction industry and drive the demand for luxury vinyl tiles in the structure. With the improving living standards, the consumers are inclined toward better interior decoration and aesthetics, mainly for flooring, fueling the market for luxury vinyl tiles.
North America Luxury Vinyl Tile Market Trends
This section covers the major market trends shaping the North America Luxury Vinyl Tile Market according to our research experts:
The Residential Segment Leads the Market
Besides increasing the aesthetic appeal of a building, LVTs have other properties such as durability, comfort, and tolerance to extreme weather conditions. These factors are projected to drive the residential segment of the market during the forecast period. In addition, the increased per capita income and rapid urbanization are the fueling factors for the increasing number of renovation and remodeling projects of existing homes. Additionally, increased expenditure on housing maintenance is further projected to drive the demand for luxury vinyl tiles in the residential segment.
Luxury vinyl tiles are preferred for bathrooms, kitchens, laundry rooms, and basements due to their waterproof features. Further, LVTs do not trap dust and pet dander in bedrooms. All these factors are projected to drive the demand for LVT flooring solutions in the residential segment.
The Flexible LVT Segment is in Demand due to its Inherent Properties
The flexible tile segment is in huge demand in the LVT flooring market as it is affordable and can be installed in regions with extreme weather conditions. The growth of the flexible segment remains high due to its properties, which makes it a preferred flooring solution for residential and commercial applications. 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 budget-friendliness, which are projected to drive the growth of this segment over the forecast period.
North America Luxury Vinyl Tile Industry Overview
The report covers major international players operating in the North American LVT market. In terms of market share, few major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping into new markets.
North America Luxury Vinyl Tile Market Leaders
Mohawk Industries
LG Hausys
Tarkett
Interface
Gerflor
*Disclaimer: Major Players sorted in no particular order
North America Luxury Vinyl Tile Market News
- In May 2020, Interface luxury vinyl tile (LVT) products started being made with 39% pre-consumer recycled content. With this significant move, Interface expanded the use of recycled content across its product portfolio, furthering its Climate Take Back™ mission to reverse global warming.
- In July 2019, the hi-tech materials manufacturer, LG Hausys, continued developing innovative and quality new products for the architectural and design sectors. Following the recent launch of the HI-MACS® Aurora Collection, the HI-MACS® Intense Ultra, a revolution for the solid surface market, was launched, which opens new possibilities for surface design. The aptly named Intense, which is a brand-new material formulation, gives a powerful and remarkable performance. The product range combines the characteristics from two disparate worlds, intense color technology and ultra-thermoforming.
North America Luxury Vinyl Tile Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverables
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 Porter's Five Forces 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 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Rigid
5.1.2 Flexible
5.2 By End User
5.2.1 Residential
5.2.2 Commercial
5.3 By Distribution Channel
5.3.1 Home Centers
5.3.2 Flagship Stores
5.3.3 Specialty Stores
5.3.4 Online Stores
5.3.5 Other Distribution Channels
5.4 Geography
5.4.1 United States
5.4.2 Canada
5.4.3 Mexico
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Mohawk Industries
6.1.2 LG Hausys
6.1.3 Shaw Industries Group Inc.
6.1.4 Armstrong Flooring
6.1.5 Tarkett
6.1.6 Mannington Mills Inc.
6.1.7 American Biltrite
6.1.8 Interface
6.1.9 Adore Floors Inc.
6.1.10 Gerflor
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
8. DISCLAIMER
North America Luxury Vinyl Tile Industry Segmentation
A complete background analysis of the North American 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), distribution channel (home centers, flagship stores, specialty stores, online stores, and other distribution channels), and geography (United States, Canada, and Mexico).
| By Product Type | |
| Rigid | |
| Flexible |
| By End User | |
| Residential | |
| Commercial |
| By Distribution Channel | |
| Home Centers | |
| Flagship Stores | |
| Specialty Stores | |
| Online Stores | |
| Other Distribution Channels |
| Geography | |
| United States | |
| Canada | |
| Mexico |
North America Luxury Vinyl Tile Market Research FAQs
What is the current North America Luxury Vinyl Tile (LVT) Market size?
The North America Luxury Vinyl Tile (LVT) Market is projected to register a CAGR of greater than 6% during the forecast period (2023-2028).
Who are the key players in North America Luxury Vinyl Tile (LVT) Market?
Mohawk Industries, LG Hausys, Tarkett, Interface and Gerflor are the major companies operating in the North America Luxury Vinyl Tile (LVT) Market.
North America Luxury Vinyl Tile (LVT) Industry Report
Statistics for the 2023 North America Luxury Vinyl Tile (LVT) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. North America Luxury Vinyl Tile (LVT) analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
