Rising preference for low-cost maintenance and high-quality flooring and increasing demand for modular flooring to boost aesthetic appearance are some key factors expected to drive market growth
New York, Dec. 14, 2021 /PRNewswire/ — Reports and Data has published its latest report titled “Luxury Vinyl Tiles (LVT) Market by Type (Rigid, Flexible), End-Use Sector (Residential, Commercial), By Distribution Channel (Home Centers, Flagship Stores, Online Stores, Specialty Stores, Others), and By Region Forecast to 2028″
According to the latest report by Reports and Data, the global luxury vinyl tiles (LVT) market size was USD 21.42 billion in 2020 and is expected to reach USD 49.23 billion in 2028 and register a revenue CAGR of 11.9% during the forecast period, 2021-2028.
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Drivers, Restraints, and Opportunities
Luxury tile flooring is durable and easy to maintain and offers exquisite and sophisticated look. Luxury vinyl tiles are suitable for heavy-traffic flooring and is more resilient as compared to other floorings. Luxury vinyl tiles are also manufactured as planks or rectangular tiles. Luxury vinyl tiles is increasingly preferred over other floorings by customers owing to its texture and durability and low maintenance and replacement costs and these are some key factors expected to contribute to market revenue growth over the forecast period. Rapid urbanization, increasing demand for smart and luxurious homes, and rising investment in development of high-end residential and commercial spaces are key factors boosting demand for luxury vinyl tiles and the trend is expected to continue going ahead.
Luxury vinyl tiles (LVT) is the highest quality of vinyl flooring and is designed to appear like real wood or stone. Luxury vinyl tiles are waterproof and can withstand humidity and temperature changes which makes them highly suitable for bathroom flooring, mudrooms, or kitchen where the moisture tends to build up. Luxury vinyl tiles are highly affordable in comparison to hardwood flooring and provide the same luxury effect. Luxury vinyl tiles are also versatile and can fit in any room in a house, busy offices, or institutions and this is contributing to their increasing popularity. Luxury vinyl tiles do not require underlay and are often easier install as compared to ceramic flooring. Luxury vinyl tiles are sustainable, easy to handle, offer better indoor air quality, come with superior acoustics, come in different styles, and are highly resistant to scratching and scuffing. These factors have further boosted their application for contemporary and traditional home décor and is expected to contribute to revenue growth of the market going ahead.
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However, luxury vinyl tiles can dent and scratch or scuff from heavy appliances, furniture or other heavy-weight objects. Vinyl floorings are also associated with presence of certain toxic chemicals that can cause serious health issues such as respiratory distress and skin irritation. Increasing concerns regarding emissions of volatile organic compounds from vinyl flooring can limit their adoption and restrain market growth to a certain extent over the forecast period.
COVID-19 Impact Analysis
Social distancing and restrictions severely disrupted businesses and operations
Lockdowns caused disruptions in transportation and logistics
impacted manufacturing activities and mining operations globally
Took a toll on economy of various countries
Caused sudden and drastic downturn in economic activity
Disrupted agriculture, fisheries, dairy, and other sectors
Caused loss of employment and financial crisis
Supply impacts were further compounded owing to reduced disposable income
Emergence of variants continue to cause concerns and impact normal routines
Flexible Segment Revenue to Expand Significantly:
Flexible segment revenue is expected to expand at a robust revenue CAGR over the forecast period owing to higher demand for flexible LTVs due to their cost-effectiveness, increasing ability to sustain extreme weather conditions, and easy installation. Flexible luxury vinyl tiles are widely used in residential and commercial settings.
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Residential Segment to Account for Largest Revenue Share:
Residential segment is expected to account for largest revenue share over the forecast period attributable to increasing preference for luxury vinyl tiles in residential settings to enhance aesthetic appeal, growing need for comfortable and cost-effective flooring, availability of vinyl tiles in various designs and sizes, and low-cost maintenance and restoration of LVTs.
North America to Register Steady Revenue Growth Rate:
North America is expected to register steady revenue CAGR over the forecast period attributable to increasing demand for luxury vinyl tiles owing to rising number of construction, restoration, and renovation activities in commercial and residential sector, rising trend of high-end and luxurious apartments, and growing preference for aesthetically pleasing homes in the region.
Asia Pacific to Dominate Other Regional Markets:
Asia Pacific is expected to dominate other regions in terms of revenue share over the forecast period attributable to increasing construction and building activities, rising investment to accelerate infrastructure development, growing preference for luxurious houses owing to rising disposable income among individuals, and growing presence of key companies in the region.
Major Companies in the Market Include:
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For this study, Reports and Data has segmented the global Luxury Vinyl Tiles (LVT) market based on type, end-use sector, distribution channel, and region:
Type Outlook (Revenue, USD Billion; Volume in Tons, 2018–2028)
End-Use Sector Outlook (Revenue, USD Billion; Volume in Tons, 2018–2028)
Distribution Channel Outlook (Revenue, USD Billion; Volume in Tons, 2018–2028)
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Regional Outlook (Revenue, USD Billion; Volume in Tons, 2018–2028)
Middle East & Africa
Some points on how the report benefits stakeholders:
The reports include historical (2018–2020) and forecast (2021–2028) data points, revenues, and CAGR in table, figure, and chart formats, with detailed and qualitative, supporting written information for each.
Revenue break-up is provided for each segment in these formats for global, regional, and for each country in the respective region for each year between 2018 and 2028.
The report contains insights regarding growth drivers, restraints, opportunities, trends, company profiles, strategic developments, expansion details, product launches, and various other aspects related to the market.
The report contains data and information on customers, competitors, vendors/distributors, and other players and in the global marketplace.
Market research analysis is vital for all crucial business strategies and can aid in numerous ways and to provide a clearer understanding about strategies being deployed by competitors, product launches, competitive analysis, technological advancements and various other factors that enhance sales of a firm or perhaps provide insights to focus on merger and acquisition as a strategy or enter into strategic agreements or joint ventures etc.
The report contains company profiles of the top companies operating in the market along with their respective revenue and operating segments, geographical reach, market footprint, headquarters, growth rates, recent developments, product /services, expansion strategies, investments in expansion, and more.
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