The Luxury Vinyl Tiles Flooring Global Market Report 2023 by The Business Research Company, provides luxury vinyl tiles (lvt) flooring market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Luxury Vinyl Tiles Flooring Global Market Report 2023, the market size is expected to grow from $20.08 billion in 2022 to $23.06 billion in 2023 at a compound annual growth rate (CAGR) of 14.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global luxury vinyl tiles (lvt) flooring market is expected to grow to $40.31 billion in 2027 at a CAGR of 15.0%.
The high growth of the construction industry is expected to propel the growth of the luxury vinyl tiles (LVT) flooring market. Luxury vinyl flooring is economical and more efficient than other floorings currently available in the market, and additional factors of LVT such as cost-efficient, lightweight, and the requirement of low maintenance make them an ideal choice for flooring in the construction sector.
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The luxury vinyl tiles (lvt) flooring market is segmented:
1) By Type: Rigid Luxury Vinyl Tiles (LVT), Flexible Luxury Vinyl Tiles (LVT)
2) By Construction Type: New Construction, Renovation
3) By End-User: Residential, Non-Residential
Product innovations are a key trend gaining popularity in the luxury vinyl tiles (LVT) flooring market. The key players in the luxury vinyl titles flooring are focusing on developing innovative products with advanced technologies to reciprocate natural materials in the products with greater stability and ecological performance. For instance, in 2021, Tarkett, a company operating in the luxury vinyl tiles flooring market-based in France, launched a luxury vinyl tile collection called ID Inspiration that emulates natural materials such as wood and stone. It is intended for use in hospitality, education, residential, retail, and workplace interiors and is suitable for areas with moderate to high footfall. The product has been developed to harness the power of nature to create feel-good interiors and also to improve well-being by deepening the connection between the outdoors, and the interior spaces where people work, learn, and care.
The luxury vinyl tiles (lvt) flooring market report table of contents includes:
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