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APAC Region To Witness Robust Growth In Luxury Vinyl Tiles (LVT) Flooring Market Worth US$ 31.4 Billion by 2024, at a CAGR of 11.7%

APAC Region To Witness Robust Growth In Luxury Vinyl Tiles (LVT) Flooring Market Worth US$ 31.4 Billion by 2024, at a CAGR of 11.7%

The luxury vinyl tiles (LVT) flooring market is projected to grow from USD 18.0 billion in 2019 to USD 31.4 billion by 2024, recording a CAGR of 11.7% during the forecast period. The growth of the LVT flooring market is attributed to the high growth in the construction industry across regions. Factors such as the rise in the number of renovation & remodeling activities, increasing population & urbanization, and the high durability of LVT flooring is projected to drive its demand. 

The luxury vinyl tiles (LVT) flooring market is segmented, on the basis of type, into rigid and flexible. The flexible segment dominated the market during the forecast period. However, the rigid segment is projected to grow at a higher rate during the forecast period. 

On the basis of the end-use sector, the residential segment is projected to dominate the market during the forecast period. The growth of the residential segment in the LVT flooring market is primarily attributed to the housing renovation and maintenance projects. The residential construction expenditure is estimated to go up, particularly in the developing countries of the Asia Pacific and Latin America. There is an increasing trend of urbanization observed in these regions, resulting in a much higher growth rate for the residential construction market, in comparison to the developed markets. 

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The LVT flooring market is studied for five regions, namely, North America, Asia Pacific, Europe, the Middle East & Africa, and South America. The Asia Pacific region is witnessing a rebound in its residential and non-residential construction sectors, and accounted for the largest share in 2018, in terms of value. In addition, the LVT flooring market in this region is projected to grow at the highest CAGR during the forecast period, in terms of value.

The LVT flooring market is dominated by leading key players such Mohawk Industries (US), Tarkett (France), Forbo (Switzerland), Shaw Industries, Inc. (US), and Interface (US). These players have adopted various growth strategies such as expansions, investments, new product developments, acquisitions, partnerships, agreements, and joint ventures to increase their market share and enhance their product portfolios. 

The new product development strategy accounted for the largest share of all the strategic developments that took place in the LVT flooring market between January 2015 and March 2019. Key players such as Forbo (Switzerland), Interface (US), and Gerflor (France) adopted these strategies to strengthen their product portfolios, expand their product portfolio, and enhance their growth prospects in the LVT flooring market. 

Mohawk Industries is the leading flooring manufacturer, which primarily focuses on enhancing the residential and commercial spaces across the regions. The company offers a range of LVT flooring solutions through its various brands, namely, Mohawk, Quick-step, Pergo, Moduleo design floors, and IVC Resilient design. The company has its manufacturing facilities in 19 countries and provides an extensive range of soft and hard surface products for both residential and commercial applications in over 170 countries, with a strong foothold in the North American market. It also has a presence in the Asian, European, African, and South American markets. 

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Tarkett’s leadership is based on its wide product portfolio and global rankings in all major types of floor coverings, excluding ceramics. Its focus toward delivering outstanding customer experience and the development of innovative solutions have contributed to its market position in the global LVT flooring industry. Strong global foothold and adoption of strategies such as acquisition & partnership have further helped the company to enhance its product portfolio and market presence. Its recent expansion of LVT production capacity in North America and Europe is projected to enhance its market position in the LVT flooring market in the coming years.

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