North America Luxury Vinyl Tile Flooring Market Report 2021-2031 by Scope, Segmentation, Dynamics, and Competitive Analysis

Description

List of Tables

The North America luxury vinyl tile (LVT) flooring market is projected to grow significantly, reaching approximately US$ 13,007.88 million by 2031, up from US$ 6,626.64 million in 2023, with an estimated compound annual growth rate (CAGR) of 8.8% from 2023 to 2031.

Executive Summary and Market Analysis

The LVT flooring market in North America is divided into three main regions: the United States, Canada, and Mexico. In recent years, this market has seen substantial growth, driven by factors such as increased residential construction and renovation activities, technological advancements, evolving consumer preferences, and a rising demand for durable and visually appealing flooring options. For example, the US Census Bureau and HUD reported that around 1,470,000 building permits were issued for privately owned construction, marking an 8.6% increase compared to January 2023.

LVT flooring has gained popularity among homeowners, architects, and interior designers due to its ability to mimic the appearance and texture of natural materials like hardwood, stone, and ceramic tiles at a lower cost. This affordability makes LVT an attractive choice for budget-conscious consumers who desire the elegance of high-end flooring without the associated expenses. Furthermore, advancements in manufacturing technology have led to the creation of LVT products that offer enhanced durability, water resistance, and ease of maintenance, making them suitable for high-traffic areas such as kitchens, bathrooms, and commercial spaces. In 2023, the value of new residential construction projects in the US was estimated at US$ 986.72 billion, reflecting a 12% increase from the previous year. Additionally, the growing emphasis on sustainability has encouraged manufacturers to produce eco-friendly LVT flooring options, incorporating recycled materials and low-emission certifications, which appeal to environmentally conscious consumers.

Market Segmentation Analysis

The luxury vinyl tile flooring market can be segmented by type and end user.

By Type: The market is divided into rigid and flexible LVT, with rigid LVT holding a larger market share in 2023.
By End User: The market is categorized into residential, commercial, industrial, and institutional segments, with the residential sector dominating in 2023.

Market Outlook

Urbanization, particularly in emerging economies, has increased the demand for new residential spaces, leading to heightened construction activities. LVT flooring has become a preferred choice for homeowners and builders due to its versatile characteristics and practical benefits. Its extensive range of design options, which includes realistic wood and stone appearances as well as innovative tile patterns, caters to various aesthetic preferences and interior design trends. The cost-effectiveness of LVT compared to natural materials like hardwood or stone makes it an appealing option for residential construction projects aiming to optimize budgets without sacrificing quality or style.

Moreover, LVT flooring is easy to install and requires minimal maintenance, which simplifies construction processes and reduces long-term upkeep costs for homeowners. Its durability ensures that it can withstand everyday wear while maintaining its visual appeal over time. The growing preference for modern features and sustainable materials in residential construction aligns well with LVT's characteristics, as many products incorporate eco-friendly components and advanced manufacturing techniques to lessen environmental impact. As consumers increasingly prioritize sustainable living, the demand for eco-conscious flooring options continues to rise, further boosting LVT adoption in the residential market. The US construction industry was valued at US$ 1.8 trillion in 2023, while the global construction market reached US$ 8.9 trillion. Construction spending in the US in August 2023 was estimated at a seasonally adjusted annual rate of US$ 1,983.5 billion, reflecting a 0.5% increase from July 2023, highlighting the robust growth of the residential construction sector and its impact on the LVT flooring market.

Country Insights

The North America luxury vinyl tile flooring market includes the US, Canada, and Mexico, with the US holding the largest market share in 2023. The US LVT flooring market has seen significant growth over the past decade, driven by the cost-effectiveness of LVT, making it a preferred choice for both residential and commercial applications. The increase in new residential construction in the US reached approximately US$ 910 billion in 2022. The US Census Bureau reported that construction spending in January 2024 was US$ 2,102.4 billion, an 11.7% increase from the same period in 2023. Technological advancements in manufacturing have also enhanced LVT flooring performance, expanding its application to areas like basements and bathrooms where traditional materials may not be suitable. The rise in disposable income in the US has led to more renovations, further driving LVT demand. In January 2024, disposable personal income in the US increased by 0.3% from the previous month, with the national per capita disposable income at US$ 55,832 in 2022.

Company Profiles

Key players in the luxury vinyl tile flooring market include Wedge Industries Ltd, Mohawk Industries Inc, Tarkett, Shaw Industries Group Inc, Interface Inc, AHF LLC, Gerflor SAS, Congoleum, Mannington Mills Inc, and Forbo Holding AG. These companies are employing various strategies such as expansion, product innovation, and mergers and acquisitions to enhance their market presence and offer innovative products to consumers.

Product Code: BMIRE00030927

1. Introduction

1.1 Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research
3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macroeconomic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country-level data:

4. North America LVT Flooring Market Landscape

4.1 Overview
4.2 Porter's Analysis
- 4.2.1 Bargaining Power of Suppliers
- 4.2.2 Bargaining Power of Buyers
- 4.2.3 Threat of New Entrants
- 4.2.4 Intensity of Competitive Rivalry
- 4.2.5 Threat of Substitutes
4.3 Ecosystem Analysis
- 4.3.1 Raw Material Suppliers
- 4.3.2 Manufacturers
- 4.3.3 Distributors/Suppliers
- 4.3.4 End Users
- 4.3.5 List of Vendors in the Value Chain

5. North America LVT Flooring Market - Key Market Dynamics

5.1 Market Drivers
- 5.1.1 Growing Residential Construction
- 5.1.2 Cost-Effectiveness of LVT Flooring
5.2 Market Restraints
- 5.2.1 Environmental Concerns
5.3 Market Opportunities
- 5.3.1 Expansion of Commercial Sector
5.4 Future Trends
- 5.4.1 Technological Advancements
5.5 Impact of Drivers and Restraints:

6. LVT Flooring Market - North America Market Analysis

6.1 North America LVT Flooring Market Volume (Million Sq. Meter), 2021-2031
6.2 North America LVT Flooring Market Volume Forecast and Analysis (Million Sq. Meter)
6.3 North America LVT Flooring Market Revenue (US$ Million), 2023-2031
6.4 North America LVT Flooring Market Forecast and Analysis

7. North America LVT Flooring Market Volume and Revenue Analysis - by Type

7.1 Rigid
- 7.1.1 Overview
- 7.1.2 Rigid: North America LVT Flooring Market - Volume and Forecast, 2021-2031 (Million Sq. Meter)
- 7.1.3 Rigid: North America LVT Flooring Market - Revenue and Forecast, 2021-2031 (US$ Million)
7.2 Flexible
- 7.2.1 Overview
- 7.2.2 Flexible: North America LVT Flooring Market - Volume and Forecast, 2021-2031 (Million Sq. Meter)
- 7.2.3 Flexible: North America LVT Flooring Market - Revenue and Forecast, 2021-2031 (US$ Million)

8. North America LVT Flooring Market Volume and Revenue Analysis - by End User

8.1 Residential
- 8.1.1 Overview
- 8.1.2 Residential: North America LVT Flooring Market - Volume and Forecast, 2021-2031 (Million Sq. Meter)
- 8.1.3 Residential: North America LVT Flooring Market - Revenue and Forecast, 2021-2031 (US$ Million)
8.2 Commercial
- 8.2.1 Overview
- 8.2.2 Commercial: North America LVT Flooring Market - Volume and Forecast, 2021-2031 (Million Sq. Meter)
- 8.2.3 Commercial: North America LVT Flooring Market - Revenue and Forecast, 2021-2031 (US$ Million)
8.3 Industrial
- 8.3.1 Overview
- 8.3.2 Industrial: North America LVT Flooring Market - Volume and Forecast, 2021-2031 (Million Sq. Meter)
- 8.3.3 Industrial: North America LVT Flooring Market - Revenue and Forecast, 2021-2031 (US$ Million)
8.4 Institutional
- 8.4.1 Overview
- 8.4.2 Institutional: North America LVT Flooring Market - Volume and Forecast, 2021-2031 (Million Sq. Meter)
- 8.4.3 Institutional: North America LVT Flooring Market - Revenue and Forecast, 2021-2031 (US$ Million)

9. North America LVT Flooring Market - Country Analysis

9.1 North America
- 9.1.1 North America LVT Flooring Market Revenue and Forecast and Analysis - by Country
  - 9.1.1.1 North America LVT Flooring Market Volume and Forecast and Analysis - by Country
  - 9.1.1.2 North America LVT Flooring Market Revenue and Forecast and Analysis - by Country
  - 9.1.1.3 United States: North America LVT Flooring Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 9.1.1.3.1 United States: North America LVT Flooring Market Share - by Type
    - 9.1.1.3.2 United States: North America LVT Flooring Market Share - by End User
  - 9.1.1.4 Canada: North America LVT Flooring Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 9.1.1.4.1 Canada: North America LVT Flooring Market Share - by Type
    - 9.1.1.4.2 Canada: North America LVT Flooring Market Share - by End User
  - 9.1.1.5 Mexico: North America LVT Flooring Market - Revenue and Forecast, 2021-2031 (US$ Million)
    - 9.1.1.5.1 Mexico: North America LVT Flooring Market Share - by Type
    - 9.1.1.5.2 Mexico: North America LVT Flooring Market Share - by End User

10. Competitive Landscape

10.1 Heat Map Analysis by Key Players
10.2 Company Positioning & Concentration

11. Industry Landscape

11.1 Overview
11.2 New Product Development
11.3 Merger and Acquisition

12. Company Profiles

12.1 Wedge Industries Ltd
- 12.1.1 Key Facts
- 12.1.2 Business Description
- 12.1.3 Products and Services
- 12.1.4 Financial Overview
- 12.1.5 SWOT Analysis
- 12.1.6 Key Developments
12.2 Mohawk Industries Inc
- 12.2.1 Key Facts
- 12.2.2 Business Description
- 12.2.3 Products and Services
- 12.2.4 Financial Overview
- 12.2.5 SWOT Analysis
- 12.2.6 Key Developments
12.3 Tarkett
- 12.3.1 Key Facts
- 12.3.2 Business Description
- 12.3.3 Products and Services
- 12.3.4 Financial Overview
- 12.3.5 SWOT Analysis
- 12.3.6 Key Developments
12.4 Shaw Industries Group Inc
- 12.4.1 Key Facts
- 12.4.2 Business Description
- 12.4.3 Products and Services
- 12.4.4 Financial Overview
- 12.4.5 SWOT Analysis
- 12.4.6 Key Developments
12.5 Interface Inc
- 12.5.1 Key Facts
- 12.5.2 Business Description
- 12.5.3 Products and Services
- 12.5.4 Financial Overview
- 12.5.5 SWOT Analysis
- 12.5.6 Key Developments
12.6 AHF LLC
- 12.6.1 Key Facts
- 12.6.2 Business Description
- 12.6.3 Products and Services
- 12.6.4 Financial Overview
- 12.6.5 SWOT Analysis
- 12.6.6 Key Developments
12.7 Gerflor SAS
- 12.7.1 Key Facts
- 12.7.2 Business Description
- 12.7.3 Products and Services
- 12.7.4 Financial Overview
- 12.7.5 SWOT Analysis
- 12.7.6 Key Developments
12.8 Congoleum
- 12.8.1 Key Facts
- 12.8.2 Business Description
- 12.8.3 Products and Services
- 12.8.4 Financial Overview
- 12.8.5 SWOT Analysis
- 12.8.6 Key Developments
12.9 Mannington Mills Inc
- 12.9.1 Key Facts
- 12.9.2 Business Description
- 12.9.3 Products and Services
- 12.9.4 Financial Overview
- 12.9.5 SWOT Analysis
- 12.9.6 Key Developments
12.10 Forbo Holding AG
- 12.10.1 Key Facts
- 12.10.2 Business Description
- 12.10.3 Products and Services
- 12.10.4 Financial Overview
- 12.10.5 SWOT Analysis
- 12.10.6 Key Developments

13. Appendix

13.1 About The Insight Partners