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North America Luxury Vinyl Tiles (LVT) Flooring Market Forecast to 2031
North America Luxury Vinyl Tiles (LVT) Flooring Market Forecast to 2031 – Regional Analysis – by Type (Rigid and Flexible) and End User (Residential, Commercial, and Institutional)
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Description
Technological Advancements Fuel North America Luxury Vinyl Tiles (LVT) Flooring Market
Improved printing technologies have allowed for more realistic and intricate designs, enhancing the aesthetic appeal and making luxury vinyl tiles (LVT) flooring a more attractive option for consumers seeking the look of natural materials such as wood or stone. This innovation opens up new market segments, such as high-end residential properties and design-conscious commercial spaces, where the visual impact of flooring plays a crucial role.
The integration of enhanced performance features such as waterproofing and scratch resistance significantly broadens the applications of luxury vinyl tiles (LVT) flooring. Waterproof luxury vinyl tiles (LVT) allow for installation in moisture-prone areas such as kitchens, bathrooms, and basements, where traditional flooring options, including hardwood or laminate, may not be suitable. This expansion into previously untapped segments of the market increases the versatility and appeal of luxury vinyl tiles (LVT), further driving its demand in both residential and commercial sectors.
The incorporation of scratch-resistant properties enhances the durability and longevity of luxury vinyl tiles (LVT) flooring, making it ideal for high-traffic areas in commercial settings such as retail stores, restaurants, and healthcare facilities. This enhanced durability not only reduces maintenance costs but also extends the lifespan of the flooring, providing long-term value to customers.
North America Luxury Vinyl Tiles (LVT) Flooring Market Overview
Luxury vinyl tiles (LVT) flooring market in North America is segmented into the US, Canada, and Mexico. The luxury vinyl tiles (LVT) flooring market in North America has experienced significant growth and evolution in recent years, driven by factors including growing residential construction and renovation, technological advancements, changing consumer preferences, and the growing demand for durable, aesthetically pleasing flooring solutions. For instance, according to the US Census Bureau and HUD, ~1,470,000 building permits were issued for privately owned construction, which is 8.6% above the January 2023 number of permits issued. LVT flooring has emerged as a popular choice among homeowners, architects, and interior designers due to its numerous advantages over traditional flooring options.
The key driver behind the growth of the LVT flooring market in North America is its ability to replicate the look and feel of natural materials such as hardwood, stone, and ceramic tiles at a fraction of the cost. This has made LVT flooring an attractive option for budget-conscious consumers who economically desire the elegance and sophistication of high-end flooring materials. Additionally, advancements in manufacturing technologies have led to the development of LVT flooring products that offer superior durability, water resistance, and easy maintenance, making them ideal for use in high-traffic areas such as kitchens, bathrooms, and commercial spaces. This has further fueled the demand for LVT flooring in North America, particularly among homeowners and businesses seeking long-lasting, low-maintenance flooring solutions. For instance, the value of new residential construction projects in the US was an estimated US$ 986.72 billion in 2023, a 12% increase from 2023. Furthermore, the increasing focus on sustainability and environmental consciousness has prompted manufacturers to produce LVT flooring using eco-friendly materials and processes. Many LVT flooring products now feature recycled content and are certified as low emission, contributing to their appeal among environmentally conscious consumers.
North America Luxury Vinyl Tiles (LVT) Flooring Market Revenue and Forecast to 2031 (US$ Million)
North America Luxury Vinyl Tiles (LVT) Flooring Market Segmentation
The North America luxury vinyl tiles (LVT) flooring market is segmented based on type, end user, and country.
Based on type, the North America luxury vinyl tiles (LVT) flooring market is bifurcated into rigid and flexible. The rigid segment held a larger share in 2023.
In terms of end user, the North America luxury vinyl tiles (LVT) flooring market is segmented into residential, commercial, and institutional. The residential segment held the largest share in 2023.
Based on country, the North America luxury vinyl tiles (LVT) flooring market is categorized into the US, Canada, and Mexico. The US dominated the North America luxury vinyl tiles (LVT) flooring market in 2023.
Wedge Industries Ltd; Mohawk Industries, Inc.; Tarkett; Shaw Industries Group, Inc.; Interface Inc; AWI Licensing, LLC; Gerflor Group; Congoleum; Mannington Mills, Inc.; and Forbo Holding AG are some of the leading companies operating in the North America luxury vinyl tiles (LVT) flooring market.
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According to Business Market Insights’ research, the North America luxury vinyl tile (LVT) flooring market was valued at US$ 6,626.64 million in 2023 and is expected to reach US$ 13,007.88 million by 2031, registering a CAGR of 8.8% from 2023 to 2031. Growing residential construction and cost-effectiveness of luxury vinyl tiles (LVT) flooring are among the critical factors attributed to the North America luxury vinyl tile (LVT) flooring market expansion.
The rising urbanization, particularly in emerging economies, has intensified the need for new residential spaces, prompting increased construction activities. Luxury vinyl tiles (LVT) flooring has emerged as a favored choice among homeowners and builders due to its versatile characteristics and practical benefits. The key factor propelling its popularity is the availability of an extensive range of design options, ranging from realistic wood and stone looks to innovative tile patterns, catering to diverse aesthetic preferences and interior design trends. Moreover, the cost-effectiveness of luxury vinyl tiles (LVT) flooring compared to natural materials such as hardwood or stone makes it an attractive proposition for residential construction projects seeking to optimize budget allocations without compromising on quality or style. Additionally, the ease of installation and low maintenance requirements associated with luxury vinyl tiles (LVT) flooring contribute to its appeal, facilitating smoother construction processes and reducing long-term upkeep expenses for homeowners. Its durability and longevity further enhance its value proposition, offering a resilient flooring solution capable of withstanding the rigors of everyday life while maintaining its aesthetic appeal over time.
The preference for modern features and sustainable materials in residential construction projects aligns well with the characteristics of luxury vinyl tiles (LVT) flooring, which often incorporates eco-friendly components and advanced manufacturing techniques to minimize environmental impact. As consumers increasingly prioritize sustainable living practices, the availability of eco-conscious flooring options becomes crucial, further driving the adoption of luxury vinyl tiles (LVT) in the residential construction market. According to the US Census Bureau, the US construction industry was worth US$ 1.8 trillion, whereas the global construction industry was valued at US$ 8.9 trillion in 2023. Additionally, construction spending in the US during August 2023 was estimated at a seasonally adjusted annual rate of US$ 1,983.5 billion, 0.5% above the revised July estimate of US$ 1,973.7 billion. Thus, the growing residential construction sector significantly drives the luxury vinyl tiles (LVT) flooring market.
On the contrary, environmental concerns hamper the growth of North America luxury vinyl tile (LVT) flooring market.
Based on type, the North America luxury vinyl tile (LVT) flooring market is bifurcated into rigid and flexible. The rigid segment held 72.3% share of the North America luxury vinyl tile (LVT) flooring market in 2023, amassing US$ 4,793.15 million. It is projected to garner US$ 9,525.46 million by 2031 to expand at 9.0% CAGR during 2023-2031.
In terms of end user, the North America luxury vinyl tile (LVT) flooring market is segmented into residential, commercial, and institutional. The residential segment held 64.4% share of the North America luxury vinyl tile (LVT) flooring market in 2023, amassing US$ 4,265.82 million. It is estimated to garner US$ 8,425.58 million by 2031 to expand at 9.1% CAGR during 2023-2031.
Based on country, the North America luxury vinyl tile (LVT) flooring market is categorized into the US, Canada, and Mexico. The US held 89.7% share of North America luxury vinyl tile (LVT) flooring market in 2023, amassing US$ 5,943.41 million. It is projected to garner US$ 11,736.11 million by 2031 to expand at 8.9% CAGR during 2023-2031.
Key players operating in the North America luxury vinyl tile (LVT) flooring market are Wedge Industries Ltd; Mohawk Industries, Inc.; Tarkett; Shaw Industries Group, Inc.; Interface Inc; AWI Licensing, LLC; Gerflor Group; Congoleum; Mannington Mills, Inc.; and Forbo Holding AG., among others.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in North America luxury vinyl tile (LVT) flooring market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth North America market trends and outlook coupled with the factors driving the market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.
1. Introduction
1.1 The Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
3.4 Limitations and Assumptions
4. North America Luxury Vinyl Tile (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
4.2.1 Threat of New Entrants
4.2.2 Intensity of Competitive Rivalry
4.2.3 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 Luxury Vinyl Tile (LVT) Flooring Market – Key Market Dynamics
5.1 North America Luxury Vinyl Tile (LVT) Flooring Market – Key Market Dynamics
5.2 Market Drivers
5.2.1 Growing Residential Construction
5.2.2 Cost-Effectiveness of Luxury Vinyl Tiles (LVT) Flooring
5.3 Market Restraints
5.3.1 Environmental Concerns
5.4 Market Opportunities
5.4.1 Expansion of Commercial Sector
5.5 Future Trends
5.5.1 Technological Advancements
5.6 Impact of Drivers and Restraints:
6. Luxury Vinyl Tile (LVT) Flooring Market – North America Market Analysis
6.1 North America Luxury Vinyl Tile (LVT) Flooring Market Volume (Million Sq. Meter), 2020-2031
6.2 North America Luxury Vinyl Tile (LVT) Flooring Market Volume Forecast and Analysis (Million Sq. Meter)
6.3 North America Luxury Vinyl Tile (LVT) Flooring Market Revenue (US$ Million), 2020-2031
6.4 North America Luxury Vinyl Tile (LVT) Flooring Market Forecast and Analysis
7. North America Luxury Vinyl Tile (LVT) Flooring Market Volume and Revenue Analysis – by Type
7.1 Rigid
7.1.1 Overview
7.1.2 Rigid: North America Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million)
7.1.3 Rigid: North America Luxury Vinyl Tile (LVT) Flooring Market – Volume and Forecast to 2031 (Million Sq. Meter)
7.2 Flexible
7.2.1 Overview
7.2.2 Flexible: North America Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million)
7.2.3 Flexible: North America Luxury Vinyl Tile (LVT) Flooring Market – Volume and Forecast to 2031 (Million Sq. Meter)
8. North America Luxury Vinyl Tile (LVT) Flooring Market Revenue Analysis – by End User
8.1 Residential
8.1.1 Overview
8.1.2 Residential: North America Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million)
8.2 Commercial
8.2.1 Overview
8.2.2 Commercial: North America Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million)
8.3 Institutional
8.3.1 Overview
8.3.2 Institutional: North America Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million)
9. North America Luxury Vinyl Tile (LVT) Flooring Market -Country Analysis
9.1 North America Luxury Vinyl Tile (LVT) Flooring Market Overview
9.1.1 North America Luxury Vinyl Tile (LVT) Flooring Market Revenue and Forecast and Analysis – by Country
9.1.1.1 North America Luxury Vinyl Tile (LVT) Flooring Market Volume and Forecast and Analysis – by Country
9.1.1.2 North America Luxury Vinyl Tile (LVT) Flooring Market Revenue and Forecast and Analysis -by Country
9.1.1.3 United States Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million)
9.1.1.3.1 United States Luxury Vinyl Tile (LVT) Flooring Market Breakdown by Type
9.1.1.3.2 United States Luxury Vinyl Tile (LVT) Flooring Market Breakdown by End User
9.1.1.4 Canada Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million)
9.1.1.4.1 Canada Luxury Vinyl Tile (LVT) Flooring Market Breakdown by Type
9.1.1.4.2 Canada Luxury Vinyl Tile (LVT) Flooring Market Breakdown by End User
9.1.1.5 Mexico Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million)
9.1.1.5.1 Mexico Luxury Vinyl Tile (LVT) Flooring Market Breakdown by Type
9.1.1.5.2 Mexico Luxury Vinyl Tile (LVT) Flooring Market Breakdown 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 Research Team
Table 1. North America Luxury Vinyl Tile (LVT) Flooring Market Segmentation
Table 2. List of Vendors
Table 3. North America Luxury Vinyl Tile (LVT) Flooring Market – Volume and Forecast to 2031 (Million Sq. Meter)
Table 4. North America Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million)
Table 5. North America Luxury Vinyl Tile (LVT) Flooring Market – Volume and Forecast to 2031 (Million Sq. Meter) – by Type
Table 6. North America Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 7. North America Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 8. North America Luxury Vinyl Tile (LVT) Flooring Market – Volume and Forecast to 2031 (Million Sq. Meter) – by Country
Table 9. North America Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million) – by Country
Table 10. United States Luxury Vinyl Tile (LVT) Flooring Market -Volume and Forecast to 2031 (Million Sq. Meter) – by Type
Table 11. United States Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 12. United States Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 13. Canada Luxury Vinyl Tile (LVT) Flooring Market -Volume and Forecast to 2031 (Million Sq. Meter) – by Type
Table 14. Canada Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 15. Canada Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 16. Mexico Luxury Vinyl Tile (LVT) Flooring Market -Volume and Forecast to 2031 (Million Sq. Meter) – by Type
Table 17. Mexico Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million) – by Type
Table 18. Mexico Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million) – by End User
Table 19. Heat Map Analysis by Key Players
Figure 1. North America Luxury Vinyl Tile (LVT) Flooring Market Segmentation, by Country
Figure 2. Porter’s Analysis
Figure 3. Ecosystem: Luxury Vinyl Tiles (LVT) Flooring Market
Figure 4. US Construction Spending
Figure 5. Impact Analysis of Drivers and Restraints
Figure 6. North America Luxury Vinyl Tile (LVT) Flooring Market Volume (Million Sq. Meter), 2020-2031
Figure 7. North America Luxury Vinyl Tile (LVT) Flooring Market Revenue (US$ Million), 2020-2031
Figure 8. North America Luxury Vinyl Tile (LVT) Flooring Market Share (%) – Type, 2023 and 2031
Figure 9. Rigid: North America Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million)
Figure 10. Rigid: North America Luxury Vinyl Tile (LVT) Flooring Market – Volume and Forecast to 2031 (Million Sq. Meter)
Figure 11. Flexible: North America Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million)
Figure 12. Flexible: North America Luxury Vinyl Tile (LVT) Flooring Market – Volume and Forecast to 2031 (Million Sq. Meter)
Figure 13. North America Luxury Vinyl Tile (LVT) Flooring Market Share (%) – End User, 2023 and 2031
Figure 14. Residential: North America Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million)
Figure 15. Commercial: North America Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million)
Figure 16. Institutional: North America Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million)
Figure 17. North America Luxury Vinyl Tile (LVT) Flooring Market – Revenue by Key Countries 2023 (US$ Million)
Figure 18. North America Luxury Vinyl Tile (LVT) Flooring Market Breakdown by Key Countries, 2023 and 2031 (%)
Figure 19. United States Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million)
Figure 20. Canada Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million)
Figure 21. Mexico Luxury Vinyl Tile (LVT) Flooring Market – Revenue and Forecast to 2031 (US$ Million)
Figure 22. Company Positioning & Concentration
The List of Companies – North America Luxury Vinyl Tiles (LVT) Flooring Market
o Wedge Industries Ltd
o Mohawk Industries, Inc.
o Tarkett
o Shaw Industries Group, Inc.
o Interface Inc
o AWI Licensing, LLC
o Gerflor Group
o Congoleum
o Mannington Mills, Inc.
o Forbo Holding AG
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