Luxury Vinyl Tile (LVT) Flooring Market Growth is Attributed to Increase in Residential and Non-Residential Construction

According to Precision Business Insights (PBI) latest report the global luxury vinyl tile (LVT) flooring market is expected to be worth USD 23,014.9 million in 2022, growing at a 8.3% CAGR from 2022 to 2028. Global Luxury Vinyl Tile (LVT) Flooring Market segmented into the following types: by Product (Luxury Vinyl Tile and Vinyl Sheets & Vinyl Composite Tile), End-user Industry (Residential, Health Care, Retail, Education, Sport, Hospitality, Office, Industrial, and Automotive) and Geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa) Forecast to 2028. Key player's profiles in the Luxury Vinyl Tile (LVT) Flooring market report are Responsive Industries, Inovar Floor, Polyflor India Pvt Ltd, Aditya Floors, Puneet India, Indiana International Corporation Flooring Pvt. Ltd., Wedge India, Wonder Floor, Forbo Flooring India Private Limited. Increasing expenditure on the remodeling of construction activities is expected to lead to market growth positively. Moreover, reforms and regulations introduced by governments for strengthening the growth of their infrastructure and real-estate industries, lead to the growth of the construction industry and raise the demand for luxury vinyl tiles in the near future. Moreover, players are focusing on launching the new product into the market to maintain sustained growth in the forecasting period for more instance In June 2018, Interface introduced new global luxury vinyl tile (LVT), Drawn Lines that offers a distinct pattern that incorporates biophilic elements into the floor design. Drawn Lines are available in ten different colors, namely, Smokey Quartz, Opal, Diamond, Bronze, Amber, Silver, Onyx, Aquamarine, Topaz, and Citrine.

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Luxury Vinyl Tiles Segment Dominates the Luxury Vinyl Tile (LVT) Flooring Market:
Based on product the global luxury vinyl tile (LVT) flooring market is segmented into the Luxury vinyl tile and vinyl sheets & vinyl composite tile. luxury vinyl tile segments account to hold the largest market share in the forecasting period owing to Luxury vinyl tiles (LVT) improving a building's visual appeal while also providing features including durability, comfort, and weather resistance. During the projection period, these variables are expected to drive the residential sector. Furthermore, rising per capita income and expanding urbanization are driving up the number of people renovating and modifying their current residences. In addition, rising home maintenance costs are expected to boost demand for luxury vinyl tiles in the residential sector.

Asia-Pacific is expected to be the largest and fastest-growing luxury vinyl tiles (LVT) flooring market during the forecast period. In 2019, the residential and non-residential construction sectors saw an increase in renovation and maintenance activities, and the residential construction sector had a bigger market share. Furthermore, the LVT flooring market in this region is expected to develop at the fastest CAGR in terms of both value and volume during the forecast period. The demand for vinyl flooring in this region is being driven by the increasing number of new dwelling units and increased investments in the infrastructure sector.

North America expected to hold the significant market share in the global Luxury Vinyl Tile (LVT) Flooring market in the forecast period, and it is projected to grow at a CAGR of 9.6% in the coming years. Due to a wide spared of competitors players are focusing on acquisition to maintain the growth in the market.

Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players:
Global Luxury Vinyl Tile (LVT) Flooring market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In January 2018, Tarkett S.A. planned to invest 70 million euros over the next three years to expand the production capacity of luxury vinyl tiles in Europe and North America. The company planned to invest 50 million euros in the Alabama production facility, North America, and the rest in European production facilities in Poland & Luxemburg.

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The Luxury Vinyl Tile (LVT) Flooring Market Detailed Segmentation:
Based on the Product Type, the market is segmented into the following:
• Luxury Vinyl Tile
• Vinyl Sheets & Vinyl Composite Tile

Based on the End-user Industry, the market is segmented into the following:
• Residential
• Health Care
• Retail
• Education
• Sport
• Hospitality
• Office
• Industrial
• Automotive

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

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