At 8.8% CAGR, North America Luxury Vinyl Tile Flooring Market is Projected to be WWorth US$ 13,007.88 Million by 2031 says Business Market Insights

According to Business Market Insights’ research, the North America luxury vinyl tile 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. Technological advancements and Cost-effectiveness of LVT flooring are among the critical factors attributed to drive the North America luxury vinyl tile flooring market.

Improved printing technologies have allowed for more realistic and intricate designs, enhancing the aesthetic appeal and making 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 LVT flooring. Waterproof LVT allows 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 LVT, further driving its demand in both residential and commercial sectors.

The incorporation of scratch-resistant properties enhances the durability and longevity of 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.

On the contrary, environmental concerns hampers the growth of North America Luxury Vinyl Tile Flooring Market.

Based on type, the North America luxury vinyl tile flooring market is bifurcated into rigid and flexible. The rigid segment held 72.3% market share in 2023, amassing US$ 4,793.15 million. It is projected to garner US$ 9,525.46 million by 2031 to register 9.0% CAGR during 2023–2031.

By end user, the North America luxury vinyl tile flooring market is segmented into residential, commercial, industrial, and institutional. The residential segment held 64.4% share of North America luxury vinyl tile flooring market in 2023, amassing US$ 4,265.82 million. It is projected to garner US$ 8,478.27 million by 2031 to expand at 9.2% CAGR from 2023 to 2031.

Based on country, the North America luxury vinyl tile flooring market is categorized into the US, Mexico, and Canada. Our regional analysis states that the US captured 89.7% share of North America luxury vinyl tile flooring market in 2023. It was assessed at US$ 5,943.41million in 2023 and is likely to hit US$ 11,736.11million by 2031, registering a CAGR of 8.9% during 2023 to 2031.

Key players operating in the luxury vinyl tile flooring market are 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, among others.

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