Luxury Vinyl Tile (LVT) Market Revenue Share, Growth Factors, Trends, Analysis and Forecast, 2018 – 2028

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The Luxury Vinyl Tile (LVT) market report also sheds light on supply chains and changes in trends of upstream raw materials and downstream distributors.

NEW YORK, NY, USA, Aug. 3, 2022 /EINPresswire.com/ — The global luxury vinyl tile (LVT) market size is expected to reach USD 49.23 billion in 2028 and register a steady CAGR of 11. 9%, according to the latest Reports and Data report. Key factors such as rising per capita income, improving living standards, and rapid growth in construction and building industry are driving the revenue growth of the global market.

Luxury vinyl tiles (LVT) are gaining traction in recent years due to the look of real wood and stone floors. These tiles are increasingly popular for easy installation, durable tiles as well as superior aesthetics are increasing the demand for LVT flooring in residential and commercial sectors. Factors such as rapid urbanization, high demand for low-maintenance, lightweight and affordable substitutes for carpet and wood tile, growing adoption of smart homes and increased investment in the development of commercial spaces, commercial buildings, offices, shopping malls and educational institutions are driving the growth of the market. In addition, increasing focus on redevelopment plans and improving aesthetic appeal in cafes, hotels, hospitals, and clinics is expected to augment the demand for LVT and drive the growth of the global market at the coming.

However, factors such as shorter lifespan of LVT as compared to wooden tiles, rising environmental concerns due to emission of volatile organic compounds, and recycling related issues are expected to hamper the market growth to some extent globally during the forecast period.

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Major companies operating in the global LVT market include Mohawk Industries, Forbo Holding, Tarkett SA, Shaw Industries, Inc., Armstrong Flooring Inc., Interface Inc., Gerflor, Responsive Industries Ltd., The Dixie Group Inc., and Mannington Mills , Inc.

Some highlights of the report:

• Based on the type, flexible segment is expected to account for the largest share of revenue during the forecast period, as these flexible types of LVT tiles are cost effective and easy to install compared to rigid type, can withstand extreme weather conditions and are used in both commercial and residential settings.
• Based on the end-use sector, the residential sector is expected to account for a significant share of revenue between 2018 and 2028 due to rapid urbanization and rising disposable income in developing economies, strong demand superior aesthetics and the growing adoption of smart homes. Moreover, these tiles are economical, durable, easy to clean and maintain and are available in different sizes, colors and patterns.
• The luxury vinyl tile (LVT) market in Asia Pacific is expected to account for a large share of revenue during the forecast period owing to rapid growth in the building and construction industry, strong demand for smart homes and buildings, increased disposable income and improvements in standard of living. Additionally, growing demand for improved aesthetic appeal and increasing investment in infrastructure sector for maintenance and remodeling activities is expected to fuel the growth of the Asia-Pacific market in the coming years.
• Among the distribution channels, the home center segment is expected to experience rapid revenue growth throughout the forecast period. People prefer to buy items like LVT tiles from home centers because they can experience the product in person, communicate with service providers for best deals and products and also get instant gratification.

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For this study, Reports and Data has segmented the global luxury vinyl tile (LVT) market based on type, end-use industry, distribution channel, and region:

Type Outlook (Revenue, USD Billion; Ton Volume, 2018-2028)

• Rigid
• Flexible

End-Use Industry Outlook (Revenue, USD Billion; Volume Tons, 2018-2028)

• Residential
• Commercial

Distribution Channel Outlook (Revenue, USD Billion; Volume Tons, 2018-2028)

• Reception centers
• Flagship stores
• Online stores
• Specialty stores
• Others

To know more about the report visit @ https://www.reportsanddata.com/report-detail/luxury-vinyl-tile-lvt-market

Competitive Landscape:

The report offers a comprehensive overview of the competitive landscape of the market to offer an advantage to the reader. This segment focuses on the initiatives and innovations adopted by major players to gain a firm foothold in the market. The report also sheds light on mergers and acquisitions, joint ventures, collaborations, partnerships, and agreements, among others, to offer a better understanding of the market. The report also offers information about revenue, gross profit margin, financial position, market position, product portfolio and other vital aspects of each player. The report also includes an in-depth SWOT analysis and Porter’s Five Forces analysis.

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