The changing dynamics in Luxury Vinyl Tiles (LVT) Flooring Market with covid-19 impact assessment
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Luxury Vinyl Tiles (LVT) Flooring Market.
The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Luxury Vinyl Tiles (LVT) Flooring Market.
It was estimated prior to this unanticipated outbreak that the Luxury Vinyl Tiles (LVT) Flooring Market will reach CAGR of 11.5 % during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Luxury vinyl tiles (LVT) flooring market is likely to witness an excellent CAGR of 11.5% during the forecast period. The high growth of the construction industry across regions is estimated to propel the market growth. Factors such as the mounting residential and non-residential construction, remodeling & maintenance activities, the high durability and enhanced aesthetic appearance of the LVTs are likely to underpin the demand for LVT flooring during the forecast period.
Luxury Vinyl Tiles (LVT) Flooring Market Share: By Flooring Type
Based on the flooring type, the market is segmented as rigid and flexible. The flexible segment held the larger share in 2019, and is estimated to be the faster-growing segment of the market during the forecast period. The segment is also likely to remain dominant in the coming years owing to its various properties, such as cost effectiveness, improved aesthetic appearance, and durability.
Luxury Vinyl Tiles (LVT) Flooring Market Share: By End-Use Sector Type
Based on the end-use sector type, the luxury vinyl tiles (LVT) flooring market is segmented as residential and non-residential. The non-residential segment leads the market owing to rising construction & renovation of offices, supermarkets, hypermarkets, hospitals, and institutions seeking for low maintenance and aesthetically sound tiles, which is leading the market growth of luxury vinyl tiles flooring globally.
Luxury Vinyl Tiles (LVT) Flooring Market Share: By Region
In terms of regions, Asia-Pacific is estimated to be the largest as well as fastest growing luxury vinyl tiles (LVT) flooring market during the forecast period, owing to huge investment and large number of construction activities in the infrastructural sector and presence of a large number of manufactures in the region.
Some of the major luxury vinyl tiles (LVT) flooring manufacturers are Mohawk Industries, Tarkett, Forbo, Shaw Industries, Inc., Interface, Armstrong Flooring, and Gerflor.