Luxury Underfoot: Luxury Vinyl Tile Tops Carpet as Preferred Choice, Freedonia Shows

Cleveland OH, February 27, 2024 – Freedonia Group’s latest market analysis reveals the rise of Luxury Vinyl Tile (LVT) over traditional carpeting and the rapid growth of Wood Plastic Composite (WPC) and Stone Plastic Composite (SPC) within the LVT sector. The data-driven study offers a deep dive into the dynamics propelling LVT to the forefront, including technological advancements, evolving consumer lifestyles, and the broadening design palette LVT offers.

"As we witness LVT's ascendancy in the flooring market, it's crucial to recognize this shift as a response to changing consumer priorities. Today's market demands low-cost flooring that not only looks good but also stands up to the rigors of daily life without compromising on style," said Natalie McLendon, analyst at Freedonia Group.

As the flooring industry continues to evolve, LVT’s advanced rigid core segments like wood-plastic and stone-plastic composites are poised for sustained growth due to their superior resilience, sound absorption and dimensional stability.

A variety of installation methods also contribute to LVT's popularity with customers and installers. These include glue-down, loose-lay, and click-together systems. Each method offers unique benefits, catering to various consumer needs:

• Glue-Down LVT is praised for its stability and durability, making it ideal for high-traffic commercial spaces.
• Loose-Lay LVT offers friction-grip backing that allows for easy installation and replacement, suitable for temporary and versatile spaces.
• Click-Together LVT, or floating floors, provide homeowners with a DIY-friendly option, eliminating the need for adhesives and allowing for straightforward, tool-free installation.

According to senior construction analyst Matt Hurley, “Luxury vinyl tile has seen the fastest launch and market penetration of any flooring product in modern times”.

Freedonia Group's analysis underscores the importance of adapting to consumer preferences and technological advancements to remain competitive in this dynamic market.

About The Freedonia Group

The Freedonia Group, a division of MarketResearch.com, is a premier international business research company, providing clients with product analyses, market forecasts, industry trends, and market share information. From one-person consulting firms to global conglomerates, our analysts provide companies with unbiased, reliable industry market research and analysis to help them make important business decisions. The Freedonia Group’s brands also include Packaged Facts, a trusted provider of consumer market research on food & beverage, pet products and services, demographics, and financial services, and Simba Information, the leading authority for market intelligence and forecasts on the education and professional publishing industries. Find off-the-shelf studies at https://www.freedoniagroup.com/ or contact us for custom research: +1 440.842.2400.