Luxury vinyl tile market projected to reach $21.72 billion by 2031

The global luxury vinyl tile (LVT) market is set to expand from $18.22 billion in 2026 to $21.72 billion by 2031, according to data from MarketsandMarkets. Increased construction activity and a growing preference for flooring that mimics natural materials like wood and stone underpin this market expansion.

Analysts note that rigid and click-lock LVT segments are seeing the highest growth rates due to their ease of installation and suitability for both high-traffic commercial environments and residential renovations. The ability of rigid LVT to be installed over various subfloors without significant preparation has made it a preferred choice for contractors and DIY users alike.

North America accounted for 72.1% of the global market in 2025, maintaining a strong regional lead. Industry leaders, including Mohawk Industries, Tarkett, and Shaw Industries, are currently focusing on digital printing technology and surface treatments to improve the aesthetic and functional performance of their products.

Looking forward, the commercial sector is expected to remain the dominant end-use segment, as building developers prioritize low-maintenance flooring solutions to manage life-cycle costs in retail, hospitality, and healthcare environments.