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Tiles to continue dominating the flooring market in India, despite the entry and strong performance of laminates and resilient flooring
LVTs market in India is concentrated among 5-6 brands and these are entirely dependent on imports. The product is used in niche segments and is dependent on the influence of leading architects and consultants. The nature of demand for flooring products in India does not favor the usage of LVT; hence, the product sees very low penetration. High price and product characteristics that do not suit Indian customer demand play a critical role in low volumes of sales for LVT suppliers in India. Surge in economic activity in India has led to growth in commercial Grade A office space and demand for private and international schools. Similarly, increased disposable income and growth in tourism has led to an increase in customer spending through the retail sector and the increase in number of hotel rooms. These end-user segments popularly use LVT in different application areas.
Key questions this Industry Docket will answer:
• What are the key areas of opportunities for LVT Market in India?
• What are the challenges faced by LVT suppliers in India?
• Which is the popular sales route for LVT in India?
• Who are the leading suppliers of LVT in India?
• What are the key success factors for LVT suppliers in Indian market?
Scope & Segment Definition
Tiles to continue dominating the flooring market in India, despite the entry and strong performance of laminates and resilient flooring
Construction sector growth and transfer of best practices in flooring from developed markets helping Indian flooring market’s growth
Mega Trends & their Impact
Although LVT is currently used in small volumes in retail, construction of newer malls could lead to higher LVT use
Rise of Tier II cities will see expansion of Grade A commercial properties to these cities and influence a growth of 12-13% over the next 5 years
Consistent economic growth has increased the income spent on education and the demand for world-class educational institutions
Tourism and hospitality sector to surge paving way for increased usage of LVT in Hotels
Large corporate offices, retail malls and hotels in India use imported LVT due to the influence of international architects and consultants
Use in Hotel and Retail segments to drive market CAGR of 15%; Healthcare to be upcoming segment in near future
Commercial Offices and Hospitality would drive future demand due to the role of consultants in decision making
Low volumes and high dependence on influencers for project sales prompts a few brands to opt for the retail route for LVTs
Branded LVT sales depend on demand from high-end segments and the projects route; while unbranded LVTs go the retail route
The demand for LVTs is usually client or architect generated
The product will continue to have a very small share in the overall flooring market due to the presence of low cost labor in India
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| Deliverable Type | Market Research |
|---|---|
| No Index | No |
| Podcast | No |
| Lightbox Content | Investment Opportunities in India|More growth opportunities|https://store.frost.com/investment-opportunities-in-india.html |
| Author | Suganya Rajan |
| Industries | Environment |
| WIP Number | 9AAF-00-44-00-00 |
| Is Prebook | No |
Indian Luxury Vinyl (LVT) Flooring Market Outlook, 2017
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