PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498774
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1498774
Hardwood Flooring Market size was valued at USD 49,320.09 Million in 2023, expanding at a CAGR of 4.20% from 2024 to 2032.
Solid or engineered wood flooring is referred to as hardwood flooring. It is prized for its enduring beauty as well as the value addition it makes to buildings and residences. It is constructed with a top layer of solid wood and several layers of wood veneers.
Hardwood Flooring Market- Market Dynamics
Increase in renovation and remodeling activities along with rapid urbanization are expected to propel market demand
The market for hardwood flooring is supported by the trend toward home remodeling and upgrading, which is fueled by increased disposable incomes and an increasing emphasis on home aesthetics. Because of its timeless elegance, durability, and visual appeal, hardwood flooring is recommended. Customers appreciate hardwood floors' long lifespan in comparison to other materials, as well as their natural appearance and feel. Product quality and design versatility have improved as a result of manufacturing process innovations. Improved moisture resistance and stability are provided by engineered wood products and improved finishing procedures.
Hardwood flooring demand is increased by growing residential house construction and rapid urbanization. The market is driven by the desire for new residences and the renovation of existing buildings as cities grow. The need for long-lasting and aesthetically pleasing flooring solutions is fueled by the expansion of the commercial sector, which includes offices, retail establishments, and hospitality. Hardwood flooring's blend of performance and beauty makes it a popular choice. The hardwood flooring market is dynamic and has had strong growth because of these variables taken together.
Hardwood Flooring Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 4.20% over the forecast period (2024-2032)
Based on Product segmentation, the engineered wood segment was predicted to show maximum market share in the year 2023, owing to rising demand for engineered wood products.
Based on Distribution Channel segmentation, the offline stores segment was the leading Distribution Channel in 2023, due to the traditional method of supplying wooden products.
Based on End User segmentation, the residential segment was the leading End User in 2023, owing to a rise in the residential construction and renovation demand.
On the basis of region, North America was the leading revenue generator in 2023, owing to high demand for wooden engineered products.
The Global Hardwood Flooring Market is segmented on the basis of Product, Distribution Channel, End User, and Region.
The market is divided into two categories based on Product: solid wood and engineered wood. The engineered wood segment dominates the market. Increasing demand for engineered wood form household application is enhancing the segment growth.
The market is divided into two categories based on the Distribution Channel: offline stores and online. The offline stores segment dominates the market. The increasing demand for different solid wooden flooring and engineered products is compelling market growth.
The market is divided into two categories based on End Users: commercial, and residential. The residential segment dominates the market and is expected to maintain its high dominance during the forecast period. The rapid growth of construction projects utilizing wooden flooring products is accelerating the growth of the market.
Hardwood Flooring Market- Geographical Insights
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America is a mature market for hardwood flooring, with a strong demand for both residential and commercial applications. A high preference for sustainable and eco-friendly flooring options is driving the region's market Further, Europe has a well-established market with a high demand for premium and luxury hardwood flooring.
The hardwood flooring market is highly competitive, with numerous companies striving for market share through innovation, sustainability, and expanding their product lines. Market players are expanding operations into new regions, particularly in Asia-Pacific and South America, where there is a high demand for wood products. Additionally, companies are investing in technology to improve product durability and aesthetics, such as advanced finishing techniques and water-resistant properties.
In February 2023, Mohawk Industries Inc. completed the acquisition of Elizabeth. The acquisition helped Mohawk Industries to increase its presence in the Brazilian market.
In 2022, Mohawk Industries introduced hardwood flooring products made from recycled materials and eco-friendly manufacturing processes.