North America Residential Wood Flooring Market – Expansive Coverage on the Latest Trends and Developments in the Market
North America Residential Wood Flooring Market: Introduction
The North America residential wood flooring market was valued at ~US$ 4 Bn in 2018 and is anticipated to expand at a CAGR of ~5% during the forecast period. Among products, the engineered wood segment held a dominant share of the North America residential wood flooring market in 2018. This can be primarily ascribed to the lower cost of engineered wood than other wood flooring products, along with its capability of design customization with minimal complexities. The U.S. is anticipated to offer immense opportunities to the North America residential wood flooring market during the forecast period.
Key Drivers and Restraints of North America Residential Wood Flooring Market
Rising investments in the residential construction sector are projected to drive the demand for residential wood flooring in the North America region during the forecast period. The construction industry is a major contributor to the economy of the U.S. and Canada. Moreover, the construction industry in the region has been expanding at a significant pace over the last few years. This has boosted the demand for construction materials, such as wood flooring, in the region. Demand for residential construction has risen in both the U.S. and Canada in the recent years, primarily due to increasing immigration in the region and improving lifestyle and rising purchasing power of people in the region.
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In addition, the shift in focus and change in preferences toward innovative flooring products, such as wood flooring, are driving the residential wood flooring market in North America. Customers are preferring wood flooring for use in residential applications, due to its aesthetic appeal and high energy efficiency. Certain factors such as ease of cleanability, better acoustics, aesthetic look, strength, durability, and high quality of indoor air have resulted in driving the demand for wood flooring products at a pace higher than that for luxury vinyl tiles.
The availability of inexpensive substitutes is projected to hamper the residential wood flooring market in North America during the forecast period. The production cost of wood flooring is higher than that of several of its substitutes such as ceramic tiles, carpets and rugs, and cork flooring. Moreover, these flooring options offer aesthetic characteristic similar to those of wood flooring.
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U.S. a Highly Lucrative Market for Residential Wood Flooring in North America
The U.S. dominated the North America residential wood flooring market in 2018. Demand for residential wood flooring is high in the U.S., primarily due to increasing population, rising number of households, and improving economic conditions in the country. People in the U.S. are opting for wood flooring in their homes to enhance the overall appearance of their homes. The demand for residential wood flooring in Canada is also increasing, due to increasing residential construction activities in the country so as to accommodate increasing number of immigrants in the country. Urban areas such as Toronto, Vancouver, Montreal, Calgary, Edmonton, and Ottawa have some of the highest prices of housing in the country, mostly due to the large number of immigrants.
North America Residential Wood Flooring Market: Key Developments
In March 2019, Havwoods Ltd announced to have opened a new showroom in Toronto, Canada. The showroom is designed to foster collaborations, by bringing in the company’s clients to review a wide variety of options available in the showroom. In December 2018, Armstrong Flooring, Inc. announced to have completed the sale of its wood flooring segment to an affiliate of American Industrial Partners. The sale permits Armstrong Flooring Inc. to intensify its focus on the luxury vinyl tile (LVT) flooring segment as well as a wide range of resilient categories such as vinyl composition tiles, resilient sheets, and its Diamond 10 line of products.
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In November 2017, Mohawk Industries, Inc. announced to have acquired Godfrey Hirst Group, a leading flooring company in Australia and New Zealand. This acquisition enabled the company to strengthen its position in the global flooring industry.
In February 2017, Tarkett Group announced to have acquired the assets of AlternaScapes, a North America-based distributor and installer of landscape turf, through its subsidiary i.e. EasyTurf. The acquisition expanded EasyTurf’s presence in the Florida market and strengthened its installation capabilities.
Competition Landscape of North America Residential Wood Flooring Market
The North America residential wood flooring market is fragmented, with the presence of a large number of manufacturers in the region. Several major companies have adopted acquisition strategies in order to become vertically integrated, and in turn, gain higher market share in the North America residential wood flooring market. Key players operating in the North America residential wood flooring market are Mohawk Industries, Inc., Armstrong Flooring, Inc., Tarkett Group, Mannington Mills, Inc., Somerset Hardwood Flooring Inc., Brumark, Shaw Industries Group, Inc., Preverco Inc., Beaulieu International Group, Havwoods Ltd, Kahrs Holding AB, AHF Products, and Boen.
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