The North America wood flooring market size is expected to reach USD 5.2 billion by 2027, according to a new report by Grand View Research Inc., expanding at a CAGR of 1.5% from 2020 to 2027. Rising expenditure on renovation and remodeling of old housing structures is anticipated to drive the market over the forecast period.
Increasing demand for aesthetically superior and durable floor covering solutions, and consumer trends in floor design have been critical in the growth of the market over the past few years. The expansion of office and workspaces, improving consumer lifestyle, and rapid urbanization are factors that have also contributed to market growth.
The significant and continual growth of high-end residential housing structures, and the subsequent and growing preference of single-family housing structures are driving the demand for wood flooring in the North America region. Furthermore, the advent of engineered wood has significantly reduced the cost of wood flooring, thereby providing a major boost to product adoption.
The rising importance of e-commerce portals in an attempt to ensure the supply of finished goods to buyers due to benefits such as price discounts and timely delivery of products to buyers may promote the purchase of wood flooring through online retailers, such as WeShipFloors, Fantastic-floor, and Wood Floors Online.
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In Canada, the maple wood segment is expected to expand at a revenue-based CAGR of 1.1% over the forecast period on account of the growing demand for simple, understated flooring pattern and the domestic availability of maple wood logs
In 2019, the commercial application segment in the North America region was valued at USD 1,013.0 million owing to the wide-ranging adoption of wooden flooring in institutional buildings, offices, libraries, basketball courts, and auditoriums
In Mexico, the engineered wood segment is anticipated to reach USD 333.3 million by the year 2027 on account of growing demand for aesthetically pleasing and highly durable buildings and cost-effective decorative products within the country
In the U.S., the solid wood segment is expected to expand at a revenue-based CAGR of 1.1% over the forecast period owing to growing investment in the redevelopment and reconstruction of old residential and heritage buildings in the country
Manufacturers are continually engaged in expanding their product portfolio, accompanied by installation services and training programs, for installation workers and after-sales support to the clients.
Grand View Research has segmented the North America wood flooring market on the basis of product, wood type, application, end-use, and country:
North America Wood Flooring Product Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)
North America Wood Flooring Wood Type Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)
North America Wood Flooring Application Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)
North America Wood Flooring End-use Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)
North America Wood Flooring Country Outlook (Volume, Million Square Meters; Revenue, USD Million, 2016 - 2027)
List of Key Players of North America Wood Flooring Market
Mohawk Industries, Inc.
Shaw Industries Group, Inc.
Bruce Evans Flooring, LLC
Mannington Mills Inc.
Flooring Innovations, Inc.
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