North America Residential Wood Flooring Market

Posted by mandar on March 25th, 2021

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.

Request PDF brochure

https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=76900

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.