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The North America - hardwood flooring market size is estimated to grow at a CAGR of 5.91% between 2023 and 2028. The market size is forecast to increase by USD 2.07 billion. The growth of the market depends on several factors such as the rising construction and real estate projects, the increasing focus on indoor sporting activities, and the rising strategic alliances among vendors operating in market.
The report includes a comprehensive outlook on the North America Hardwood Flooring Market, offering forecasts for the industry segmented by End-user, which comprises commercial and residential. Additionally, it categorizes Type into engineered wood and solid wood. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
North America Hardwood Flooring Market Forecast 2024-2028
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People are adopting indoor activities such as tennis, badminton, squash, volleyball, and basketball. These sporting arenas need specific flooring products with high influence resistance and moisture-withstanding properties. Wooden floor options not only meet these requirements but also look very attractive, making them an excellent choice for application in indoor sporting domes and stadiums. People in North America are adopting such flooring options in their open spaces or gardens, which is driving the growth of the North America Wooden Floor market.
Moreover, due to the rising spending capacity of the people in the region, leisurely activities such as shooting, futsal, and bowling have gained significant momentum in terms of adoption in North America, which in turn results in a larger uptake of wood-based flooring solutions in the region. Additionally, Non-resilient Flooring options are also being considered for these activities due to their durability and aesthetic appeal. Hence, the increasing focus on indoor sporting activities and leisure pursuits will drive the growth of the market during the forecast period.
The continued trends of the hardwood flooring market in the region indicate that consumers are mainly opting for highly efficient, eco-friendly, and affordable flooring products. The demand for hardwood flooring has been steady when corresponding with the demand for luxury vinyl tiles. This is because hardwood flooring offers several benefits, such as superior acoustics, ease of cleaning, a premium appearance, a healthy level of indoor air quality, and higher strength and durability.
In addition, hardwood floors have no grout lines, embossing, or fibers that can trap pollen and dust particles, allergens, and animal dander, which can occur in the case of carpets. As a result, the North America - hardwood flooring market delivers extensive prospects for innovation as well as branding and rebranding of new and improved hardwood flooring products. Thus, the growing trend of innovative hardwood flooring will drive the growth of the market during the forecast period.
The lack of vocational training courses, including those on flooring workmanship, and the high demand for labor to cater to the growing construction industry have aggravated the problem of the shortage of skilled labor in the industry. In addition, according to Somerset Hardwood Flooring, a leading market player in the US hardwood flooring market, customers face huge difficulties in finding skilled workers to install flooring products. T
Moreover, the key market players are investing heavily in technology and automation to lower their dependence on human labor. Despite this, the shortage of skilled workers makes a variation between the demand and the delivered output. Rapid economic growth in Canada and Mexico has led to a rise in labor costs in these countries. Thus, such factors may impede the growth of the market during the forecast period.
The commercial segment will account for a major share of the market's growth during the forecast period.? The commercial sector contains buildings in the education, healthcare, hospitality, retail, and office segments. In this sector, the demand for hardwood flooring is anticipated to be driven by higher spending on office spaces and other institutional and commercial constructions, as well as a greater focus on employee comfort.
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The commercial segment was valued at USD 3.56 billion in 2018. Hardwood flooring is manufactured in several colors, styles, and cuts, thus providing versatility in function and design to end-users. The unique texture and appearance of the wood deliver an aesthetic appeal to the floor. Moreover, hardwood floors are extremely durable in nature and last longer post-installation. They are also easy to install and need little to no routine maintenance. Hence, such benefits will drive the growth of the market through the commercial segment during the forecast period.
Based on type, the market has been segmented into engineered wood and solid wood. The engineered wood?segment will account for the largest share of this segment. Engineered wood products are used broadly by builders, architects, code officials, and building designers, who are aware of energy-efficient farming techniques that improve energy conservation, cut labor costs, lower wastage, and speed up construction. In addition, one of the advantages of engineered wood products is that they can be created and developed as per the consumer's demand and custom specifications. Additionally, the availability of unique, colorful designs and the easy maintenance of engineered wood products are among the other features that are expected to drive the growth of the engineered wood segment of the North America - hardwood flooring market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market companies, including:
B and M Noble Co., Brumark Corp., Canfor Corp., Fritz Egger GmbH and Co. OG, Gerflor Group, Goodfellow Inc., Gordon Brothers Commercial and Industrial LLC, Home Legend LLC, Interfor Corp., Koch Industries Inc., Mannington Mills Inc., Mohawk Industries Inc., Provenza Floors Inc., Q.E.P. Co. Inc., Shaw Industries Group Inc., Somerset Hardwood Flooring, Weyerhaeuser Co., Beaulieu International Group, and Tarkett
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies companies into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Based on their quantitative data analysis, companies are specially categorized into dominant, leading, strong, tentative, and weak.
The North America hardwood flooring market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
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North America Hardwood Flooring Market Scope |
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Report Coverage |
Details |
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Page number |
140 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.91% |
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Market Growth 2024-2028 |
USD 2.07 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.21 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
B and M Noble Co., Barlinek SA, Brumark Corp., Canfor Corp., Fritz Egger GmbH and Co. OG, Gerflor Group, Goodfellow Inc., Gordon Brothers Commercial and Industrial LLC, Home Legend LLC, Interfor Corp., Koch Industries Inc., Mannington Mills Inc., Mohawk Industries Inc., Provenza Floors Inc., Q.E.P. Co. Inc., Shaw Industries Group Inc., Somerset Hardwood Flooring, Weyerhaeuser Co., Beaulieu International Group, and Tarkett |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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