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The influence of the bathroom fitter on bathroom essentials as well as brand recognition is expected to achieve higher market growth in the global bathroom fittings market with a 7.56% CAGR due to changes in consumer behavior and increasing disposable inc
Dec, 31
2022

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The influence of the bathroom fitter on bathroom essentials as well as brand recognition is expected to achieve higher market growth in the global bathroom fittings market with a 7.56% CAGR due to changes in consumer behavior and increasing disposable inc

 

Bathroom fitters include all aspects of bathrooms, including faucets, showers, and others (towel racks, bath tubs, hooks, grab bars, etc.). The bathroom fittings market is expected to grow significantly during the forecasted period due to changes in lifestyle and an increase in disposable income. Also, the bathroom fittings were limited to the urban areas previously and the penetration in rural areas is still left, which is going to boost the growth of the bathroom fitting market. Bathroom fittings are generally made of porcelain, metal, glass, acrylic plastic, Perspex, and other materials. Bathroom fixtures enhance both the aesthetic and functional value of the bathroom. It also emphasizes elegance, style, and luxury. The housing region has been developing because of the upward push in the buying power of individuals and the overall urban population, a boom in the wide variety of nuclear families, speedy urbanization, and the authority’s involvement in offering easy loans, among others. This, in turn, has been contributing to the expansion of the bathroom fittings market. Moreover, the actual property enterprise is addressing the demand for built-up space from a number of market segments, including offices, housing units, shopping malls, the hospitality enterprise, the producing sector, and logistics facilities. Thus, the housing region is expected to experience a tremendous increase, thereby driving the demand for bathroom accessories, which shape a fundamental part of the modern-day infrastructure.

According to the report titled "Global Bathroom Fittings Market Outlook, 2028,” published by Actual Market Research, the market was valued at more than USD 51 Billion in 2022, and it is anticipated to grow with a CAGR of more than 7% from 2023 to 2028. The increasingly changing lifestyle and demand for luxurious products in the residential sector are expected to spur growth in the market. The market has grown significantly as a result of rising urbanization and increased consumer interest in new bathroom accessories. A residence with a minimum of one bathroom has grown in urban areas, which in turn has brought about a growth in the demand for bathroom accessories. The number one element of using the bathroom accessories marketplace consists of speedy urbanization and enhancing dwelling standards. As a result, customers at the moment are turning into more willing buyers of top-class and high-end household accessories. In addition to this, the growing urbanization levels, alongside the developing production of comfortable housing initiatives, have similarly augmented the demand for bathroom accessories.

The bathroom fittings market has been bifurcated into Faucets, Showers, and Others (Towel Rack/Ring, Bath Tubs, Hooks, Grab Bars, etc.) in the product segment. Faucets currently have a market share of more than 80% in the bathroom fitting market. The demand for bathroom fittings products is increasing in tandem with the growth of the residential, commercial, hospitality, and institutional sectors. And faucets are a product that is required in every bathroom, kitchen, or other area where a person needs water. Further, the bathroom fittings market has been divided into two segments based on end user, namely residential and commercial. Residential currently holds a market share of more than 60% in the bathroom fittings market. Because there are more residential areas than commercial areas, the product is more in demand in the residential area, making the residential end user the market leader in the bathroom fitting market. The distribution channels that are considered in the bathroom fixtures market are offline and online. People have been using the offline mode of distribution for a long time, and there has been no substitute for it. As a result, the offline distribution channel currently controls more than 90% of the bathroom fittings market.

As per the region, the bathroom fittings market has been bifurcated into five regions, i.e., North America, Europe, Asia Pacific, South America, and the Middle East and Africa. The Asia Pacific region is currently dominating the bathroom fitting market with a market share of more than 40%. A severe sanitation crisis in recessive economies caused by a variety of factors is a major factor impeding the growth of the bathroom fittings market. Several government initiatives and improvement programmes to develop and upgrade the sanitary ware infrastructure is acting as a major factor which is creating an opportunity for the growth of the market. A diverse range of adverse effects on the environment due to mineral extraction is acting as a major factor, which is posing a challenge for the growth of the Asia-Pacific market. The market for bathroom fittings in Asia-Pacific seems unorganized. Industry leaders in the organized segment are progressively scaling their production capacities, upgrading their manufacturing processes, and focusing on innovative technologies to produce ergonomically convenient designs to keep up with the changing tastes of consumers.
In the past few months, the European Union has seen a good increase in construction activities, with increasing demand for bathrooms having eco-friendly bath fittings. This expansion will be driven by organizations that are constantly innovating to meet the ever-changing needs of consumers. The growth and innovation impacts that most middle-income economies witnessed at a per capita income of USD 44539 The bath fitting industry is being fuelled by Europe's rising per capita income. In the recent past, consumer spending on housing and improvement increased, pushing the bath fitting market demand. The European bath fitting market is growing rapidly owing to the development of the residential construction sector and renovations. Furthermore, factors contributing to this growth include rising disposable income, housing space constraints, and rising levels of lifestyle. Due to modernization and urbanization, the demand for bath fittings is increasing in the country over the forecast period.

On the other hand, North America is considered the key market for the bathroom fittings industry owing to the presence of many high-priced hotels that provide world-class facilities with exquisite and expensive bathroom fittings to have a competitive edge, high disposable income, and a changing lifestyle. Furthermore, rising modernization, along with the prevalent trend of automation in household components, has resulted in the launch of bathroom fittings with in-built sensors. Various automated bathroom accessories including, sensor taps, smart showers/mixers, automatic soap dispensers, etc., are gaining popularity, precisely among the millennial and urbanised population across the North America. Furthermore, various advanced bathroom fittings are equipped with water-saving technology to reduce water waste, resulting in high demand throughout the region. The rising environmental concerns about water scarcity and decreasing groundwater levels have encouraged the manufacturers to design newer, state-of-the-art water closets, sinks, toilets, cisterns, etc. for optimum water utilization.

The elevating living standards of consumers, supported by their rising disposable income levels, have led to a growing inclination towards exquisite and high-end household accessories, such as bathroom fittings, across the South America region. Moreover, various technological upgrades and rapid digitalization have led to the introduction of advanced and smart bathroom accessories that can be operated via IoT-based devices. Also, rising modernization, along with the prevalent trend of automation in household components, has resulted in the launch of bathroom fittings with in-built sensors. Various automated bathroom accessories, including sensor taps, smart showers and mixers, automatic soap dispensers, etc., are gaining popularity, particularly among the millennial and urbanized populations. Additionally, various advanced bathroom fittings are also equipped with water-saving technology for reducing water wastage, thereby experiencing high demand across the globe. In the Middle East and Africa, the bathroom fitting market is expected to grow significantly during the forecast period due to rapid urbanization in developing countries, which has increased residential and commercial building construction activities. Moreover, changing lifestyles, increasing expenditure power, and the augmenting trend of smart homes are propelling the growth of this regional market. With these new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the weather monitoring system market at a significant CAGR during the forecast period.

Market trends:

• Increased popularity of smart bathrooms: Smart bathrooms, which feature elegant design and many unique features, such as inbuilt sensors, are becoming increasingly popular. Consumers will be able to control the temperature of water in digital faucets or showers, as well as bathroom lights and music, with the help of smart bathrooms and touch-less technology. Such advancements are expected to fuel the growth of the bathroom products market.
• Increased use of smart bathroom products: During COVID-19, the sale of smart bathroom products increased, and people were drawn to touch-free products such as faucets, commodes, and lavatories to avoid Corona virus disease. Because people are afraid to use public restrooms, hotels and corporate offices have begun to use smart and touch-free bathroom products, accelerating market growth.

Recent Developments:

• In March 2020, Vogue (UK) launched a new aluminum Astute towel warmer that is extremely lightweight, making it suitable for installation on any type of internal wall. Aluminum has been used in order to achieve high production efficiency.
• In May 2019, LIXIL Group Corporation introduced new cutting-edge technology and differentiated designs through its portfolio of leading international brands, which include American Standard, GROHE, INAX, and LIXIL (prefabricated bathrooms).
• In 2020, Kohler, a manufacturer of bathroom solutions, introduced the innovative Touch less Toilet, which allows for touch less flushing through the incorporation of a sensor in the toilet's flush lever.
• In January 2021, Roca, a Spanish manufacturer of bathroom products, acquired the bathroom furniture division of RG International Bathroom for an undisclosed amount. This acquisition is expected to reinforce the bathroom furniture category and will allow the Roca group to increase its competitiveness in this segment. RG International Bathroom is a Europe-based manufacturer of bathroom products.

Covid-19 Impacts:

Ever since COVID-19 broke out in 2019, it has spread aggressively, resulting in a rapid declaration by the WHO affirming COVID-19 as a global pandemic and an emergency. The impact of the pandemic is widespread, and the aftermath is well pronounced, gravely affecting the global bathroom accessories market. The sudden pandemic and its implications have posed significant challenges, such as travel bans, quarantines, and lockdowns. These developments are hampering operations and resulting in supply chain breaches, stock market inefficiencies, and vendor chaos. These are constantly interfering with the normal functioning of industries. Ever since the outbreak of the global crisis, the impact on upstream, downstream, and midstream industries has been appalling. Amidst the pandemic, the global bathroom accessories market has been witnessing new dynamics that are necessitating new business models and approaches to recoup growth and revenue streams.