South Korea Bathroom Fittings Market Overview, 2028

South Korea Bathroom Fittings Market Overview, 2028

Actual Market Research 31-12-2022 69 Pages Figures : 5 Tables : 10 Region : Asia-Pacific Country : Korea South Category : Consumer Goods & Services Household Goods

One of the main factors fueling market expansion is the rising awareness of sanitary and personal hygiene. The World Health Organization (WHO) claims that poor sanitary conditions are one of the leading causes of death, accounting for 60% of all diarrhea-related deaths worldwide each year. The demand for bathroom linens and accessories is being driven by the realization that maintaining good personal hygiene is essential to living a healthy life. Furthermore, the market is expanding due to consumer demand for sanitary bathroom accessories such as antimicrobial toilet seats. Therefore, over the projected period, the demand for bathroom accessories in healthcare facilities, educational institutions, and offices would be driven by the growing awareness about preserving personal and sanitary cleanliness. According to the research report, “South Korea Bathroom fittings Market Outlook, 2028” published by Bonafide Research, the market is projected to add USD 632.56 million by 2028. The country's growing number of residential and commercial properties, rising population, and emphasis on maintaining hygiene are all contributing to the South Korea Bathroom fittings market's anticipated significant growth in the years to come. These factors are piquing consumers' interest and fueling the nation's rising demand for the product, which is anticipated to benefit the market's potential expansion. The fastest-increasing product categories in the South Korean market are faucets and showers in particular. The cost eventually decreased and the profit margin subsequently improved due to technical advancement, making the market more lucrative as a result. South Korea had a 51.31 million person population in 2021, with 25.68 million men and 25.63 million women. There 81.41% of the population living in urban areas and 18.59% of the population in rural areas. The GDP of Japan was 2.3 trillion dollars in 2021, while the per capita income was $28075. As more people move to cities, the demand for bath fittings will rise as people's needs for a healthier lifestyle and a higher standard of living increase. It is therefore projected that the bath fitting market in South Korea will continue to expand. Retail enterprises have expanded the offline distribution route. Bathroom fixtures used to only be available at retail stores. These locations assisted customers in making choices from a variety of retail store goods. The rising demand for bathroom fixtures online was a result of suppliers strengthening the security and dependability of their online purchasing processes in response to the greater sales opportunity for these products through online channels. Amazon, Walmart, etc. are some online distribution channels for the bath fitting market in South Korea. The residential segment had the largest market share. The demand for bath fittings in Australia is being affected by rapid urbanization, which is a key factor driving the market's expansion. Population growth results in the expansion of infrastructure like residential homes and buildings, corporate offices, educational facilities, and other commercial projects. The faucets and showers segment dominated the market. Faucets are widely used in the bathroom. With growing concerns about energy conservation and hygiene standards, key participants are heavily embracing smart bathroom concepts and modern smart accessories. Bathroom faucets are one of the essential accessories that are gaining popularity among both consumers and manufacturers. Manufacturers will face intense pricing pressure, and fluctuations in raw material prices will pose a significant challenge to market growth. High installation and maintenance costs will further derail the market's growth rate. The lack of a strong distribution network in backward areas, as well as rising concerns about the recycling and disposal of sanitary ware, will further limit the market's potential for growth. A lengthy product replacement cycle is one of the main factors preventing the market expansion of bath fitting. Branded, high-quality bathroom and toilet aids like sinks, toilets, shower units, towel rails, and rings and hooks don't need to be changed out all the time. Major bathroom accessory producers also provide warranties and guarantees for their products, which prolongs their lives. As a result, people are less likely to buy bathroom items frequently. Bathroom accessory sales are impacted by the lengthy replacement cycle, which limits the market's expansion. Smart bathrooms are becoming more popular since they have a sophisticated design and often have special features like built-in censors. Customers will be able to manage the water temperature in digital faucets or showers as well as the bathroom light, music, and touchless technology with the help of smart bathrooms. The market for bath fittings is expected to develop as a result of these advances. COVID EFFECT Various businesses were affected during COVID-19 in South Korea, including the bathroom fixtures industry. Segments like sanitaryware and bathroom fixtures are largely classified as discretionary spending and have witnessed a deferment of demand due to an unexpected decline in renovation and refurbishment activity in the near term due to the COVID-19 outbreak. However, public health has become an urgent matter in the current climate. The architecture and interior design of bathrooms are taking a fresh look at their foundation. Now, in the context of COVID-19, these spaces could evolve when the current pandemic finally recedes. A new wave of innovations in the bathroom would ensure that it is cleaner, more hygienic, and more comfortable. Considered in this report • Geography: South Korea • Historic year: 2017 • Base year: 2022 • Estimated year: 2023 • Forecast year: 2028 Aspects covered in this report • South Korea Bathroom fittings market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Product • Faucets • Showers • Others (Towel Rack/Ring, Hook, Grab Bars, Paper Holder, etc.) By Distribution Channel • Offline • Online The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual reports of companies, and analyzing government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Bathroom fittings industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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