New York, Feb. 10, 2022 (GLOBE NEWSWIRE) -- The latest research study on “Towel Warmer Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Electric and Hydronic) and Application (Commercial and Residential)”, published by The Insight Partners. The towel warmer market growth is driven by the rising urbanization and home remodeling activities and the growing commercial application sector. However, the high product prices restrict the growth of the towel warmer market.
| Report Coverage | Details |
| Market Size Value in | US$ 608.50 million in 2021 |
| Market Size Value by | US$ 812.04 million by 2028 |
| Growth rate | CAGR of 4.2% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
| No. of Pages | 130 |
| No. Tables | 57 |
| No. of Charts & Figures | 65 |
| Historical data available | Yes |
| Segments covered | Type, and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Get Exclusive Sample Pages of this research study at https://www.theinsightpartners.com/sample/TIPRE00024392/
Towel Warmer Market: Competition Landscape and Key Developments
A few key players operating in the towel warmer market are Apollo Radiators; KORADO, a.s.; Pitacs Limited; Radox Radiators Ltd; PORCELANOSA Grupo A.I.E.; Zehnder Group AG; Stelrad; VOGUE (UK) LTD.; St.Lawrence (Tangshan) Metal Products Co.,Ltd., and Purmo Group. Major market players are adopting strategies, such as mergers and acquisitions, to expand their geographical presence and consumer base globally.
In 2020, Europe dominated the global towel warmer market and is expected to continue its dominance during the forecast period. In the colder places of Europe, towel warmer is increasingly used to keep the towels warm. The warmer also helps in restricting the growth of molds and bacteria on the wet towel as towels do not dry quickly in cold weather. Along with this, increased utilization of towel warmers in spas, hotels, gyms, laundry services, and sports facilities across Europe is driving the growth of the towel warmer market. Also, an increased presence of towel warmer manufacturers is leading to various innovations and the development of new products, which is becoming a rising trend in the towel warmer market.
Rising Urbanization and Home Remodeling Activities to Drive Towel Warmer Market Growth:
The rising urbanization and increasing spending on home remodeling activities propel the demand for towel warmers. Factors such as an increase in employment, social factors, and a shift in employment from agriculture drive the rate of urbanization. The increased number of people shifting to the urban areas from rural is leading to the rising construction of new houses and increasing home remodeling activities. There has been increased spending on home remodeling activities, and the bathroom is one of the key areas where most of the remodeling activities are carried out. Along with this, a survey conducted by Houzz, a home renovation platform, including the US homeowners revealed that two among five household owners have renovated their bathrooms for rest and relaxation purposes and also to seek a spa-like feel at home. Thus, increased spending on bathroom remodeling activities to get a spa-like feel and have a relaxing environment fuels the demand for towel warmers.
Inquiry Before Buying: https://www.theinsightpartners.com/inquiry/TIPRE00024392/
Towel Warmer Market Size: Segment Overview
Based on type, the global towel warmer market is bifurcated into electronic and hydronic. In 2020, the electric segment accounted for the largest towel warmer market share, based on type. Electric towel warmer can either be plugged in or hardwired. The increase in consumer awareness regarding the growth of germs on wet towels has propelled the usage of towel warmers for restricting the growth of bacterias and mold.
Based on application, the global towel warmer market is bifurcated into commercial and residential. The market for the residential segment is expected to grow at a faster pace during the forecast period. In the residential sector, towel warmers are increasingly used in laundry rooms, mudrooms, basement, garages, and kitchens. In laundry rooms, it is used for drying the delicate items of clothing that are not suitable for tumble dryers. In mudrooms, a towel warmer becomes a perfect solution to dry wet, dripping coats, and sportswear. However, in the basement, it is used as an effective space heater that provides warmth while controlling the mold. Thus, an increased application in the residential sector fuels the growth of the towel warmer market for the residential segment.
Impact of COVID-19 Pandemic on Towel Warmer Market:
Many industries, such as the consumer goods industry, faced unprecedented challenges due to the COVID-19 pandemic. The shutdown of the manufacturing units led to a negative impact on the production and supply side of the towel warmer market. Along with this, the closure of various commercial facilities such as hotels, gyms, spas, and sports facilities restricted the market growth.
Buy Premium Copy of this research report at https://www.theinsightpartners.com/buy/TIPRE00024392/
During the pandemic, the home remodeling activities and new construction were stalled for a period of time, which also negatively impacted the towel warmer market. However, the businesses are gaining ground as the governments of various countries eased out the previously imposed restrictions. Along with this, various spa resorts are offering long-term COVID-19 treatments, which are increasing the consumer traffic in such resorts, leading to an increase in demand for towel warmers. In addition, an ease in the restrictions imposed by the government has led to an increase in travel, which has increased the occupancy rates in various hotels across the world. Thus, the growing hotel industry would drive the towel warmer market in the coming years.
About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.
Contact Us:
If you have any queries about this report or if you would like further information, please contact us:
Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876
Press Release: https://www.theinsightpartners.com/pr/towel-warmers-market
