Wilmington, Delaware, United States, Jan. 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global bathroom products market is likely to expand at a CAGR of 8.9% between 2022 and 2031. Demand for bathroom products is high owing to rise in disposable income and increase in urge to adopt lavish lifestyle and update homes and bathrooms.
Availability of various bathroom products at cost-effective rates is another significant factor expected to augment market growth during the forecast period. Rise in inclination toward elegant lifestyle and the need for functional designs and bathroom products are anticipated to augment the market in the next few years.
According to TMR report, the global bathroom products market stood at US$ 92.0 Bn in 2021 and is anticipated to reach US$ 212.3 Bn by the end of 2031. Rise in expenditure on bathroom and home interiors is likely to present significant opportunities in the global bathroom products market during the forecast period.
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Key Findings of Study
- Rise in Urbanization and Residential Construction Activities: Population growth, particularly in developing countries, has resulted in mass migration to cities. Western lifestyles are becoming more popular among the people in these economies. Furthermore, disposable income in emerging markets has increased significantly in the past few years. These factors are expected to contribute to the growth of the bathroom products market during the forecast period.
- Increase in Adoption of Home Automation: Rise in popularity of smart technology and increase in adoption of smart home concepts are anticipated to propel bathroom products market expansion. Home automation equipment is easy to install and have better functionality in comparison to traditional bathroom products. Thus, rise in adoption of home automation systems is projected to bolster bathroom products market expansion in the long run.
Key Drivers
- Rapid pace of urbanization and rise in construction activities in the residential sector are expected to augment the global bathroom products market during the forecast period
- Rise in demand for bathroom furniture is anticipated to propel the bathroom products market size during the forecast period
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Regional Growth Dynamics
- Asia Pacific is likely to dominate the global market during the forecast period owing to the rise in building and construction activities in the emerging nations
- Rise in population, growing need for newly constructed housing projects, and increase in disposable income of people in emerging economies, such as India, China, and Japan, are projected to present significant opportunities for market players in the market in Asia Pacific during the forecast period
Key Players
Prominent players in the global bathroom products market are AmeriSink, Inc., Ginsey Industries, Inc., Sloan Valve Company, Bemis Manufacturing Company, Huida Sanitary Ware Co., Ltd., Hamberger Sanitary GmbH, LIXIL Corporation, TOTO Ltd., Roca Sanitario, S.A, and Kohler Co.
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Bathroom Products Market Segmentation
Type
- Bathroom Basin
- Single
- Double
- Multiple
- Bathroom Furniture
- Cabinets
- Mirrors
- Shelves
- Others (vanities, etc.)
- Bathroom Accessories
- Taps
- Toothbrush Holders
- Towel Racks/Rings
- Trash Cans
- Others (bath rugs & mats, etc.)
Application
- Residential
- Commercial
- Hospitals
- Offices
- Hotels & Cafes
- Others (institutions, etc.)
Price
- Low
- Medium
- High/Premium
Distribution Channel
- Online
- E-commerce Websites
- Company-owned Websites
- Offline
- Hypermarkets/Supermarkets
- Specialty Stores
- DIY Stores
Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
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