The global bathroom accessories market size is expected to reach USD 37.08 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 10.2% from 2021 to 2028. The rising instances of home remodeling projects across countries are revamping the growth of the overall market. With the rising home prices, consumers are increasingly investing in home improvement or home remodeling projects rather than buying new homes. The U.S. economy steadily expanded with rising home prices and low unemployment from mid-2009 to 2019, thereby putting more equity in the pockets of homeowners and downward pressure on the number of homes in negative equity.
According to a report published by Houzz, Inc., the average expenditure on bathroom interior renovations in the U.K. was 4,000 Euros in 2018. In the U.S., the average expenditure on guest/other bathrooms was USD 3,500 and for the master bedroom, it was USD 8,000 in the same year. The report also showed that 51% of consumers hired plumbers for various tasks and with consumers looking to add professional touches to their bathrooms, this trend is estimated to rise over the forecast period. This is likely to boost the sales of bathroom accessories.
According to the Home Improvement Research Institute (HIRI), home improvement spending by Americans was estimated to reach USD 439.9 billion in 2020, registering a rise of 8.7%. Moreover, homeowners have been investing in lifestyle-enhancing projects against merely necessary maintenance activities.
In addition, the rising commercial sector, along with the expansion projects in the hospitality industry, is helping paint a positive scenario for the market. According to Hospitalitynet.org, in 2019, with 435 new hotels with 58,202 rooms opened throughout Europe, the region is expected to contribute majorly to the growth of the European market for bathroom accessories. According to TOPHOTELNEWS, Europe leads on a region-by-region basis with 185 hotels and 31,814 rooms, followed by North America with 136 new properties and 23,742 keys in January 2021.
The towel rack/ring product segment held the largest share of 41.4% in 2020. The growing popularity of heated towels in various colors and forms is expected to keep the market growth high over the coming years. Innovation by manufacturers in terms of product design aimed at widening product portfolio to gain competitive advantage is expected to be a key market trend. For instance, Vogue UK introduced ‘Towel Warmers’ that dry wet napkins and towels. The warmer or heated rails keep the towel fabric soft during the drying process.
Browse full report with Table of Content @ https://www.grandviewresearch.com/industry-analysis/bathroom-accessories-market
Bathroom Accessories Market Report Highlights
Asia Pacific is expected to register the fastest CAGR from 2021 to 2028. The regional construction industry, which was valued at nearly USD 5 trillion in 2019, is expected to grow at an average annual rate of 8% (2019-2025), with spending and investments pledged by regional governments to provide affordable housing to the poor
By product, paper holders are expected to expand at the CAGR of 10.1% from 2021 to 2028. The segment is driven by the hospitality sector, which includes hotels, hospitals, and guest houses
The towel rack/ring product segment held the largest share of 41.4% in 2020 owing to its higher penetration across households as well as commercial sectors
For Requesting a Sample Copy of This Report, Please Visit @ https://www.grandviewresearch.com/industry-analysis/bathroom-accessories-market/request/rs1
Bathroom Accessories Market Segmentation
Grand View Research has segmented the global bathroom accessories market on the basis of product and region:
Bathroom Accessories Product Outlook (Revenue, USD Million, 2016 – 2028)
Bathroom Accessories Regional Outlook (Revenue, USD Million, 2016 – 2028)
Central & South America
Middle East & Africa
List of Key Players of Bathroom Accessories Market
LIXIL Group Corporation
Roca Sanitario, S.A.
Gerber Plumbing Fixtures LLC
Monarch Bath Pvt. Ltd.
Bolina Holding Co., Ltd.
ASI American Specialties, Inc.
Inquire more or share questions if any before the purchase on this report @ https://www.grandviewresearch.com/inquiry/451381/ibb
Browse More Related Report:
Smart Bathroom Market Size, Share & Trends Analysis Report By Product (Toilet, Soap Dispenser, Faucet, Shower), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2020 – 2027
About Grand View Research
Grand View Research is a full-time market research and consulting company registered in San Francisco, California. The company fully offers market reports, both customized and syndicates, based on intense data analysis. It also offers consulting services to business communities and academic institutions and helps them understand the global and business scenario to a significant extent. The company operates across multitude of domains such as Chemicals, Materials, Food and Beverages, Consumer Goods, Healthcare, and Information Technology to offer consulting services.
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Address:Grand View Research, Inc. 201 Spear Street 1100 San Francisco, CA 94105, United States
City: San Francisco
Country: United States