The global Bath Furnishing Market size is expected to reach USD 47.0 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.2% over the forecast period. The market is driven by consumer concerns over healthy and hygienic products, especially in the bathroom accessories segment. Moreover, drastically changes in purchasing power of consumers in developing countries such as China and Japan have fueled the demand over the forecast period.
The market is driven by growth of the wellness and
hospitality sectors in Asia and South America, along with rise in sales of
furniture products used in the industry. Moreover, the growth is attributed to
growing middle and high class population leading to a rise in disposable income
of consumers. Moreover, growing purchasing power of consumers leading to
adoption of premium products and inclination towards decorative and smart
products are anticipated to drive the demand in market.
Increasing number of product launches in bath
fittings such as faucets, shower heads, and mirrors in industry due to growing
demand for specialty products is a key driving factor. Moreover, impact of
e-commerce channels, presence of a number of furniture shops and DIY shops,
cost effectiveness, and health conscious consumers provide a lucrative growth
opportunity for the global market.
North America is anticipated to witness significant
growth due to increasing consumer awareness regarding hygienic product
categories, along with growing product launches in bath furnishing market.
Moreover, Asia Pacific is expected to witness a rise in sales of bathroom
fittings due to growth of the construction industry and increasing demand for
products over forecast period.
Growing demand for interior designing techniques and
products in the home decor market will increase the growth of global market.
Moreover, increasing focus of leading players on decorative mirrors and
fittings products will fuel its demand in the market. Companies are launching
products and expanding their capacity in order to gain a major share in the
market. The market is recognized by a few initiatives such as mergers and
acquisitions, online sales, limited extension, and developments endeavored by
the key players in the business such as Toto Ltd.; Kohler Co.; GROHE AMERICA,
INC.; Ideal Standard International; Hansgrohe; Moen Incorporated; Roca
Sanitario; S.A.; and Villeroy & Boch Group.
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Bath
Furnishing Market Report Highlights
- By product, furniture is projected to ascend at a CAGR of 2.8% over
the forecast period
- The offline channel dominated the global market with a share of
87.4% in 2018
- North America dominated the global bath furnishing market in 2018
and accounted for 36.4% share of the overall revenue. This trend is
projected to continue over the next few years
- Booming hospitality industry on account of growth of the tourism
sector mainly in developing countries is further expected to propel the
market growth
- The market in Asia Pacific is anticipated to witness significant
growth due to increasing disposable income in India, South Korea, China,
and Japan
- The industry is highly competitive in nature with the main players
including Toto Ltd.; Kohler Co.; GROHE AMERICA, INC.; and Ideal Standard
International
- Various manufacturers are concentrating on new product launches,
capacity expansion, and technological innovation to estimate existing and
future demand patterns from upcoming product segments.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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