Luxury Plumbing Fixtures Market Report to 2024 - Trends Insights and Business Strategies
Category: #headlines  By Rahul Varpe  Date: 2020-10-09
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Luxury Plumbing Fixtures Market Report to 2024 - Trends Insights and Business Strategies

North America luxury plumbing fixtures market will gain considerable proceeds due to increasing need for water-efficient products. Low flow showers & faucets are being expeditiously replaced due to water scarcity in the region. Consumers are spending substantial amounts on purchasing expensive products, which will positively impact luxury plumbing fixtures industry outlook. In 2016, Asia Pacific accounted for more than 25% of the total luxury plumbing fixtures industry. The region has been witnessing the development of commercial sector due to rising number of international investors.

Escalating preference for dual flush toilets, audio/video-integrated bathrooms, and sensor faucets are likely to generate opportunities for luxury plumbing fixtures market demand.

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Rising demand for aesthetic appearance in kitchens & bathrooms and increased consumer spending will spur luxury plumbing fixtures market growth. Growing disposable income and developing economic conditions have been supporting business growth in recent years. People are increasingly shifting towards adopting water efficient and environmentally sustainable solutions.

Described below are a few major factors influencing luxury plumbing fixtures business trends:

Amplifying adoption of luxury plumbing fixtures in bathrooms and kitchens

Luxury plumbing fixtures market size is likely to exhibit exceptional growth due to the huge contribution from bathtub and shower fittings. Consumer inclination toward heated seats, sensor-operated valves, and touch-free bathrooms has been amplifying considerably over the recent years. People are outlaying higher amounts for home renovations and fixing superior showers & faucets.

In accordance, bathroom segment is likely to register more than 4.5% CAGR through 2024. Also, kitchen segment will account for more than $4.6 billion in luxury plumbing fixtures industry.

Rising demand in commercial and residential applications

Elaborating on the application segment, luxury plumbing fixtures market is segmented into commercial and residential segments. Among these, in 2016, commercial segment accounted for more than 35% of the overall business share. A series of investments is being outlaid on commercial buildings, such as offices, hotels, and restaurants.

Developed nations are offering advanced services, which has soared industrialization to match those standards. International hotel franchise chains are expanding globally in developing nations, which will spur luxury plumbing fixtures market growth.

Elaborating further on the application landscape, residential applications of luxury plumbing fixtures are likely to gain massive gains over 2017-2024. Consumers are investing heavy amounts for higher-quality interiors and enhancing economic conditions will improve residential applications in luxury plumbing fixtures market. Introduction of low-interest rate housing loans for construction of new houses will allow consumers to allocate more budget on superior home interiors. Residential applications are expected to record a CAGR of around 4.9% over the forecast period.

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Evoking concerns for water conservation

Several regulations have been imposed on commercial and residential sectors to reduce water consumption. According to the EPA, in the U.S., indoor purposes use almost 50% of the total water consumption. This has enhanced trends for the adoption of low flow faucets in order to conserve water.

 

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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