Jul 26, 2021 (AB Digital via COMTEX) -- 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.
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Bath Furnishing Market Segmentation
Grand View Research has segmented the global bath furnishing market on the basis of product, distribution channel, and region:
Bath Furnishing Product Outlook (Revenue, USD Billion, 2015 - 2025)
Bath Furnishing Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
Bath Furnishing Regional Outlook (Revenue, USD Billion, 2015 - 2025)
• North America
• Asia Pacific
• Central and South America
• Middle East & Africa
• South Africa
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About Grand View Research
Grand View Research is a U.S. & India-based market research and consultancy firm. It is headquartered in San Francisco. We provide business insights, syndicated research reports, and customized research reports to large as well as small and medium-scale enterprises. Our database features thousands of statistics and in-depth analyses on more than 45 industries. Grand View Research’s extensive database is used by Fortune 500 companies to understand the regional as well as the global business environment.
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