Aug 12, 2021 (AB Digital via COMTEX) -- Vietnam Sanitary Ware and Bathroom Accessories Market size was valued at $578 million in 2020, and is anticipated to reach $743 million by the end of 2026 growing at a CAGR of 6.0% during the forecast period 2021-2026. The Vietnam sanitary ware & bathroom accessories industry growth rate is attributed to the rapid economic growth along with higher purchasing power among consumers and is anticipated bringing new opportunities. Items used in bathrooms and kitchens are referred to as sanitary ware and bathroom accessories. Washbasins, toilet sinks/Water Closet, pedestals, and cisterns, as well as toilets, flushing systems, and other bathroom fixtures like soap holders and towel rings, are all included in the market. Porcelain, a ceramic material, was commonly used, but it is now available in a wide range of materials, including metals, glass, and plastics. Further, numerous ambitious programs launched by the government, are poised to provide significant impetus to the demand for sanitary wares. Furthermore, replacement of old bathroom sanitary ware also creates demand for new sanitary wares & bathroom accessories. In addition, government impetus on housing through investment inducing policies, reduction in interest rates for housing loans, and increase in nuclearization is anticipated to catalyze demand for housing going forward.
Vietnam Sanitary Ware & Bathroom Accessories Market Segment Analysis - By Material
In 2020, on the basis of material, ceramic segment accounted for the largest segmental revenue of the Vietnam sanitary ware & bathroom accessories market. The ceramic segment is projected to witness healthy growth throughout the forecast period 2021-2026 with a CAGR of 6.89% on account of the growing Vietnam sanitary ware & bathroom accessories consciousness. The growth of the segment is mainly attributed to its easy-to-clean, smooth surface, along with enhanced hygiene standards and high resistance toward chemical acids, hydrochloric compounds, or strong cleaning fluids thereby, positively impacting the segment growth. Furthermore, ceramic is the most preferred material for manufacturing high-quality sanitary fittings due to its pleasant appearance and versatility.
Vietnam Sanitary Ware & Bathroom Accessories Market Segment Analysis - By End Users
On the basis of end users, residential segment accounted for the largest segmental revenue of the Vietnam Sanitary Ware & Bathroom Accessories market in 2020 and is projected to dominate over the forecast period 2021-2026 with a CAGR of 6.5% owing to increasing economic growth driving incomes, the purchasing power is expected to increase significantly, across all consumer groups, thus, creating one of the largest consumer groups. The majority of the Vietnam families had not considered installing stylish bathroom fittings earlier. However, with the increase in disposable incomes, the middle and upper classes are willing to spend more on their lifestyle products, such as bathroom fittings and accessories. People are opting for bigger and better bathrooms as a sure sign of luxurious living. Additionally, increasing the sizes of bathrooms also gives a chance of adorning the space with exquisite fixtures.
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Vietnam Sanitary Ware & Bathroom Accessories Market Drivers
The Vietnam sanitary ware & bathroom accessories market is poised to receive upswing owing to significant increase in the preference for bath fittings market in Vietnam has been majorly driven by rising urbanization and improving consumer awareness regarding new bath accessories. A home with at least one bathroom has become a necessity in urban areas, which in turn has led to an increase in demand for bathroom fittings. The primary factors driving the bathroom fittings market include rapid urbanization and improving living standards. As a result, consumers are now becoming more inclined toward premium and high-end household fittings. In addition to this, the increasing urbanization levels, along with the growing construction of smart and luxury housing projects have further augmented the demand for bathroom fittings. Various automated bathroom accessories including, sensor taps, smart showers/mixers, automatic soap dispensers, etc., are gaining popularity, precisely among the urbanized population.
Vietnam Sanitary Ware & Bathroom Accessories Market Challenges
Strict Regulations And Lack Of Reimbursement
Despite several drivers, stringent government regulations and environmental policies are some of the major factors that are projected to hamper the Vietnam sanitary ware & bathroom accessories market growth to a certain extent over the forecast period 2021-2026. Conversely, technological developments and introduction of new innovations such as aerial showers, smart showers, and cascade flow in the showers are emerging sanitary ware & bathroom accessories market trends in the region during the forecast period 2021-2026.
Vietnam Sanitary Ware & Bathroom Accessories Market Landscape
Product launches, mergers and acquisitions, joint ventures and geographical expansions are key strategies adopted by players in the Vietnam sanitary ware & bathroom accessories Market. In 2020, Vietnam sanitary ware & bathroom accessories market share is fragmented by the top ten players present in the market. Vietnam Sanitary Ware & Bathroom Accessories Market top 10 companies are CAESAR Bathroom, Gessi SpA, Innoci Vietnam, Jaquar Group, LIXIL Group, Roca Sanitario, S.A.,TOTO Ltd., Viglacera Corporation, Italisa (Vietnam) Co. Ltd., Thien Thanh Sanitaryware Joint Stock Company (Thien Thanh) and others.
The factors such as rapid urbanization, growing economies, and improved consumer purchasing power are amongst the major factor projected to impel growth of Vietnam sanitary ware & bathroom accessories market
Additionally, factors such as growth of modern intelligent technology and innovative designs in diverse sanitary ware products coupled with huge middle class population are demanding high-end premium sanitary ware products due to shift in lifestyle patterns are to create opportunities paving a way for the growth in the market during forecast period 2021-2026.
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