Bathroom Accessories Market: Towel Rack/Ring Product Segment Held The Largest Share

 Bathroom Accessories Industry Overview

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.


Bathroom Accessories Market Segmentation

Grand View Research has segmented the global bathroom accessories market on the basis of product and region:

Based on the Product Insights, the market is segmented into Towel Rack/Ring, Hook, Paper Holder, Grab Bars, and Others.

  • The towel rack/ring product segment held the largest share of 41.4% in 2020. This is attributed to the fact that apart from being highly functional, heated towel rails and racks add an ultra-stylish flair to bathroom spaces. The growing trend of installing heated towel rails has driven manufacturers to add different finishes and colors to these products.

 

  • Paper holder has gained increased popularity among consumers. This segment is primarily driven by the hospitality sector, which includes hotels, hospitals, and guest houses. The demand for paper holders in bathrooms is particularly high in hotels with a retail value of USD 500 billion and above. These holders come in a variety of materials, such as steel, zinc alloy, brushed nickel and chrome, brass, and chromium, and are available as wall-mounted accessories or in the form of paper holder stands.

 

Bathroom Accessories Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The industry has a large number of international and regional players. The impact of these established players on the market is quite high as a majority of them have vast distribution networks across North America, Europe, and Asia Pacific to reach out to their large customer base. The key players operating in the market are focusing on strategic initiatives, such as product launches, participation in events, and expansions, in order to boost revenue growth and reinforce their position in the market.

Key players are also involved in product launches in order to fuel their growth in the future and solidify their position in the market. For instance, in March 2020, Vogue (UK) launched a new aluminum astute towel warmer that is extremely lightweight, making it suitable for installation on any type of internal wall. Aluminum has been used in order to achieve high production efficiency. Some prominent players in the global bathroom accessories market include: -

  • LIXIL Group Corporation
  • TOTO Ltd.
  • Kohler Co.
  • Roca Sanitario, S.A.
  • Moen Incorporated
  • Hansgrohe Group
  • Gerber Plumbing Fixtures LLC
  • Monarch Bath Pvt. Ltd.
  • Bolina Holding Co., Ltd.
  • ASI American Specialties, Inc.


Order a free sample PDF of the Bathroom Accessories Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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