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Luxury Plumbing Fixtures Market 2020 | Industry Developments, Outlook, Current Trends by 2024

Author : Rahul Varpe | Published Date : 2020-08-24 

The continuous developments in luxury plumbing fixtures market is attributed to increasing preference towards sustainable and water efficient solutions, rising per capita income and improving economic conditions. Consumer inclination towards advanced features and aesthetics in bathrooms and kitchens is considerably fueling the product sales.

Robust advancements in plumbing have resulted in the development of luxury fixtures such as bathrooms integrated with AV systems, dual-flush toilets and motion sensor faucets, which in turn is creating lucrative growth opportunities for the overall market. Development of smart fittings have allowed to meet the consumer demand in terms of efficiency and appearance.

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Strict government regulations aimed at reducing water consumption in commercial and residential sector are also stimulating the development of modern sanitary solutions. According to EPA, 50% of water is consumed for indoor activities in the U.S. Global Market Insights, Inc. projects that worldwide, the luxury plumbing fixtures market size is poised to witness consistent expansion through 2024.

Growing inclination towards sensor operated valves, heated seats and touch free bathrooms are fueling the deployment of innovative bathroom products. Estimates claim that the bathroom segment of luxury plumbing fixtures industry will expand with a CAGR of 4.5% during 2017-2024.

The prominent manufacturers and providers od luxury plumbing fixtures include Noble Corp., Grohe, American Standard, Little Giant, Fiberez Bathware, Natphil, Johler, Sterling Faucet, Delta, Cera Sanitary Ware, Matco-Norca and Toto, among others.

The kitchen segment is expected to accrue USD 4.6 billion by the year 2024, primarily due to shifting focus towards home renovations and growing demand for high quality showers and faucets. Based on the application spectrum, the residential segment is reckoned to witness a y-o-y growth rate of 4.9% through 2024.

Improving economic conditions and rising consumer spending on high quality interiors are positively influencing the industry outlook. Introduction of low interest rates and affordable housing loans have allowed consumers to spend on high-end products. Commercial application segment held 35% market share in the year 2016. Surging investments towards commercial buildings such as offices, hotels and restaurants are favoring the market trends.

Rising adoption of international facility standards and increasing number of multinational hotel franchise isn developing regions are boosting the installation of luxury fixtures. Estimates indicate that Asia-Pacific accounted for 25% of total luxury plumbing fixtures market share in the year 2016. Rapid expansion of commercial sector, primarily due to rising number of international investors is promoting infrastructure development in Asia-Pacific.

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Alternatively, the luxury plumbing fixtures industry in North America will witness consistent growth in the subsequent years. Lack of adequate water sources have increased the replacement of conventional products with more water efficient faucets and showers.

 

 

About Author

Rahul Varpe

Rahul Varpe

Rahul Varpe currently writes for fractovia. 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 online. Apart from being an avid reader, his other hobbies include music and sketching. [email protected] | https://twitter.com/varperahul

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