Increasing consumer spending to gain enhanced features and aesthetic appeal in kitchen and bathroom will drive Luxury Plumbing Fixtures Market growth.
Sellbyville, DE -- (SBWIRE) -- 11/09/2018 -- Increasing consumer spending to gain enhanced features and aesthetic appeal in kitchen and bathroom will drive Luxury Plumbing Fixtures Market growth. Factors such as improved economic conditions and rising disposable income is likely to influence product demand. Surge in preference for water efficient and environmentally sustainable solutions is expected to propel luxury plumbing fixtures market penetration.
Advancement in plumbing industry pertaining to new generation attractive fitting are shifting consumer spending on upgraded interiors. Motion sensor faucets, dual-flush toilets, and bathroom integrated with audio/video system are some of the examples of luxury plumbing fixtures.
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Regulations imposed on residential and commercial sector pertaining to minimize water consumption will open new avenues for the industry growth. As these smart fittings fulfills the customer requirement in terms of appearance as well as efficiency. As per EPA, in the U.S. 50% of the water is consumed for indoor purposes. Thus, the introduction of low flow faucets will be of keen importance to conserve water.
Bathroom segment is set to witness over 4.5% growth up to 2024, with showers and bathtubs being the major contributing fixtures. Shifting trend towards touch free bathrooms, heated seats, and sensor operated valves will open lucrative opportunity in this segment. Kitchens will generate over USD 4.6 billion in revenue by 2024. Increased consumer willingness to spend more on home renovations and to invest on high quality faucets & showers will remain a key factor to drive industry growth.
Residential applications will observe 4.9% CAGR up to 2024. Improved economic condition along with increasing consumer spending on better-quality interiors will boost luxury plumbing fixtures market growth. Affordable and low interest rate housing loans supporting new house construction which in turns making easy for customer to allocate more budget on high-end interior products.
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Commercial applications accounted for over 35% of the market share in 2016. High investment on commercial buildings including hotels & restaurants and offices will boost growth in this segment. Internationalization pertaining to meet the same facility standards offered by developed nations will support demand for luxury plumbing fixtures. Also, upcoming trends of international hotel franchise in emerging countries will eventually enhance industry growth.
APAC represents over 25% of the demand in 2016. Rapid commercial sector expansion owing to increasing number of international investors in the region has positively influenced regional industry growth. North America is mainly driven by the need of water efficiency products. Water scarcity is among the major reason to replace conventional products to low flow faucets and showers. Also, consumer's ability to purchase products even at higher prices makes the region more lucrative.
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Global luxury plumbing fixtures market share includes Toto, Matco-Norca, Cera Sanitary Ware, Delta, Sterling Faucet, Kohler, Natphil, Fiberez Bathware, Little giant, Moen, American standard, Grohe and Noble corporation. Entrance of conventional manufactures to provide high-end fixtures makes the industry more fragmented.