Kitchen remodeling has witnessed a high growth over the years owing to increase in disposable income, investment in branded accessories such as hands-free kitchen faucets, and rise in hygiene concerns among consumers. However, global economic growth, upgraded designs, and improvements in purchasing parity of the consumers is expected to drive the luxury plumbing fixtures industry.
Portland, OR -- (SBWIRE) -- 06/29/2018 -- Luxury Plumbing Fixtures Market Report, published by Allied Market research, forecasts that the Luxury Plumbing Fixtures Market size is estimated to reach $24,646 million by 2022, registering a CAGR of 4.9% from 2016 to 2022. Europe constitutes around 38.7% share in the global luxury plumbing market and is expected to remain dominant throughout the analysis period, registering a notable CAGR of 4.1%.
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The factors driving the growth of the luxury plumbing fixtures market are upsurge in urbanization, improvement in economic condition, growing focus of consumers towards luxury housing, and increase in adoption of water-efficient fixtures. In addition, the untapped Asia-Pacific and African regions create potential growth opportunities for the luxury plumbing fixtures market owing to changing lifestyle of customers in these regions. However, high cost of raw materials is expected to hamper the luxury plumbing fixtures market growth.
Bathroom fixtures, particularly toilets consume, the largest amount of water which is 30% in average than any other fixtures similarly, inefficient or old toilets are a major source of water wastage. The U.S. Environmental Protection Agency formulates that the conventional flush systems consuming six gallons of water per flush should be replaced with WaterSense labeled high-efficient toilets consuming only 1.28 gallons or less. These new models provide better or superior performance than older toilets thereby, conserving water by 20-60%.
Advancements in toilets have witnessed a significant growth over the years and ensure an easy-to-use experience to the consumers. Various manufacturing companies such as Kohler Numi in May 2011 launched advanced toilet fixtures including heated seat and foot warmer, built-in bidet functionality and deodorizer, dual-flush system with 1.9 liters per flush, and an automatic lid that opens and closes using a sensor. Bathroom fixtures contributed the highest revenue in 2015, while the kitchen fixtures are anticipated to grow at the highest rate.
The end users of the luxury plumbing fixtures industry are residential and non-residential sectors. The residential sector generated the highest revenue in 2015 and is expected to remain dominant during the forecast period with the growing focus on water-efficiency standards at housing sector, the segment is expected to grow at the highest rate by 2022.
Asia-Pacific is expected to grow at the highest CAGR of 6.0% owing to the increase in urbanization and change in lifestyle of consumers in the developing countries, such as China, India, and Thailand which has risen the demand for luxury plumbing fixtures in the region. However, Middle East is the second fastest growing region due to rise in luxury expenditure of consumers in the luxury plumbing fixtures market globally.
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Key Findings of Luxury Plumbing Fixtures Market
*LAMEA is projected to be the second fastest growing region in the global luxury plumbing fixtures market, in terms of revenue, registering a CAGR of 5.4% during the forecast period.
*The residential sector witnessed significant growth in 2014 and is anticipated to grow at the highest CAGR of 5.6%.
*Bathroom fixtures was the highest revenue contributor to the market with 83.9% share in 2015 and is expected to maintain its dominance throughout the forecast period.
*Showerheads in bathroom fixtures generated the highest revenue in 2015 and are expected to grow, at a notable CAGR of 4.1%.
*Kitchen fixtures is the fastest growing segment, registering a CAGR of 6.1% during the forecast period.
The key luxury plumbing fixtures industry players profiled in the report include Bradley Corporation, GROHE, Little Giant, Kohler, Moen Incorporated, Delta, Toto Ltd., Gerber, American Standard, and Sterling Faucet Company.