Luxury Plumbing Fixtures Market is set to grow from its current market value of more than USD 19 Billion to over USD 26 billion by 2024; according to a new research report by Global Market Insights, Inc.
The growing preference for smart homes coupled with the rising affluence among consumers has been majorly stimulating luxury plumbing fixtures market. Given that state-of-the-art plumbing fixtures in bathrooms and kitchens can add a different kind of class to the whole house by highlighting the smallest details that had often been overlooked in the past, the popularity of these fixtures is not exactly surprising. Luxury plumbing fixtures market is fast emerging to become a niche industry that is incorporating artistic sensitivity with practical design to cater to a growing populace of consumers who are looking to upgrade their homes or business spaces not only by concentrating on decorating the halls, bedrooms or reception, areas but also the bathrooms and kitchens.
Socio economic influences have changed the way bathrooms and kitchens are viewed around the world. The popularity of spas for instance, has inspired consumers to expect more from bathroom designs. There has been a growing trend to treat the bathroom as a luxurious personal space for complete relaxation, thereby providing major stimulus to luxury plumbing fixtures industry. Oriental cultures since recent times, have been following the trends set by Hollywood and the like, that specifically highlight luxury bathrooms from the western culture. Bathrooms thus, are moving away from being the conventional bathing/ablution space to a space that provides intimate relaxation. In this regard, it is prudent to mention that bathtubs are witnessing fastest growth in the luxury plumbing fixtures market with luxury and designer showers becoming equally popular.
One of the luxury plumbing fixtures industry giants, Kohler, recently designed the Real Rain shower, which is basically a 19-inch square panel encompassing nozzles with variable sizes unlike traditional showers where all nozzles are of the same size. In the Real Rain shower, water droplets of random sizes hit the user at random times, thus aptly imitating the effect of real rain and fulfilling consumer demand for a novel experience while taking a simple shower. Luxury plumbing fixtures market is also expected to be propelled by the demands of deluxe toilets with heated seats and voice controlled operations. Heated floors and towel racks are also becoming a part of the fast-evolving fixture landscape of luxury plumbing fixtures market. Driven by a plethora of such product developments and their rapidly increasing sales, in 2016, luxury plumbing fixtures industry size was pegged at USD 15 billion, with lucrative growth projections set for the period 2017-2024.
North American luxury plumbing fixtures market is estimated to exceed USD 7 billion by 2024.
Kitchens, which have become a central showpiece in modern homes have accounted for 15% of the shares generated by luxury plumbing fixtures market in 2016. The kitchen sink and faucet, being among the most used fixtures in the kitchen, have demanded major attention from luxury plumbing fixtures industry leaders like ROHL, that has recently redefined the design of kitchen faucets as the water appliance. Aesthetically appealing faucets with adjustable water volume are very much in demand in modern homes, on the grounds of which key players in the luxury plumbing fixtures market are concentrating to bring more and more innovative sink and faucet designs to the 21st century homes.
North America has been projected to be one of the leading consumers for luxury plumbing fixtures industry. Driven by extensive spending on construction, North American luxury plumbing fixtures market is estimated to exceed USD 7 billion by 2024. While demand for jacuzzies and whirlpools are increasing across the region, water conservation is topping the list of environmental protection organizations which is encouraging the luxury plumbing fixtures industry players to design and promote the adoption of water efficient products. APAC is also one of the most lucrative regions stimulating luxury plumbing fixtures market, having held 25% of the overall share in 2016. Subject to increasing consumer disposable incomes in India and China, in tandem with the fact that most luxury plumbing fixtures manufacturing hubs are located in these regions, APAC luxury plumbing fixtures industry will witness massive expansion over 2017-2024.
The globally rising demand for aesthetically impressive as well as water efficient and environmentally sustainable plumbing fixtures have indeed acted as a major driving force for this market. Fueled by the extensive requirement for fixtures in luxurious modern homes, luxury plumbing fixtures industry is likely to attain major gains over 2017-2024.
For more information visit https://www.gminsights.com/industry-analysis/luxury-plumbing-fixtures-market