Luxury Plumbing Fixtures Market Insights, Trends Sales,
Continuous developments in the luxury sanitary market are attributed to an increasing preference for sustainable and water-efficient solutions, rising per capita income and improving economic conditions. Consumers’ tendency towards advanced features and aesthetics in bathrooms and kitchens is fueling product sales significantly.
Robust improvements 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 creates lucrative growth opportunities for the overall market. The development of smart luminaires has made it possible to meet consumer demand in terms of efficiency and appearance.
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Strict government regulations to reduce water consumption in the commercial and residential sectors are also driving the development of modern sanitation solutions. According to EPA, 50% of the water used for indoor operations in the US Global Market Insights, Inc. projects that the size of the luxury sanitary fixture market worldwide is poised to witness a consistent expansion through 2024.
The increasing trend towards sensor-controlled valves, seat heating and touch-free bathrooms is stimulating the use of innovative bathroom products. It is estimated that the bathroom segment of the luxury sanitary fittings industry will grow at a CAGR of 4.5% in 2017-2024.
Prominent manufacturers and suppliers of luxury sanitary fixtures include Noble Corp., Grohe, American Standard, Little Giant, Fiberez Bathware, Natphil, Johler, Sterling Faucet, Delta, Cera Sanitary Ware, Matco-Norca and Toto.
The kitchen segment is expected to generate $ 4.6 billion by the year 2024, mainly due to a shifting focus on home renovations and a growing demand for high-quality showers and faucets. Based on the application spectrum, it is estimated that the residential segment will have a year-on-year growth of 4.9% until 2024.
Improving economic conditions and increasing consumer spending for high-quality interiors are positively affecting the sector’s outlook. The introduction of low interest rates and affordable home loans allowed consumers to spend money on high-quality products. The commercial application segment had a market share of 35% in the year 2016. Increasing investments in commercial buildings such as offices, hotels and restaurants are favoring the market trends.
The increasing adoption of international facility standards and an increasing number of multinational hotel franchises in developing regions are driving the installation of luxury luminaires. Estimates indicate that in the year 2016, Asia-Pacific accounted for 25% of the total market share of luxury sanitary fixtures. Rapid expansion of the commercial sector, mainly due to an increasing number of international investors, is driving infrastructure development in Asia Pacific.
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Alternatively, the luxury sanitary fixture industry in North America will see steady growth over the following years. Due to the lack of sufficient water resources, conventional products have more often been replaced by taps and showers that are more efficient.
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