Plumbing Fixtures Market to Reach $112.42 Bn, Globally, by 2023 at 6% CAGR: AMR
PORTLAND, Oregon, Feb. 6, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Plumbing Fixtures Market by Fixture Type (Bathroom Fixtures and Kitchen Fixtures) and by End User (Residential and Non-residential) and Geography - Global Opportunity Analysis and Industry Forecast, 2017-2023. The research offers a detailed analysis on changing market dynamics, key investment pockets, major segments, and market competition. According to the report, the global plumbing fixtures market generated $79.13 billion in 2017, and is expected to reach $112.42 billion by 2023, growing at a CAGR of 6% from 2017 to 2023.
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Rapidly growing urbanization and rise in construction activities, change in consumer lifestyle and rise in their disposable income, and increased consumer desire to spend more on advanced fixtures such as smart showerheads and faucets drive the growth of the industry. However, high cost of raw materials and regulatory requirements restrain the growth of the market. Conversely, advancement in plumbing technology and introduction of water efficient plumbing such as flow faucets & sensors and dual flush toilets which helps in conserving fresh water to a large extent create new opportunities for growth of the market.
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Bathroom fixtures segment to dominate, kitchen fixtures to exhibit fastest growth through 2023
Among fixture types, the bathroom fixtures segment accounted for 83.6% of the overall market share in 2017 and would retain its dominance through 2023, owing to the demand for quality and value for money as well as growing focus on high standard of living fueled the demand for mounted bathtubs, eco-friendly showerheads, and energy conservative toilets in the market. Moreover, growing importance of touch free bathrooms and toilets for comfort and aesthetics boosts the demand for the segment. However, the kitchen fixtures segment is expected to grow at the fastest CAGR of 7.0% through the study period. This is due to the increasing demand for sophisticated kitchen styling for various household purposes such as washing and cleaning utensils as well as vegetables. Moreover, remodeling and huge investment in kitchen facilities due to increased disposable income of consumers will further boost the growth of the market.
Residential segment to be lucrative through 2023
Among end-users, the residential segment grabbed the largest market share of more than two-thirds in 2017 and would maintain its revenue lead through 2023. The segment would also grow at the highest CAGR of 6.3% from 2017 to 2023. Growth in construction of residential buildings is leading to increased installation of various luxurious fixtures such as rain showerheads, handheld showerheads, and ceiling showerheads, thereby driving the growth of the segment. The non-residential segment would grow at a steady rate during the forecast period.
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Asia-Pacific to be lucrative through 2023
Asia-Pacific captured more than two-thirds of the overall market share in 2017 and is likely to dominate the market through 2023. The segment is also expected to register the fastest CAGR of 6.6% from 2017 to 2023. The disposable income of middle-class population in countries of Asia-Pacific such as India and China is rising rapidly due to higher economic growth. Thus, their ability to spend more on home and building renovations will lead to higher adoption of high-end fixtures, thereby fueling the growth of the market in the region. The other regions analyzed in the report include North America, Europe, and LAMEA (Latin America, Middle East and Africa).
Frontrunners of the industry
Leading market players analyzed in the research include Kohler Co, Globe Union Industrial Corporation, Lixil Group Corporation, Toto Ltd., Masco Corporation, MAAX Holdings, Inc., Hansgrohe, Roca Sanitario, Bradley Corporation, and Elkay Manufacturing Company. These market players have adopted various strategies including collaborations, joint ventures, partnerships, expansions, and others to gain a strong position in the industry.
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