Bathroom Accessories Market Size, Share & Trends Analysis Report By Product (Towel Rack/Ring, Hook, Paper Holder, Grab Bars), By Region (North America, Europe, APAC, Central & South America, MEA), And Segment Forecasts, 2021 - 2028
New York, May 05, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bathroom Accessories Market Size, Share & Trends Analysis Report By Product, By Region And Segment Forecasts, 2021 - 2028" - https://www.reportlinker.com/p06068233/?utm_source=GNW
Bathroom Accessories Market Growth & Trends
The global bathroom accessories market size is expected to reach USD 37.08 billion by 2028. It is expected to expand at a CAGR of 10.2% from 2021 to 2028. The rising instances of home remodeling projects across countries are revamping the growth of the overall market. With the rising home prices, consumers are increasingly investing in home improvement or home remodeling projects rather than buying new homes. The U.S. economy steadily expanded with rising home prices and low unemployment from mid-2009 to 2019, thereby putting more equity in the pockets of homeowners and downward pressure on the number of homes in negative equity.
According to a report published by Houzz, Inc., the average expenditure on bathroom interior renovations in the U.K. was 4,000 Euros in 2018. In the U.S., the average expenditure on guest/other bathrooms was USD 3,500 and for the master bedroom, it was USD 8,000 in the same year. The report also showed that 51% of consumers hired plumbers for various tasks and with consumers looking to add professional touches to their bathrooms, this trend is estimated to rise over the forecast period. This is likely to boost the sales of bathroom accessories.
According to the Home Improvement Research Institute (HIRI), home improvement spending by Americans was estimated to reach USD 439.9 billion in 2020, registering a rise of 8.7%. Moreover, homeowners have been investing in lifestyle-enhancing projects against merely necessary maintenance activities.
In addition, the rising commercial sector, along with the expansion projects in the hospitality industry, is helping paint a positive scenario for the market. According to Hospitalitynet.org, in 2019, with 435 new hotels with 58,202 rooms opened throughout Europe, the region is expected to contribute majorly to the growth of the European market for bathroom accessories. According to TOPHOTELNEWS, Europe leads on a region-by-region basis with 185 hotels and 31,814 rooms, followed by North America with 136 new properties and 23,742 keys in January 2021.
The towel rack/ring product segment held the largest share of 41.4% in 2020. The growing popularity of heated towels in various colors and forms is expected to keep the market growth high over the coming years. Innovation by manufacturers in terms of product design aimed at widening product portfolio to gain competitive advantage is expected to be a key market trend. For instance, Vogue UK introduced ‘Towel Warmers’ that dry wet napkins and towels. The warmer or heated rails keep the towel fabric soft during the drying process.
Bathroom Accessories Market Report Highlights
• Asia Pacific is expected to register the fastest CAGR from 2021 to 2028. The regional construction industry, which was valued at nearly USD 5 trillion in 2019, is expected to grow at an average annual rate of 8% (2019-2025), with spending and investments pledged by regional governments to provide affordable housing to the poor
• By product, paper holders are expected to expand at the CAGR of 10.1% from 2021 to 2028. The segment is driven by the hospitality sector, which includes hotels, hospitals, and guest houses
• The towel rack/ring product segment held the largest share of 41.4% in 2020 owing to its higher penetration across households as well as commercial sectors
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