The global bathroom accessories market was valued at USD 17.07 billion in 2020 and is expected to grow at a CAGR of 10.0% during the forecast period. The increasing standard of living tied with a rising inclination towards the luxury lifestyle is responsible for the market growth. Rapid urbanization coupled with the rising tour and traveling activities is directly linked with the hospitality sectors witnessing an accessories market development.
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Furthermore, intensifying expansion of the real estate construction tied with commercial sector development impel the bathroom accessories market growth around the globe in the future scenario. Bathroom accessories can be defined as the type of equipment usually used in the bathrooms, such as hooks, grab bars, racks, or rings for towels, paper holders, and others. Bathroom accessories are used for maintaining the standard of living, which is available in various shapes & sizes, materials, as well different inside surfaces, gaining huge popularity among the end-user.
In the wake of the COVID 19 pandemic, the bathroom accessories market has witnessed a significant downfall due to the reducing number of construction projects around the globe. As construction activities are a delicate component in the economic cycle, workers and construction companies are mainly vulnerable to the extreme decline in economic movement because the high possibilities of health risks of spreading are linked with the working physically. Hence, the bathroom accessories market is experiencing adverse growth in the outbreak of COVID 19.
Nowadays, the use of bathroom accessories is gaining huge traction in residential applications and commercial sectors. Since it can be widely used in residential buildings, such as homes, apartments, etc., and commercial buildings like hotels, resorts, motels, etc. Likewise, the adoption of modern bathroom accessories (such as hooks, towel racks, or rails and paper holders) has shown a small footprint that styles the bathroom more stylish, modern, and sophisticated.
Additionally, the well-style bathroom accessories offer easier maintenance, as well as they come in numerous colored bathroom ware, with a variation of design options in the market. For this reason, bathroom accessories have become a significant component in the interior design package to develop the standard of living in the commercial and residential sectors, thereby expanding the bathroom accessories industry growth in the forecasting period.
Furthermore, few other prominent factors such as exponent market development of hospitality sector due to rising number of traveling and touring activities, the introduction of advanced products, and the inclination towards the modernized society may act as a catalyzing factor for bathroom accessories industry development across the globe.
The market is primarily segmented on the basis of product, type, and region.
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Based on the product, the segment of towel rack/ring is holding the highest number of stacks for providing lucrative growth to the bathroom accessories industry in 2020. Owing to the technological innovations in the towel racks as heated towel racks and rails have a high functionality designed for heating towels before usage. The rising penetration of heated towel rails and rails in the market is rising as it completes an ultra-stylish flair in the bathroom area.
The increasing movement of fixing towel racks or rails leads vendors to the advancement of products such as varied finishes as well as the availability of different colors such as rose gold, black and white. Furthermore, escalating disposable income in various regions drives the demand for bathroom accessories for the improving luxurious living of a population. Thus, these factors may accelerate market growth all around the world. The paper holder segment is gaining huge popularity, which, in turn, is witnessing the highest CAGR over the forecast period of 2021-2028.
The demand for the paper holder is likely to drive mainly due to the growth of the hospitality segment, which comprises guest houses, hotels, hospitals, and others. In addition, the availability of diverse materials such as brushed nickel and chrome, brass, steel, zinc, chromium, and alloy present various characteristics that positively influence the bathroom accessories industry growth. Furthermore, segment growth is highly demanded in hotels with accessibility as wall-mounted accessories may bring an upsurge in the market in the near future.
Geographically, the Asia Pacific region grasp the leading position in revenue generation in the global bathroom accessories industry and is likely to grow in the forecasting period, owing to the emerging economies such as India, China, Myanmar, and Vietnam, which may contribute to the growing demand of this accessories market. In addition, the increasing population in the APAC region requires more residential spaces has been directly lifting the bathroom accessories industry growth.
For instance, as per the worldometer.org, in 2020, the population of Asia is around 4.6 billion people and ranked as the number one region in terms of population. Thus, this traditionally conquered several economic & social indicators, like increasing spending on housing and construction tied with affordable housing agendas may contribute to the market growth in the region.
Moreover, Europe is anticipated to project a healthy growth rate in the global market over the forthcoming period. The foremost economies in the region, such as Italy, Germany, U.K., and France, are probable to drive this accessories market demand because of the development of the infrastructural sector and increasing household spending.
Factors like the construction of hotels are coupled with the changing standard of living with rising expenditure may attribute to the market expansion in the region. Furthermore, the market is considered a robust intercontinental trading of goods & services, favorable government policies framework, and rising existence of market vendors which is gaining exponential growth in the near future.
Some of the Major Players operating the global market include American Standard, ASI American Specialties, Inc., DELTA FAUCET COMPANY, Gerber Plumbing Fixtures LLC, GROHE Pacific Pte Ltd, Hansgrohe, LIXIL Corporation, Moen Incorporated, Monarch Bath Pvt. Ltd., Roca Sanitario, S.A., and TOTO Ltd.
Market size value in 2020
USD 17.07 billion
Revenue forecast in 2028
USD 31.45 billion
10.0% from 2021 - 2028
2016 - 2019
2021 - 2028
Revenue in USD billion and CAGR from 2021 to 2028
By Product, By Type, By Region
North America, Europe, Asia Pacific, Latin America, Middle East & Africa
American Standard, ASI American Specialties, Inc., DELTA FAUCET COMPANY, Gerber Plumbing Fixtures LLC, GROHE Pacific Pte Ltd, Hansgrohe, LIXIL Corporation, Moen Incorporated, Monarch Bath Pvt. Ltd., Roca Sanitario, S.A., and TOTO Ltd.