SAN FRANCISCO, May 10, 2021 /PRNewswire/ -- The global bathroom accessories market size is expected to reach USD 37.08 billion by 2028, according to a new report by Grand View Research, Inc. 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.
Key suggestions from the report:
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
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.
Grand View Research has segmented the global bathroom accessories market on the basis of product and region:
Bathroom Accessories Product Outlook (Revenue, USD Million, 2016 - 2028)
Bathroom Accessories Regional Outlook (Revenue, USD Million, 2016 - 2028)
Central & South America
Middle East & Africa
List of Key Players of Bathroom Accessories Market
Treehouse Glamping Market – Global treehouse glamping market size was valued at USD 186.3 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.7% from 2021 to 2028.
Cookware Market – Global cookware market size was valued at USD 11.84 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.9% from 2021 to 2028.
Fiberglass Sunscreen Market – Global fiberglass sunscreen market size was valued at USD 1.91 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.3% from 2021 to 2028.
Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.