Industry Insights
The global bathroom accessories market was valued at USD 19.40 billion in 2017 and is expected to grow at a CAGR of 5.4% from 2017 to 2025. Growth in the travel and tourism industry is expected to promote the hospitality industry which in turn will increase the demand for bathroom accessories. Also, growth of the residential construction segment is expected to augment market growth over the forecast period.
Government initiatives favoring advanced and sustainable infrastructure in countries such as India and China are expected to propel the construction industry. Furthermore, increasing urbanization in the abovementioned countries as a result of expansion of the middle-class population is expected to promote the scope of residential buildings in the coming years.
For instance, in the Union Budget of India 2018-19, USD 92.22 billion were allocated towards the development of the infrastructure sector in the country. The allocation is projected to increase the construction of commercial spaces and public offices thereby increasing the growth prospect for bathroom accessories.
Segmentation by Product Type
• Towel Rack/Ring
• Hook
• Paper Holder
• Grab Bars
• Others
Towel rack/ring segment revenue is expected to exceed USD 9.5 billion by the end of 2025. Gaining 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’ which dry wet napkins and towels. The warmer or heated rails keep the towel fabric soft during the drying process.
Paper holders accounted for more than 23.0% of the market share in 2017. The increased visibility of paper holders as they constitutes an integral part of a bathroom is expected to remain a key market driver. Moreover, the application growth in commercial establishments in countries such as China and India is expected to expand the growth prospect of paper holders in the near future.
Grab bars generated a market revenues of more than USD 4.50 billion in 2017. Innovation in this product category has been aimed at increasing the functionality associated with these bars. For instance, Ponte Giulio has added folding and removable grab bars in their product portfolio which not only provides basic functionality but also minimizes the space required in the bathroom.
Segmentation by Region
• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa
Asia Pacific accounted for the largest market share of over 35.0% in 2017 owing to the positive outlook towards the residential construction sector in countries such as China and India. Also, expansion of the travel & tourism industry is expected to augment market growth in the coming years. India and China are expected to be the major end use markets responsible for market growth in the region.
North America is one of the key travel & tourism destinations in the world. According to the International Trade Administration (ITA), in 2016, foreign tourists spent more than USD 293 billion on hotel accommodation in the U.S. Thus, supportive hotel industry scenario in North America is anticipated to spur growth in the hospitality industry and associated markets such as bathroom accessories.
The Middle East & Africa region has many tourist destinations such as Dubai, Doha, Tel Aviv, Qatar, and Abu Dhabi. The hotel industry in the region has a lot of growth opportunity in the near future. The tourism industry has witnessed rising service standards and new attractions in the region. According to the Department of Tourism & Commerce Marketing, in 2018, there where around 2,095 hotels and hotel apartment buildings in Dubai. Extensive foothold of the hotel industry in the region and increased occupancy rate in the coming years will add to the growth of bathroom accessories market.
Competitive Landscape
Companies including LIXIL Group Corporation, TOTO LTD, Kohler Co., Roca Sanitario, S.A., Moen Incorporated, Monarch Bath Pvt. Ltd., Hansgrohe, and Bolina Holding Co., Ltd. operating in the market are focusing on strengthening their distribution network.
Over the coming years, demand is expected to rise from the Asia Pacific region where domestic tourism is expected to witness growth. Rise in hospitality and travel & tourism industry at large will support the growth prospect of the market. Manufacturers are expected to tie up with construction companies in order to have assured buyers and create a strong foothold in the potential markets.
