The Luxury plumbing fixtures market is set to grow from its current market value of more than USD 19 billion to over USD 26 billion. Developed nations are offering advanced services, which has soared industrialization to match those standards. International hotel franchise chains are expanding globally in developing nations, which will spur luxury plumbing fixtures industry growth.
Elaborating on the application segment, luxury plumbing fixtures market is segmented into commercial and residential segments. Among these, in 2016, commercial segment accounted for more than 35% of the overall business share. A series of investments is being outlaid on commercial buildings, such as offices, hotels, and restaurants.
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Luxury plumbing fixtures market size is likely to exhibit exceptional growth due to the huge contribution from bathtub and shower fittings. Consumer inclination toward heated seats, sensor-operated valves, and touch-free bathrooms has been amplifying considerably over the recent years. People are outlaying higher amounts for home renovations and fixing superior showers & faucets.
In accordance, bathroom segment is likely to register more than 4.5% CAGR through 2024. Also, kitchen segment will account for more than $4.6 billion in luxury plumbing fixtures industry.
Elaborating further on the application landscape, residential applications of luxury plumbing fixtures are likely to gain massive gains over 2017-2024. Consumers are investing heavy amounts for higher-quality interiors and enhancing economic conditions will improve residential applications in luxury plumbing fixtures industry. Introduction of low-interest rate housing loans for construction of new houses will allow consumers to allocate more budget on superior home interiors. Residential applications are expected to record a CAGR of around 4.9% over the forecast period.
The continuous developments in luxury plumbing fixtures market is attributed to increasing preference towards sustainable and water efficient solutions, rising per capita income and improving economic conditions. Consumer inclination towards advanced features and aesthetics in bathrooms and kitchens is considerably fueling the product sales.
Robust advancements in plumbing have resulted in the development of luxury fixtures such as bathrooms integrated with AV systems, dual-flush toilets and motion sensor faucets, which in turn is creating lucrative growth opportunities for the overall market. Development of smart fittings have allowed to meet the consumer demand in terms of efficiency and appearance.
Elaborating on regional contribution, in 2016, Asia Pacific accounted for more than 25% of the total luxury plumbing fixtures industry. The region has been witnessing the development of commercial sector due to rising number of international investors. Moreover, North America luxury plumbing fixtures market will gain considerable proceeds due to increasing need for water-efficient products. Low flow showers & faucets are being expeditiously replaced due to water scarcity in the region. Consumers are spending substantial amounts on purchasing expensive products, which will positively impact luxury plumbing fixtures industry outlook.
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Some Point from Table of Contents:
TABLE 1.Global luxury plumbing fixtures industry 360° synopsis, 2013 – 2024
TABLE 2.Global luxury plumbing fixtures market estimates & forecast, 2013 - 2024, (USD Million)
TABLE 3.Global luxury plumbing fixtures industry estimates & forecast by fixtures, 2013 - 2024 (USD Million)
TABLE 4.Global luxury plumbing fixtures industry estimates & forecast by application, 2013 - 2024 (USD Million)
TABLE 5.Global luxury plumbing fixtures industry estimates & forecast by region, 2013 - 2024 (USD Million)
TABLE 6.Industry ecosystem analysis
TABLE 7.Industry impact forces
TABLE 8.Global bathroom luxury plumbing fixtures industry estimates & forecast, (USD Million), 2013 – 2024
TABLE 9.Global bathroom luxury plumbing fixtures industry estimates & forecast by region, (USD Million), 2013 – 2024
TABLE 10.Global bathroom luxury plumbing fixtures industry from showers estimates & forecast, (USD Million), 2013 – 2024
TABLE 11.Global bathroom luxury plumbing fixtures market from showers estimates & forecast by region, (USD Million), 2013 – 2024
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