Rising Instances of Home Remodelling Projects Is Revamping the Growth of the Bathroom Accessories Market

Bathroom Accessories Industry Overview

The global bathroom accessories market size was valued at USD 17.05 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.2% from 2021 to 2028. With the increasing expansion of real estate as well as commercial construction, the bathroom fittings industry is bound to receive a major boost, thereby propelling the demand for bathroom accessories. In addition, the rising disposable income and changing lifestyles of consumers in emerging markets, like China and India, are anticipated to spur market growth in the forthcoming years. For instance, according to Knoema, the world’s leisure travel and tourism spending was estimated at USD 4,687 billion in 2019. This indicates that consumers are increasingly willing to spend on a quality lifestyle, which eventually expands the scope of the market.

Increased spending on home improvement projects or home remodeling is boosting product demand. This trend is primarily fueled by rising home prices and mortgage rates being at an all-time low. Growing home values have doubled homeowners’ equity in the period of five years till 2019, indicating a surge in spending capacity on home improvement. According to the National Association of Realtors (NAR), existing-home sales rose by 10.5% y-o-y to a seasonally adjusted annual rate of 6 million units in August 2020.

Gather more insights about the market drivers, restraints and growth of the Global Bathroom Accessories Market

Likewise, according to the U.S. Census Bureau, new homes sold soared 43.2% y-o-y to a seasonally adjusted annual rate of 1,011,000 units in August 2020. Furthermore, house prices in Canada grew 4.6% YoY in November 2020, following an increase of 3.9% YoY in the previous month.

Moreover, an increase in the average number of bathrooms in U.S. households is leading to greater adoption of newer plumbing fixtures. In the past half-century, the number of bathrooms per person in America has doubled. Also, the share of houses with 10 or more bathrooms has doubled in the past decade, according to a January 2020 blog by The Atlantic. According to the U.S. Census Bureau, of the 903,000 single-family homes completed in 2019, 32,000 had one and one-half bathrooms or less and 296,000 homes had three or more bathrooms. This trend is projected to upscale the demand for plumbing fixtures.

In addition, the growth of the portable sanitation industry poses a major opportunity for manufacturers to derive market growth for bathroom accessories. According to the Portable Sanitation Association International, there were 3.6 million portable restrooms in service across the globe in 2019, with the English-speaking North American region representing between 2.0 million and 2.2 million that year. Thus, increasing construction activities in this industry pose several growth prospects for the market across the globe.

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Bathroom and Toilet Assist Devices Market - The global bathroom and toilet assist devices market size was valued at USD 3.5 billion in 2016, exhibiting a CAGR of 6.2% during the forecast period.

Bath Furnishing Market - The global bath furnishing market size was valued at USD 37.8 billion in 2018 and is estimated to expand at a CAGR of 3.3% for the forecast period.

Bathroom Accessories Industry Segmentation

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)

• Towel Rack/Ring
• Hook
• Paper Holder
• Grab Bars
• Others

Bathroom Accessories Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
• Europe
• Asia Pacific
• Central & South America
• MEA (Middle East & Africa)

Market Share Insights:

March 2020: Vogue (UK) launched a new aluminum astute towel warmer that is extremely lightweight, making it suitable for installation on any type of internal wall.

Key Companies profiled:

Some prominent players in the global Bathroom Accessories Industry include

• LIXIL Group Corporation
• TOTO Ltd.
• Kohler Co.
• Roca Sanitario, S.A.
• Moen Incorporated
• Hansgrohe Group
• Gerber Plumbing Fixtures LLC
• Monarch Bath Pvt. Ltd.
• Bolina Holding Co., Ltd.
• ASI American Specialties, Inc.

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