Selbyville, DE -- (SBWire) -- 05/07/2020 --Increasing consumer preference towards water efficient and environment friendly sustainable solutions is set to drive the luxury plumbing fixtures market. Additionally, another factor that is likely to drive the market growth is rising consumer spending on products, with improved features as well as aesthetic appeal, in bathroom and kitchen. Improvements in economic conditions and disposable income will further influence the demand for luxury plumbing fixtures in coming years.
Moreover, technological advancements in the plumbing sector relating to next generation, appealing fittings are shifting customer spending on improved interiors. A few instances of luxury plumbing fixtures include bathrooms fitted with audio/video systems, motion sensor faucets, and dual-flush toilets. According to the latest research, the global Luxury plumbing fixtures market size is anticipated to touch the $ 26 billion mark by 2024.
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In addition to this, regulations imposed on both commercial and residential sector relating to reducing the rate of water consumption will further open up new growth opportunities for the market. This is so since these next gen smart fittings are capable of satisfying the customer demands both in terms of efficiency and appearance. According to the EPA, in the United States nearly 50% of the water is consumed for indoor use. Thereby, the introduction aesthetically appealing yet efficient low-flow faucets will play a significant role in conserving water.
The bathroom segment is likely to observe a growth of over 4.5% by 2024, with bathtubs and showers being the key contributing fixtures. Changing consumer trends towards sensor operated valves, heated seats, and touch free bathrooms is likely to open door for new investment opportunities for the segment.
Meanwhile, the kitchens segment will likely generate approximately $4.6 billion in terms of revenue by 2024. Major factor that is likely to drive the market outlook is growing consumer willingness towards spending more on their home renovation projects and investing in top-quality faucets as well as showers.
In terms of application, the residential application segment will witness a CAGR of over 4.9% over the forecast timeframe. Rising consumer spending on high-quality interiors and enhanced economic condition will drive the market growth for luxury plumbing fixtures in the residential sector. Moreover, affordable as well as low interest housing loans is supporting new residential construction projects, making it more feasible for customer to assign more budget on good quality interior products.
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The commercial application segment represented a market share of over 35% back in 2016. Moving forward, high investments on commercial establishments such as offices, and restaurants & hotels would be driving the segment growth. Internationalization relating to meeting the same service standards provided by developed nations will also support the product demand. Additionally, the upcoming shift in trend of opening international hotel franchise across emerging economies will further improve industry development.
On the geographical front, Asia Pacific accounted for a demand of over 25% back in 2016. Expansion of commercial sector due to the growing presence of international investors in the area will make a positive impact on the regional industry development. Meanwhile, North America region is majorly driven by the growing need for using water efficacy products. One of the key reasons to replace the traditional products to low flow showers and faucets is the water scarcity in the region. In addition, the capability of consumers to buy products at a high price makes the region even more lucrative.
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Natphil, Delta, American standard, Toto, Noble corporation, Fiberez Bathware, Sterling Faucet, Matco-Norca, Grohe, Little giant, Kohler, Cera Sanitary Ware, and Moen, among many others, are the key players operating in the luxury plumbing fixtures market.
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