Bathroom luxury plumbing fixtures market was valued over USD 15 billion in 2016. Growing prominence of touch free bathrooms and toilets for comfort and aesthetics will boost the industry demand. Bath tubs are the major fixtures driving the segment growth. Increasing demand for spa and rejuvenation centres is the major factor supporting bathtubs demand. Advancements in toilets such as heated seats and sensor operated valves will propel the luxury plumbing fixtures market. Increasing demand for compact and easy to use products will support the market growth in the forecast period. Innovation in shower heads and panels for effective splash of water without wastage will support the product penetration providing lucrative opportunity for industry growth.
Kitchen luxury plumbing fixtures market accounted for more than 15% of overall industry share in 2016. Increasing trend for smart homes with cleaning area of kitchenware will generate the demand for efficient fixtures. Faucets are the key contributing applications in this segment. Rising preference for efficient and aesthetically appealing faucet to provide long life is driving the industry growth. Adjustable faucets for supply of optimum amount of water for various purpose will enhance the segment growth. Rising customer need to reduce utility bills by water efficient products will stimulate product demand.
Residential application was valued over USD 10 billion in 2016 owing to the real estate industry expansion. Rising population coupled with increased construction and remodelling activities specifically in the emerging economies will fuel the market growth. Rising urbanization and inclination towards new designs and better technology in homes will drive the segment growth. Easy to install and capability to occupy limited space owing to exhausting residential construction areas will significantly drive the luxury plumbing fixtures market size.
Commercial segment accounted for more than 35.5% of overall industry share in 2016. Rising construction of bathroom-intensive commercial structures such as offices, educational facilities, hospitals and hotels will drive the industry expansion. Hospitality sectors expansion owing to increasing leisure travel and tourism will enhance the product demand in commercial sector. Increased use of sensor operated faucets in the malls and showrooms will create potential outlook for luxury plumbing fixtures market growth. Growing trends of hotels, resorts, casinos and other leisure-related businesses will drive the industry expansion.
North America luxury plumbing fixtures market will be valued over USD 7 billion by 2024. Rapid recovery in construction expenditures will drive the regional demand. Increasing drought-like situations in various states including California generating need for water efficient products will fuel the market growth. Outdated water distribution system and sewer system is compelling the builders to find alternative ways of conserving water. According to the Environmental Protection Agency in the U.S., bathrooms consume about 50% of the water used for indoor household purposes generating the need for water efficient products.
APAC luxury plumbing fixtures market accounted for more than 25% of overall industry share in 2016. High investment in infrastructure facilities along with rise in disposable income is expected to fuel the industry growth. Rise in bathroom and kitchen remodelling projects among middle class population will support the product demand in the region. Economical products availability in India and China owing to the country’s recognition as manufacturing hub will provide numerous opportunities for industry expansion. According to a study, China is the largest consumer industry for luxury goods, responsible for 30% of the global spend. Rise in luxury expenditure of customers in the region will drive the industry size.