Luxury Plumbing Fixtures Market size was worth over USD 19 Billion in 2016 and will witness CAGR over 4.5% up to 2024.
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Increasing customers focus towards luxury housing and smart homes to enhance lifestyle is the key factor driving luxury plumbing fixtures market growth. Rising consumer spending on home renovations owing to increase in affordability will significantly influence market expansion. Upsurge in urbanisation coupled with the improved economic condition will stimulate product penetration. According to the United Nations, around 54% of the global population lived in urban areas in 2014 and another 2.5 billion will be added by 2050.
Advancements in the plumbing technologies including low flow faucets & sensors and dual flush toilets will support luxury plumbing fixtures market demand. The U.S. Environmental Protection Agency formulates that the conventional flush systems consuming six gallons of water per flush should be replaced with WaterSense labelled high-efficient toilets consuming only 1.28 gallons or less. Georgia, California, Texas, and the recent Colorado have matched the criteria of EPA WaterSense flow rate in making their state proficiency standards. These new models provide superior performance than conventional toilets thereby, conserving water by around 20-60%. Rising popularity of water-efficient products in both residential and commercial buildings will enhance product demand.
Enhanced design trends and scope of customization will further attract the customers for the purchase of high end bathroom and kitchen products. Renovations supported by green building regulations will propel the industry size. Currently, manufacturers are focusing on production of electronic-based products, which is expected to positively enhance the luxury plumbing fixtures market growth. Financial incentives and state-level mandates will also boost demand for the products. For instance, Connecticut established the foremost water efficiency guidelines in 1989. The legislation sets the maximum flow rates for fixtures that are sold, manufactured, and installed in the state after 1990 and the legislation is still followed for products’ water efficiency.
|Luxury Plumbing Fixtures Market Size in 2016:
|19 Billion (USD)
|2017 to 2024
|Forecast Period 2017 to 2024 CAGR:
|2024 Value Projection:
|26 Billion (USD)
|Historical Data for:
|2013 to 2016
|No. of Pages:
|Tables, Charts & Figures:
|Fixtures, Application and Region
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High as well as fluctuating raw materials cost will impact luxury plumbing fixtures market price trend. Time taking certification and standardization process to ensure safety and security is the major challenge for the industry. Moreover, stringent regulations imposed on the quality of material such as lead, tin, and nickel to be used in the bathroom as well as kitchen fixtures are expected to limit product range.