Luxury Plumbing Fixtures Market Insights by Size, Status, and Forecast 2022 key players
The factors driving the growth of the luxury plumbing fixtures market are upsurge in urbanization, improvement in economic condition, growing focus of consumers towards luxury housing, and an increase in the adoption of water-efficient fixtures.
The Global Market size is estimated to reach $24,646 million by 2022, registering a CAGR of 4.9% from 2016 to 2022. Europe constitutes around 38.7% share in the global luxury plumbing market and is expected to remain dominant throughout the analysis period, registering a notable CAGR of 4.1%.
Bathroom fixtures, particularly toilets consume, the largest amount of water which is 30% in average than any other fixtures similarly, inefficient or old toilets are a major source of water wastage. The U.S. Environmental Protection Agency formulates that the conventional flush systems consuming six gallons of water per flush should be replaced with WaterSense labeled high-efficient toilets consuming only 1.28 gallons or less. These new models provide better or superior performance than older toilets thereby, conserving water by 20-60%.
Asia-Pacific is expected to grow at the highest CAGR of 6.0% owing to the increase in urbanization and change in lifestyle of consumers in the developing countries, such as China, India, and Thailand which has risen the demand for luxury plumbing fixtures in the region.
Key Findings of the Luxury Plumbing Fixtures Market:
· LAMEA is projected to be the second-fastest-growing region in the global luxury plumbing fixtures market, in terms of revenue, registering a CAGR of 5.4% during the forecast period.
· The residential sector witnessed significant growth in 2014 and is anticipated to grow at the highest CAGR of 5.6%.
· Bathroom fixtures were the highest revenue contributor to the market with 83.9% share in 2015, and is expected to maintain its dominance throughout the forecast period.