Likewise other industries, COVID 19 also taken a toll on Luxury Sanitary Ware market with around 12.25% decline in 2020 in its revenue as compare to 2019
Sanitary ware ought not to be classified as a ‘luxury item’ per se, as it is a basic necessity for every indoor residential, commercial, or public space. But with the rise of disposable income in previously-problematic emerging economies such as those in India and China, standards of living have witnessed substantial growth, offsetting the demand for luxury housewares and sanitary ware. Suffice it to say, people now possess more money and are more willing to spend it on making their bathrooms appear better.
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Global Luxury Sanitary Market is expected to register a lucrative growth rate evolving from the harmful impact of COVID 19. As a result, the global valuation of the Luxury Sanitary industry has reached over 2,418.39 million in 2020, which is expected to increase by over 50% in annual revenue generation to reach around USD 4,172.06 million in 2027. While cumulative growth opportunity is pointed out to be around USD 25 billion between 2021 and 2027.
The change has only been exacerbated by a global construction boost. In addition, accelerated demand in the residential, commercial, and industrial segments has encouraged sanitary ware manufacturers to pull up their socks and enhance production to meet the burgeoning demand.
Another key factor that has benefitted stakeholders is increased awareness and acceptance of sound hygiene practices, which, naturally, require proper sanitary ware.
The consumption of sanitary ware products is, as one would expect, higher in urban areas when compared to rural areas. Users prefer luxury sanitary ware due to its sturdiness, high resistance to environmental conditions, and low maintenance overall. When it comes to luxury sanitary ware, studies find that there is an inclination amongst people to buy luxury residential bathroom fittings, especially items made of ceramic stone. Though these are usually relatively expensive, they last much longer due to the top-quality materials used to manufacture them. Additionally, they look better and so add plenty of aesthetic value to a bathroom.
Households and commercial usage are two primary application markets for Luxury Sanitary Ware. Altogether, these factors are further propelling the growth of the global luxury sanitary market. The trend will continue in the residential sector so long as real estate – influenced by technological advances, rapid urbanization, and changing lifestyles – across the major economies is thriving. Such is the case in India, China, Thailand, and Indonesia, where real estate is booming.
The Middle East has remained one of the most important destinations for luxury goods manufacturers. The huge inflow of Petrodollars in the regions has resulted in an upward trend in lifestyle and living standards in the region. This, in turn, resulted in the growing demand for Luxury Sanitary Ware across the region. Saudi Arabia, UAE, Oman, Qatar, etc., are leading the region's market for Luxury Sanitary Ware. North America, however, shows signs of sustained growth in the commercial and industrial sectors, with proactive government programs to make sanitary ware more affordable across the U.S. and Canada. While Europe being the leading regional market for Luxury Sanitary Ware, is expected to remain dominant in demand for Luxury Sanitary Ware over the forecast period. The Asia Pacific, on the other hand, is gaining importance in the global Luxury Sanitary Ware industry because of rising demand from China, Taiwan, Singapore, Japan, South Korea, Australia and India.
The luxury sanitary market is unique in that its demand is mostly stagnant and the same across the world. There are no cultural differences in how or how much people use the toilet, per se. That makes research and development much easier.
But that also means greater competition on a global scale. Major sanitary ware manufacturers like HSIL, Roca, and Villeroy & Boch have expanded their operations into different countries to enhance their market footprint. If not set up a business from scratch in new territories, they are collaborating with existing sanitary companies to boost production capacity and avoid the cost of having to set up manufacturing and distribution units there.
Competition is tough, seeing as how the demand for sanitary ware will rarely ever come down. As such, there is greater pressure on luxury sanitary ware manufacturers to adopt environmentally-friendly practices, especially when procuring the raw materials needed for their products. Key players offering Luxury Sanitary Ware products include but are not limited to HSIL, Roca, Villeroy & Boch, Queo Bathrooms, Artize, Grotto, Jado, Maison Valentina, Dornbracht, TOTO, and VITRA.
Likewise other industries, COVID 19 also taken a toll on Luxury Sanitary Ware market with around 12.25% decline in 2020 in its revenue as compare to 2019
Although not one of the largest, Middle East is one of the prominent regional markets with attractive growth rate for Luxury Sanitary Ware in 2020
Increasing expenditure by high-net-worth household on personal hygiene
Wash Basin Luxury Sanitary Ware segment dominated the Luxury Sanitary Ware market in 2020 with over 20% share
Ceramic was the largest distribution channel of Luxury Sanitary Ware in 2020 with over 45% share