Commercial High-Speed Hand Dryer Market - Global Outlook and Forecast 2019-2024
The global commercial high-speed hand dryer market is expected to grow at a CAGR of over 7% during the forecast period 2018−2024.
The high inclination toward eco-friendly technology, increasing product innovations enhanced focus toward hygiene maintenance, emphasis on infrastructure 4.0 The following factors are likely to contribute to the growth of the commercial high-speed hand dryer market during the forecast period.
The growing demand of commercial high-speed hand dryers can be attributed to the increasing urbanization, the improvement in living standards, and the availability of innovative hand dryer, including sensor-based one. In terms of revenue, the market is likely to witness steady growth during the forecast period. Developed markets such as Europe and North America are witnessing high replacement demand. Hence, the increase in replacement demand provides vast opportunities for vendors.
The study considers the present scenario of the global commercial high-speed hand dryer market and its market dynamics for the period 2018−2024. It covers a detailed overview of several market growth enablers, restraints, and trends. The market study includes insights on segmentation by product type(hot air and jet air), distribution channels (retail and online), operation type (hands-under and hands-in), application (hospitality, commercial spaces, healthcare, and corporate spaces), and geography (APAC, Europe, Latin America, MEA, and North America). The study offers both the demand and supply aspect of the market. It profiles and examines leading companies and other prominent companies operating in the automotive molding market.
Commercial High-speed Hand Dryer Market: Segmentation
The high-speed jet dryer market is expected to grow at the fastest CAGR during the period 2018−2024. Rapid technological innovations and changing dynamics are the major factors driving the growth of the segment. As the market is open to innovation, jet air dryers have observed major technological advancements, which have increased their adoption in commercial applications. Jet air dryers offer increased product efficiency; hence Europe and North America are witnessing high adoption of these products. Although they are growing at an impressive rate, hot dryers are likely to maintain their dominance during the forecast period as they are the most cost-effective.
Hand dryers are mainly sold through dealer distribution channels and retail stores such as specialty stores, supermarkets, hypermarkets, mass-market players, electronic store. However, online stores are increasing gradually. The growth in online sales is set to increase by over 10% YOY during the forecast period. The primary reason for this is online stores offer more options to choose from than retail stores. Some vendors offer YouTube videos (video tutorials) and help beginners to get knowledge about the application and make them aware of these products. Besides, prices offered on the internet are lower than retail stores because of the discount offered by vendors to promote their products.
Although the hands-under dryer is the most preferred hot air product, the segment is witnessing several technological advances, and the product is increasingly getting replaced with high-speed hands-under jet dryers. Innovation holds the key to success, and thus, manufacturers have been launching new products, including automatic sensor-based ones.
The hospitality sector is one of the largest end-use application industries in the market. The rise in the hotel business and hospitality industries, and the growing trend of traveling can be attributed to the high adoption of high-speed hand dryers in the industry. The rise of commercial construction, including airport modernization, is a significant factor for market growth. However, the application is not only confined to commercial construction spaces, but the growing demand from rail transportation also continues to offer new business opportunities for vendors, especially in metropolitan cities. The demand for long-distance rail transport has already grown and is expected to grow as the high-speed rail network continues to develop worldwide, especially Asia.
Market Segmentation by Products
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