Global Towel Rack Market - 2021-2028
The Global Towel Rack Market is Predicted to reach at a CAGR of 10.0% during the forecast period 2021-2028.
A towel rack is a rack or apparatus for keeping or holding towels. A heated towel rack keeps the towel warmer by drying and warming while being environmentally friendly. Because of advancements in technology and design, heated towel racks are becoming more common. The racks align with cosmopolitan bathroom models and are more beautiful than traditional radiators. Therefore, they are likely to be the preferred option in contemporary washrooms. The rising demand for innovative bathroom models drives the global towel rack market.
The technological innovation in the towel rack, such as the heated towel rack, is expected to drive the market. However, the presence of alternatives as more cost-effective options, such as towel hooks, rings and bars in the market.
The technological innovation in the towel rack such as heated towel rack
The rise in smart home buildings leads to innovative bathroom concepts in homes, resulting in increased innovation in towel racks, such as heated towel racks. Consumers are more likely to install bathrooms with innovative built-in fittings that function on buttons and sensors to create a spa-like experience.
For instance, in 2018, WarmlyYours.com launched the Cosmopolitan Collection of hardwired towel warmers and a series of hardwired Ember radiant panels. In addition, the company launched a new line of controls for electric towel warmers and radiant panels in January 2019. The collection includes five models, two of which are plug-ins and three hardwired. A hardwired programmable timer and a Wi-Fi switch and a plug-in Wi-Fi switch are included in these new controllers.
Moreover, increased home improvement or remodeling projects to revamp traditional household structures boost the market. According to the American Housing Survey studied by the Harvard Joint Center for Housing Studies, the home improvement industry was valued at US$ 383,300 million in 2017.
The presence of alternatives as more cost-effective options, such as towel hooks, rings and bars in the market
Towel hooks, rings and bars are cost-effective alternatives to towel racks on the market that provide comfort, convenience and style. Towel hooks take up less room and can also be installed right on the door. Further, they make towels to dry instead of having them just hanging in a more cost-effective than racks.
Furthermore, towel rings are most commonly used with hand towels, but they can also be utilized with more oversized towels. Because of its relevance in comfort and accessibility, it is one of the more beautiful and effective methods to carry a hand towel. Nowadays, many bathroom designs have a small basket for dry towels.
COVID-19 Impact Analysis
The COVID-19 epidemic has hugely influenced the construction industry, which is cyclical. Construction businesses and workers are particularly exposed to the pandemic's sharp drop in economic activity since construction is sensitive to economic cycles. COVID-19's increased health hazards have compounded the sector's decent work shortages.
On the other hand, construction promises to help the economy recover by creating jobs. Recovery efforts, in turn, can aid the sector's transition to sustainability and digitization. As a result, COVID-19 would moderate impact the global towel rack market.
The towel rack market is segmented into conventional rack towers and heated towel racks based on type. Further, the heated towel rack is segmented into an electrical and hydronic towel rack.
Electric towel racks have a simple installation method and are energy efficient, both of which are beneficial characteristics driving the segment's growth. Furthermore, due to the lack of central heating systems in high-rise buildings and flats, consumers are increasingly opting for electric towel racks, driving up demand for the product. Furthermore, the growing trend of the younger generation, notably millennials, renting flats has resulted in the broader penetration of electric towel racks.
On the other hand, hydronic towel racks generate heat by flowing hot water through the rack using hot water plumbing. Although hydronic towels racks require a connection to a central heating system or hot-water piping, the hot water is distributed evenly and consistently through towel bars.
As a result of the efficient heating of towels and bathroom space, the hydronic towel rack is gaining popularity. The market penetration in the residential and commercial sectors is being pushed forward by new product launches in the category. For instance, in 2019, THG Paris launched a variety of sleek and vintage wall-mounted towel racks in electric and hydronic models. All products are manufactured of 100% recyclable and anti-corrosive brass.
Europe holds a significant segment of the global towel rack market attributed to the increased occurrences of low temperatures in the region, encouraging people to heat their surroundings, notably bathrooms and towels, for extra comfort and a stress-free atmosphere. Furthermore, due to increased tourism in the region, significant growth in the commercial sector in Europe is paving the way for the growing use of heated towel racks.
The hotel business accounts for around 85 percent of all tourism in Europe. According to European Union data, from 2008 to 2018, the region saw a 33.3 percent increase in tourist accommodations, including hotels and hotel apartment buildings. The hotel industry's rapid expansion fuels the need for heated towel racks.
The global towel rack market is highly fragmented and competitive due to several local and global brands. Major players in the market include Aliseo GmbH, Jaquar, Hindware Homes, Wipe Hotwire, Amba Products, CERA Sanitaryware Limited, Somany Ceramics, Victorian Bathrooms, Foster Hydronic Heating Pty Ltd and emco Bad, among others. The major players in the market are known to incorporate numerous market strategies to achieve growth in the global towel rack market; these include acquisitions, product launches, contributions and collaborations.
Overview: Aliseo GmbH is a Germany-based company that designs innovative products for hotel bathrooms and guestrooms. It was established in 1985. Further, it is headquartered in Gengenbach, Germany.
Product Portfolio: Aliseo GmbH offers NOW an 18 gauge towel rack with rail. It is manufactured from solid brass construction. Further, it has a lock-in secure mounting system.
Key Development: In 2018, Aliseo GmbH launched the NEXXUS line for bath and guestroom accouterments, including a towel rack. The towel rack features a black ultra-matt finish with a powdered coating surface.
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To visualize the global towel rack market segmentation by type, material, installation, distribution channel, end-user and region and understand key commercial assets and players.
Identify commercial opportunities in the global towel rack market by analyzing trends and co-development.
Excel data sheet with numerous towel rack market-level data points with five segments.
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The global towel rack market report would provide approximately 77 tables, 73 figures and almost 180 pages.
Target Audience 2022
Real Estate Companies
Building & Construction Businesses
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