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Global market size analysis
As some developed countries and regions such as Europe have experienced urbanization earlier, a large number of existing old houses need to be renovated, thus forming a stable market demand for bathroom towel rack products, and the market size is growing steadily. Data show that the global bathroom towel rack market size increased from $760 million in 2018 to $799 million in 2021, of which the European market accounted for about 43%, and it is expected that the global bathroom towel rack market size will reach $896 million in 20223.
Data source: KBVResearch, China Business Industry Research Institute collated
Development prospect
1.Stable business environment for the domestic HVAC sanitary equipment industry to expand the global market share to provide a guarantee
China as a manufacturing country, in recent years, the domestic HVAC sanitary equipment and spare parts manufacturers with continuous improvement of research and development, manufacturing and quality control level, perfect supporting supply system, excellent cost control ability, gradually developed into Europe and the United States bathroom towel rack and other HVAC equipment and spare parts products important supply source. In the context of the changing international situation, the stable business environment of Chinese companies provides an important guarantee for the supply chain security of large overseas customers, provides an opportunity for domestic production enterprises to further explore the market, and is conducive to the domestic HVAC bathroom equipment industry to continue to expand the global market share.
2. The urbanization process continues to advance, driving domestic market demand
According to the data of the National Bureau of Statistics, China's urbanization rate in 2021 reached 64.72%, with the continuous advancement of China's urbanization process, new house decoration, old house renovation demand to further increase, for the domestic HVAC industry to provide a broad market space, will further drive the market demand for bathroom towel rack products.
3. Well-known brands enter the market to accelerate the awareness and popularity of bathroom towel rack products
With the improvement of our people's living standards and the upgrading of consumption concepts, the domestic bathroom towel rack market is growing rapidly, but it is still in the market promotion and cultivation period. At the same time, the bathroom towel rack products belong to consumer upgrade products, and the consumer groups are similar to the audience groups of well-known brands, which will also help to improve the penetration rate of bathroom towel rack products in the target customer groups.
For more information, please refer to the "China HVAC Sanitary Ware Industry Market Prospects and Investment Opportunities Research Report" released by the China Business Industry Research Institute. At the same time, Zhongshang Industry Research Institute also provides industrial big data, industrial intelligence, industry research reports, industry white papers, business plans, feasibility study reports, industrial park industry planning, industrial chain investment map, industrial chain investment guidance, industrial chain investment investigation & promotion meeting and other services.
