Market Research Report
Heated Towel Rail Market Size, Share & Trends Analysis Report By Product (Electronic, Hydronic), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2020 - 2027
|Heated Towel Rail Market Size, Share & Trends Analysis Report By Product (Electronic, Hydronic), By Application (Residential, Commercial), By Region, And Segment Forecasts, 2020 - 2027|
Published: August 6, 2020
Grand View Research, Inc.
Content info: 80 Pages
Delivery time: 2-10 business days
Market Growth & Trends
The global heated towel rail market size is anticipated to reach USD 1.59 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.9% from 2020 to 2027. Growing demand for the cozy comfort of warm towels and moist free bathroom environment, particularly in winter season across the globe, is driving the need for heated towel rail among consumers. In addition, increasing technological advancements and improvement in providing more functional fittings for bathrooms and kitchen are helping derive higher penetration of heated towel rails among the residential and commercial sectors.
A heated towel rail offers the benefit of serving dry and warm towels, which are not only useful in humid and cold weather climates but also keeps the bathroom hygienic as dry towel minimizes the chances of a damp breeding ground for germs. There are two main types of highly efficient heated towel rails, which are electric and hydronic. Electric towel rails offer low energy consumption and usually consume the same power as a standard light bulb, and thus the market witnesses higher penetration of these models among consumers.
Hydronic models of towel rail utilize hot water plumbing to produce heat by running hot water through the rail, which requires connectivity to the central heating system or specific hydronic heating system. The increasing emergence of hydronic towel rails has been gaining traction among consumers as a large number of millennials are investing in new houses or home remodeling projects. According to studies by HomeAdvisor, millennials are investing in a greater number of home improvement projects each year compared to other age groups.
Rising trends across design, color, finish, and material in the heated towel rail industry are augmenting the product demand. For instance, the emergence of white, black, and rose gold finishes has been gaining popularity among consumers in the industry. Moreover, higher attraction towards black heated towel rails and bathroom fixtures has popularized the color in the bathroom accessories industry. For instance, in 2019, Warmup expanded its towel warmer collection with the introduction of new towel single bars and a full heated ladder available in brushed, polished, or new matte black finishes.
In terms of product, electric towel rails held a dominant position in the market in 2019. Electric towel rails are available in two formats of hardwired or plug-in both of which provide easier installation processes. Increasing preference of consumers residing in high rise buildings and apartments for electric towel rails owing to lack of central heating system in the buildings is also ramping up the demand for the product.
The commercial sector emerged as the largest application segment with a revenue-based share of 61.0% in 2019. With the increasing expansion of the real estate as well as commercial construction, the market is bound to witness growth in the bathroom fittings industry, which is likely to propel the demand for heated towel rails in these segments. According to the Office of National Statistics, the hospitality industry in the U.K. grew from USD 110.37 billion in 2015 to USD 125.78 billion in 2017.
Europe dominated the market with a revenue-based share of 40.2% in 2019. This region comprises countries with the lowest temperatures, which increases the usage of heated towel rail in the region. Moreover, increasing destructions caused by covid-19 impact in the region have compelled customers to adopt heating products and appliances, which is likely to cause higher growth prospects. According to a blog by World Economic Forum, in June 2020, various home furnishing goods, including electrically heated towel racks, have been gaining higher demand among residential consumers.