Towel Warmers Market– Statistics And Analysis & Forecast To 2027
Posted by Mrudula Anil Karmarkar on April 12th, 2021
The global towel warmers market size is anticipated to reach USD 1.1 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 6.8% from 2020 to 2027. Increasing remodeling activities are fueling the growth of the market. Moreover, increasing awareness pertaining to hygiene is acting as a driver for the market.
In order to gain market share, companies are introducing new products to meet the growing demand. In March 2020, Vogue (UK) launched a new aluminum astute towel warmer. The newly launched product is lightweight, thus making it suitable to install on any type of internal wall. Aluminum is used in order to achieve high efficiency.
Moreover, companies are engaging in various partnerships in order to expand reach among consumers. For instance, in May 2020, Amba Products, a distributor of heated towel racks, announced a partnership with Hydrologic, Florida’s wholesale distributors of plumbing, indoor and outdoor lighting, fans, and other fine home accents. The partnership will provide Amba with a permanent space in its showrooms as well as increased visibility among a wide range of builders, architects, and interior designers.
In terms of application, the commercial segment held the largest share of 69.4% in 2020. The growing commercial sector, coupled with rising wellness tourism, is acting as a driver for higher demand in the commercial sector. Business owners in the sector are demanding portable, easy to use, and durable towel warmers. Owners are more inclined towards the purchase of electric towel warmers owing to ease of installation and low cost.
The electric segment dominated the market with a revenue-based share of 67.8% in 2020. Low energy consumption, ease of installation, and usage are acting as major factors for market growth. The availability of various technologically advanced features, such as auto turn on and off, in order to prevent overheating, is acting as a major driver for the segment.
Towel Warmers Market Report Highlights
Increasing product launch in the electric segment is also boosting demand. For instance, in October 2018, WarmlyYours launched a new line of modern towel warmers called “Cosmopolitan Collection”. It is a collection of electric wall-mounted towel warmers, featuring 10 unique variants from 8 new models. The collection is available in different options, including sizes, designs, bar-counts, and finishes, making it easy for designers, remodelers, and end-users to find the right option as per their needs. Moreover, the collection is hardwired, making the wires and cords invisible and has built-in TempSmart protection, which prevents the units from overheating. This feature is estimated to boost the demand for electric towel warmers over the forecast period.
Europe dominated the market with a revenue-based share of 47.7% in 2020. The high adoption rate of the product, coupled with the presence of international companies, is acting as a major driver for the market. Moreover, extreme weather conditions, the growing wellness industry, and increasing product launches are fueling the growth of the market in the region.
Demand for towel warmers is also increasing as they not only heat towels but also dry them out quickly after each use, so towels spend a lot less time in damp. They keep the towel fresher between loads of laundry, reducing the hassle of washing. Moreover, many towel warmers are programmable and they can turn them on and off as per consumers' needs. The integration of such advanced features is also acting as a major driver for increasing adoption among tech-savvy consumers. Consumers in the market are more inclined towards the purchase of 100% recyclable, corrosion-resistant, and high-grade steel products in order to have a longer life span of the product.
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Rising remodeling activities are boosting the demand among the consumers. In order to gain market share, companies in the market are increasing product footprint by engaging in various partnership agreements. For instance, in May 2020, Amba Products, a distributor of heated towel racks, announced a partnership with Hydrologic, one of Florida’s wholesale distributors of plumbing, indoor and outdoor lighting, fans, and other fine home accents. The partnership will provide Amba with a permanent space in its showrooms as well as increased visibility among a wide range of builders, architects, and interior designers. This is estimated to increase the penetration and adoption of towel warmers among consumers.
The global market is highly competitive. Companies are focusing on increasing product launches in order to gain market share. For instance, in March 2020, Vogue (UK) launched a new aluminum astute towel warmer. The newly launched product is lightweight, making it suitable to install on any type of internal wall. Aluminum is used in order to achieve high efficiency. This is acting as a key factor for market growth. Some of the prominent players in the towel warmers market include:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information:www.grandviewresearch.com
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About the AuthorMrudula Anil Karmarkar
Joined: July 2nd, 2020
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