Increase in incidences of bathroom hazards, Rapid growth in the geriatric population, Inclination of consumers toward health & hygiene, surge in disposable income, and rise in urbanization drive the global body dryer market
PORTLAND, Ore., Aug. 4, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Body Dryer Market by Type (Wall Mounted and On Floor) and End Use (Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global body dryer industry was estimated at $2,641.5 thousand in 2018, and is anticipated to hit $3,424 thousand by 2026, registering a CAGR of 3.4% from 2019 to 2026.
Drivers, restraints, and opportunities-
Increase in incidences of bathroom hazards, rapid growth in the geriatric population, inclination of consumers toward health & hygiene, surge in disposable income, and rise in urbanization drive the global body dryer market. On the other hand, high cost of the product and dominance of substitute artifacts impede the growth to some extent. Nevertheless, investments from developing economies are expected to create lucrative opportunities for the frontrunners in the industry.
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The wall mounted segment to dominate by 2026-
Based on type, the wall mounted segment contributed to more than three-fourths of the global body dryer market share in 2018, and is expected to lead the trail by the end of 2026. The same segment would also register the fastest CAGR of 3.7% during the study period. This is attributed to the convenience offered by wall mounted body dryers to disable and aged people.
The commercial segment to maintain the dominant share-
Based on end-use, the commercial segment accounted for 91% of the global body dryer market revenue in 2018, and is anticipated to rule the roost till 2026, owing to the growing proliferation of the luxury housing sector. The residential segment, on the other hand, would portray the fastest CAGR of 4.4% from 2019 to 2026.
North America garnered the major share in 2018-
Based on geography, North America generated the highest share in 2018, garnering more than two-fifths of the global body dryer market. Simultaneously, Asia Pacific would manifest the fastest CAGR of 5.4% throughout the forecast period. Rise in consumer spending on health and hygiene drives the market growth in the province
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Key players in the industry-
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