With connected home making a profound headway in infrastructure domain, luxury plumbing fixtures market has witnessed an appreciable popularity since the past few years. It has been observed that today’s well-informed consumers are readily preferring improved designs and technology in their residential and commercial premises for aesthetics and comfort. This, in consequence, is prompting luxury plumbing fixtures industry players to come up with innovative, smart aesthetically pleasing solutions such as bathroom sink faucets, low flush toilets, soaking tubs etc. Quite vividly evident from the business name itself, luxury plumbing fixtures industry share is heavily influenced by macro-economic developments, primarily upsurge in urbanization and increased disposable incomes across emerging economies. As per an estimation put forth by the United Nations- by 2050, 66% of the world’s populace is slated to be urban. The astoundingly mammoth prevalence of urban population is sure to bring a slew of opportunities for luxury plumbing fixtures industry.
U.S. Luxury Plumbing Fixtures Market Size, By Fixture, 2016 & 2024 (USD Million)
The latest trends in luxury plumbing fixtures market is extensively driven by technological proliferations, given the increased penetration of IoT in home decor business space. Bearing a testimony of the aforementioned declaration is the increasing deployment of advanced products like sensor operated fixtures, dual flush toilets, heated seat, and low flow faucets in modern day’s commercial sector. In this regard, it is imperative to mention that some of the regional government initiatives toward arresting unnecessary water wastage has complemented luxury plumbing fixtures industry growth. According to the United States Environmental Protection Agency- Toilets account for almost 30% of the indoor water consumption. Conventional inefficient toilets consuming almost 6 gallons/ flush is deemed to be one of the major sources of this wastage. Recent advancements in luxury plumbing fixtures industry space have allowed toilets to utilize only 1.28 gallons/ flush.
Under the revised version of the EPA’s WaterSense Specification for Tank–Type toilets, the organization claimed that replacing traditional toilets with WaterSense labelled models can lead to a saving of water consumption in toilets by almost 20 to 60%. This if materialized, in long term, would nearly conserve 13000 gallons of water every year, curtailing almost USD 110 annually in water costs. Reportedly, California, Gregoria, Colorado, Texas, are already on their way match the EPA WaterSense’s performance and efficiency criteria, which by extension have made them hotspots for luxury plumbing fixtures market investors.
Unveiling the latest product innovations in luxury plumbing fixtures market
The changed luxury plumbing fixtures industry outlook is set to bring a slew of new trends in the business model. Big shots involved in the strategic landscape including Bradley Corporation, Kohler, Cera Sanitaryware Limited, Grohe, Gerber, and American Standard appear to be quite some proactive in securing their market position. Amidst the competitive ambience, these giants have been heavily banking on product innovations via mergers and acquisitions, which as per analysts’ opinion, is sure to bring a huge turnaround of sorts in the profitability quotient of luxury plumbing fixtures market share.
Say for instance, recently, the renowned Ohio based decorative plumbing giant, Luxury Products Group, has signed a collaborative agreement with DXV, division of LIXIL America brand. DXV boasts of a strong portfolio in the business space, encompassing meticulously crafted kitchen and bathroom fixtures and faucets. Incidentally, through this partnership, DXV is planning to exploit the maximum potential of LPG’s extensive customer base globally, while LPG, on the other hand, would get a chance of widening its product matrix in luxury plumbing industry. With the growing trend of deploying aesthetically impressive and energy efficient fixtures across residential and commercial sectors, in tandem with numerous research efforts addressing the same, luxury plumbing fixtures industry is claimed to be one of the most fascinating business spheres of recent times to watch unfold.