There’s money to be found in bathroom sinks, according to a new study by Technavio that forecasts the market for this product sector will increase by $2.14 billion from 2022 to 2027, at a CAGR of 4.3%.
The sector’s growth is attributed to an increase in renovation activities in both residential and commercial construction. Technological advancements including touchless operation, LED lighting, and low-flow faucets have appealed to consumers, while increased urbanization in emerging economies has increased the need for bathroom sinks around the world.
“The global market is experiencing a growth in building refurbishment, especially in North America and Europe, driven by increased spending on home improvement and renovation projects,” said Technavio’s forecast. “Rising disposable income and growing awareness of home decor are key factors propelling this trend, resulting in heightened demand for wash basins. With housing prices projected to rise, there’s a growing need for refurbishment services, leading homeowners to invest in enhancing their properties, thereby bolstering the demand for wash basins. Ongoing investments in housing stocks globally are further expected to contribute to market growth.”
“Emerging economies are expected to witness high growth in the residential construction sector,” the forecast report added. “Hence, governments of such countries are investing significantly in residential construction. These factors will contribute to the growth of the residential segment of the global bathroom sinks market during the forecast period.”
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