The global towel warmer market is evaluated at US$554.678 million for the year 2019 growing at a CAGR of 6.42% reaching the market size of US$805.717 million by the year 2025.
Towel warmers or towel radiators are is a heated towel rail that is designed in such a manner to give a decorative look to the bathroom and has a major function to warm the towels that are hanged on them. These devices are suitable to warm as well as drying the towels along with giving a cozy temperature to the environment of the bathroom. The market for towel warmers is expected to show a decent growth throughout the course of the next five years owing to the fact that the rapid urbanization and growing middle-class population in the emerging economies of the globe has led to an upsurge in the residential construction. Furthermore, the growing house remodeling in many parts of the world and an upsurge in the adoption of modern housing infrastructure is further widening up the business growth opportunities for the manufacturers over the next five years. There has been an increasing focus of the people towards hygiene and health as wet towels possess a number of germs. This, in turn, is also positively impacting the demand for towel warmers for residential applications, thereby playing a significant role in shaping up the market growth over the next five years.
Global towel warmer market has been segmented based on type. By type, the market is segmented as the electric and hydronic. By the application, the segmentation is done on the basis residential and commercial. By distribution channel, the market is segmented into online and offline. Geographically, the segmentation of the market has been distributed into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Electric towel warmer to hold a significant share
Towel warmers come in two types namely electric and hydronic. Both types of towel warmers have the same function which is either to dry or heat the towel. But the difference comes in their methods of heating. Electric towel warmers or tower rails are connected with electricity and is simply connected to the power outlet in the respective place where it is installed. The electric tower warmer type is projected to hold a major market share and is expected to stay dominant throughout the course of the next five years. The primary factor supplementing the significant share of this segment includes the booming acceptance of electric towel warmers across the commercial sector owing to the fact that a majority of commercial spaces lack sufficient space for central heating systems which further leads to an increased demand for electric systems, this, in turn, is positively impacting the growth of this segment during the next five years. Moreover, the market players are also participating in the form of R&D investments and the launch of new products which further shows the potential for the market to witness a considerable growth over the course of the next five years. For example, in October 2018, WarmlyYours, one of the leaders in heating systems based out of the United States of America announced the launch of a new range of electric towel warmers, i.e., the cosmopolitan collection. The company aimed to tap the growing consumer needs regarding new residential units as well as for remodeling purposes as it launched the range with a range of unique variants and models with different shapes, sizes, and materials suiting every individual's needs.
However, on the other hand, the hydronic segment is anticipated to show a notable growth throughout the course of the next five years. Hydronic towel warmers are connected with the central heating systems. There is a growing adoption of hydronic towel radiators especially across the residential sector primarily due to the fact that in the developed economies a majority of the residential buildings are equipped with central heating systems. Thus, the installation of these types of warmers in residential buildings further does not add up to its operational costs as well. This, in turn, is positively impacting the growth of this segment throughout the forecast period. Additionally, these types of warmers further act as energy-efficient devices as they do not consume any electricity which further acts as a driving factor for this segment to witness a considerable growth throughout the forecast period.
Residential segment to show healthy growth
The applications of towel warmers are in both residential and commercial spaces. The residential segment is projected to show a promising growth until the end of the forecast period owing to the fact that there has been rapid urbanization in the developing economies of the world such as India and China among others. Furthermore, the growing middle-class population coupled with the improvement in the standards of living of the people is further positively impacting the growth of this segment during the forecast period. Moreover, the growing residential construction in both developed and developing economies along with the increased spending in the remodeling of residential buildings is also one of the key factors supplementing the growth of the residential segment during the next five years. As, with this, the demand for premium and classy bathroom fittings is also increasing, which further provides an impetus to this segment to witness a considerable growth during the next five years.
The figure above represents the total construction spending in the United States which further shows that the residential construction reached US$550,942 million by the year 2019 from US$256,037 million in 2010. Similarly, the non-residential construction reached US$814,195 million by 2019 from US$556,928 million in 2010.
However, the commercial segment is expected to hold a substantial share in the market throughout the course of the next five years. The vast adoption of these warmers across hotels and spas is one of the major factors supplementing the growth of this segment during the next five years. The booming tourism sector coupled with the economic growth in various parts of the world has led to increased investments in the construction of new hotels and spas in many countries which is anticipated to propel the growth of this segment during the next five years. However, the growth of this segment is expected to be hampered by the recent advent of COVID-19 due to which there has been a downfall in the global tourism industry. Several government restrictions further led to a closure of hotels, spas, and other commercial spaces which is further expected to restrain the demand for towel warmers to some extent especially during the short run.
Offline to hold a healthy market share
By the distribution channel, the offline segment is projected to hold a notable share in the market throughout the course of the next five years. The presence of a considerably large population base reluctant towards online shopping of durable products is a key factor bolstering the growth of this segment during the next five years. Furthermore, the presence of a vast number of retail stores further supplements the share of this segment over the forecast period.
However, the online segment is expected to show healthy growth until the end of the forecast period. The booming penetration of the internet and smartphones coupled with the globally growing e-commerce industry has led to the expansion of distribution channels in remote parts of many countries as well. Furthermore, the major players of operating under the market have also moved towards the online distribution of goods on their websites which further shows the potential of the online segment to grow during the next five years.
APAC to show healthy growth
The North American as well as the European regions are anticipated to hold noteworthy shares in the market primarily due to the early adoption of technology coupled with the presence of key players of the market in these regions. Furthermore, the higher purchasing power of the people further bolsters the market growth in the region during the next five years. However, the Asia Pacific region is projected to witness a healthy growth during the next five years. The major factors augmenting the market growth in the APAC region include the rapid urbanization and improvement in the standards of living of the people primarily in the emerging economies of the region such as India, China, and Indonesia among others.
Prominent/major key market players in the global towel warmers market include Runtal North America, Inc., PORCELANOSA Group A.I.E., Apollo Radiators, Stelrad, Radox Radiators Ltd, and MYSON among others. The players in the global towel warmer market are implementing various growth strategies to gain a competitive advantage over its competitors in this market. Major market players in the market have been covered along with their relative competitive position and strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global towel warmers market.