Knowledge Sourcing Intelligence announces the publication of a new report on “Global Towel Warmer Market - Forecasts from 2020 to 2025” to their offering.
The high rate of urbanization, strategic investments in utilitarian product packages by key market players, rising real estate developments among others are expected to lead to healthy market growth.
As per the report, the market pertaining to the global towel warmer market is expected to reach US$805.717 million by 2025, from US$554.678 million in 2019
Urbanization which is known to, among others, lead to a transformation of the built environment, facilitating the gradual transitioning of rural settlements into urban settlements concomitantly enabling a shift in the spatial distribution of a population from rural to urban areas is at the core among other factors that influences a myriad of consumption proclivities. Besides, the major effect that is consequent to urbanization is the increase in the number of urban settlements and the growth in the share of urban residents compared to rural dwellers. This effect of urbanization is wrought by public and private investments in buildings and infrastructure, among others. The aforesaid is in part poised to lead to the healthy growth of the global towel warmer market. Therefore, in view of the aforementioned context, a snapshot of global urbanization and its potential is relevant to the growth of the market. As of 2018, the world’s largest city according to the United Nations (the UN) is Tokyo with an agglomeration of 37 million inhabitants, that is followed by Delhi with an agglomeration of 29 million inhabitants, thereafter Shanghai with an agglomeration of 26 million inhabitants and Mexico City and São Paulo with urban agglomerations of approximately 22 million inhabitants. Further, the cities of Mumbai, Dhaka, Cairo, and Beijing have registered approximately 20 million inhabitants, each. Besides, approximately 1 out of 8 individuals live in 33 megacities with more than 10 million inhabitants. About 82% of the population of the USA reportedly lived in urban areas as of 2018. Whereas 81% of the population of Latin America and the Caribbean was registered to live in urban areas during 2018. With regards to Europe, around 74% of its population lived in urban areas and 68% of the population of Oceania lived in urban areas during the same year.
The proportion of urbanization in Asia is about 50% and at a global level as of 2018, more people lived in urban areas as compared to the number of residents of rural areas, with 55 % of the world’s population residing in urban areas. As far as the potential of urbanization is concerned by 2050 the 68% of the global population is forecasted to reside in urban areas. On the other hand, the rural population has been reported to be around 3.4 billion and is forecasted to increase to a little extent and thereafter decline to approximately 3.1 billion in 2050. Moreover, around 2.5 billion individuals are forecasted to be added to the world’s urban population by 2050 with approximately 90% of the growth that has been forecasted to be experienced by Asia and Africa. Between 2018 and 2050 China, India and Nigeria are together expected to account for about 35% of the growth in global urban population, adding 255 million urban dwellers, 416 million urban dwellers, and Nigeria 189 million urban dwellers respectively. Further, North America has been reported to be the most urbanized region by the UN. In this regard, it is pertinent to note the monthly construction spending reported for September 2020 by the United States Census Bureau. The spending on construction during the same month was estimated at a seasonally adjusted annual rate of $1,414.0 billion, which is 1.5% above the September 2019 estimate of $1,393.3 billion. Moreover, during the first 9 months of 2020, the construction spending was in the order of $1,058.5 billion which was 4.1% more than estimates of the same period of the year 2019 that was e $1,016.7 billion. Therefore, from the aforesaid, it can be discerned that despite the downward draft due to the effects of COVID 19 pandemic across a variety of industries, the promising construction industry estimates have the potential to partly effectuate a healthy market growth.
As a part of the report, the major players operating in the global towel warmer market, which have been covered are Zhejiang Homebase Intelligent Technology Co., Ltd., Wesaunard, VOGUE (UK) LTD, Stelrad, Saint Lawrence, Runtal North America, Inc., Ragaini Radiatori S.p.a, Radox Radiators Ltd, PORCELANOSA Group A.I.E., Pitacs Limited, MYSON, KORADO, a.s., Arblu srl and Apollo Radiators.
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This report segmented the global towel warmer market on the basis following terms