Global Heated Towel Rail Market to reach USD 1.6 billion by 2027.Global Heated Towel Rail Market is valued approximately at USD 1 billion in 2020 and is anticipated to grow with a healthy growth rate of more than 6.9% over the forecast period 2021-2027.
The U.S. current-account deficit increased and reached US$ 234.8 billion in Q4 2021. However, the Canadian Dollar exchange (CAD) increased by 29.9% in Q1 22 to reach US$ 294.4 billion, widening the imbalance by US$ 68.6 billion. In the first quarter of 2022, exports of goods and services rose by US$ 27.7 billion, totaling US$ 1.07 trillion. However, the nation’s goods and services deficit decreased to US$ 79.9 billion in June from US$ 87.9 billion in May, which was corrected, a US$ 5.7 billion decrease that indicated some relief. On the other hand, the annual inflation rate in the country hit 8.7%.
Heated towel rails have a major function to warm the towels that are hanged on them and to give a decorative look to the bathroom. Growing trend of adopting modern housing infrastructure is widening the scope for growth in coming years.
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Rising residential construction around the globe, growing preference for moist-free and warm bathrooms with energy efficient solutions and increase in home renovation activities has fueled the growth in market over the years. For instance, according to Office for National Statistics report of 2021, in January 2021, construction output in United Kingdom has increased by 0.9%. Also, in United States, 16,81,000 privately???owned housing units authorized by building permits in May 2021 which is a 34% growth as compared to 12,46000 permits given in May 2020. Furthermore, constantly growing hospitality sector, new product launches and frequent climate change instances are expected to boost the demand for heated towel rails in coming years. For instance, in January 2019, WarmlyYours.com Inc. had launched new-line of controls that can be used with both electric towel warmers and radiant panels. However, lack of awareness for the product in developing and under developed countries and high cost of the product may hamper the market during forecast period.
Europe is dominating the world market among Asia Pacific, North America, Europe, Latin America, and Rest of the World due to higher instances of low temperature witnessed in the region, which increases the need for people to heat their surrounding such as bathroom and towel for stress free environment. Whereas, Asia Pacific is expected to grow at the highest growth rate during forecast period due to growing urbanization and rising standard of living of people in the region. Major market player included in this report are:
Amba Products WarmlyYours.com, Inc. Warmrails Vogue UK Ltd. MARGAROLI SRL Zehnder Group AG Ecolec Kudox Jeeves Bathroom Butler
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The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Product: Electric Hydronic By Application: Residential Commercial
By Region: North America U.S. Canada Europe UK Germany France Spain Italy ROE
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Asia Pacific China India Japan Australia South Korea RoAPAC Latin America Brazil Mexico Rest of the World
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