Low-Cost Countries Glass Shower Door and Bathtubs Market
–Supply & Demand Analysis & Opportunity Outlook 2023-2035
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–Supply & Demand Analysis & Opportunity Outlook 2023-2035
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The low-cost countries glass shower door and bathtubs market is estimated to garner a revenue of USD 8869 Million by the end of 2035 by growing at a CAGR of 6.28% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of USD 4589.6 Million in the year 2022. The growth of the market can be attributed to the rapid prevalence of urbanization. Higher urban areas are likely to grow the demand for modular bathroom at homes. There were only two urban areas with around ten million or more people, nearly 19 cities with between one and five million, and about 37 medium-sized cities with an urban population of 1 million. In addition, approximately 6% of the population of Brazil lives in favelas, making up nearly 89% of the country's total population. Furthermore, the urban population in Brazil is constantly increasing by around 1% every year.
In addition to these, factors that are believed to fuel the market growth of glass shower door and bathtubs in low cost countries include the rise in the constructional activities in the region which is to increase the number of bathroom construction and is likely to boost the demand for shower door and bathtubs. According to IBEF, by 2022, India was about to overtake China as the third-largest building market in the world. Additionally, the government allotted USD 1.89 billion to AMRUT and the Smart Cities Mission in the Union Budget 2021 to support programs like "Housing for All" and "Smart Cities Mission". Besides this, the market growth is also expected on the back of rise in the number of hotels in the region. Bathtubs are added to hotel room bathrooms to increase its aesthetic view. In the coming years, Indonesia's hotel industry is expected to expand by around 120 hotel projects and nearly 22,000 rooms. In 2022, around 21 new openings added about 3,000 new rooms to the system. In contrast, in 2023, just 13 new openings and nearly 2,400 new rooms are anticipated. However, an additional 61 schemes and over 12,000 keys have already been planned for 2024 and beyond.
|
Base Year |
2022 |
|
Forecast Year |
2023-2035 |
|
CAGR |
6.28% |
|
Base Year Market Size (2022) |
USD 4589.6 Million |
|
Forecast Year Market Size (2035) |
USD 8869 Million |
|
Regional Scope |
|
Growth Drivers
Growing Prevalence of Urbanization – Growing urbanization is expected to boost the need for modular washrooms installed with glass shower door and bathtubs to increase the allover aesthetic of homes.
Rising Constructional Activities – Higher construction of houses and apartment is expected to propel the market growth. Between January and October 2022, over 1 million residential properties were sold in Turkey. The demand of residential property increased by around 7% since 2021.
Rising Sales of Luxury Apartment – Luxury houses have the most luxurious washrooms. Moreover, there is a possibility to have a fancy washroom attached to each bedroom in the home. Luxury house sales in various tourist locations in Mexico reached over 11,000 units in 2021. Additionally, sales of lavish beachfront residences in Mexico are increased by over 32% at the end of 2022.
Growing Need for Hotels- Bathtubs are an essential addition to the luxury hotels. Moreover, glass shower door is also included in some mid-range hotels and rest-houses. By late 2023, Kuala Lumpur's hotel occupancy in Malaysia is likely to reach 75%, following a major boost that began at the beginning of the year and reached 60% in August.
High Durability of Frameless Shower Glass Door – The majority of glass showers include a metal frame that encircles the exterior of the shower. Frameless doors completely eliminate the use of metal. It increases the visual appealing and has sturdy glass that prevents any sort of damage. The hefty, tempered glass that makes up frameless glass panels is typically around 1/2 inch thick. The panels may weigh up to 80 pounds.
Challenges
The India low-cost countries glass shower door and bathtubs market, amongst the market in all the other regions, is projected to hold the largest market size of USD 2,679.3 Million by the end of 2035. It is expected to grow at a CAGR of 7.47% over the forecast period. The market in the region garnered a revenue of USD 1225.2 Million in 2022. The growth of the market can be attributed majorly to the increasing demand for more hotel occupancy in the country. India is continuing to develop more hotels. roughly 35,000 new rooms were being built in 2020, before Covid. When compared to 2020, the active development ratio has increased by at least 10%. Moreover, In the next five years, approximately 59,000 new rooms are being proposed across the nation, around 72% of these, or around 35,000 rooms, are in active development. Furthermore, rising investment by people in luxury properties is also expected to augment the market growth in the region. In 2022. around 67% of high net-worth individuals invested in a residential place with elegant, modern designs and interiors. Moreover, the luxury housing market increased from 7% in Q1 2019 to 12% of total sales in Q1 2022.
The Indonesia low-cost countries glass shower door and bathtubs market, amongst the market in all the other regions, is projected to hold the largest market size of USD 1,436.7 Million by the end of 2035. It is expected to grow at a CAGR of 6.86% over the forecast period. The market in the region garnered a revenue of USD 700.1 Million in 2022. The market growth in Indonesia is credited to faster pace of urbanization in the area followed by higher development of smart cities. More than 260 million people live in Indonesia, it is one of the nations with the fastest urbanization rates in the world. Indonesia now has around 94 cities, up from 50 before the urbanization trend began, along with larger urban areas. On the island of Java, the majority of these enlarged urban areas may be found, including the metropolises of Jakarta, Bandung, Surabaya, Semarang, Malang, Surakarta, and Yogyakarta. Moreover, up to 2035, Indonesia's urban population would grow by more than 3 million people every year. In addition to this, by 2035, Indonesia's urban population is expected to reach more than 200 million.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Increasing constructional activities, rapid urbanization, higher need for hotel occupancy, and growing preference of frame-less glass shower doors are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of 6.28% over the forecast period, i.e., 2023 – 2035.
Ans: Higher prices of bathtubs and glass shower doors, availability of other alternative for shower doors such as curtains and increasing use of screen panels are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the India region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Woven Gold, Pakai Industries Berhad, Reliance Home Sdn Bhd, Duscholux, Kinetic, SA. De C.V., Blackline Showers, Radaway Sp. Z o.o., Axell, EL Sallab Group, and P T Surya Toto Indonesia Tbk.
Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
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