Towel Warmer Market Size Worth USD 812.04 million By 2028 | CAGR 4.2%: The Insight Partners

Towel Warmer Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Electric and Hydronic) and Application (Commercial and Residential)

NEW YORK, UNITED STATES, January 24, 2022 /EINPresswire.com/ -- According to our latest market study on “Towel Warmer Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Electric and Hydronic) and Application (Commercial and Residential),” the market was valued at US$ 608.50 million in 2021 and is projected to reach US$ 812.04 million by 2028; it is expected to grow at a CAGR of 4.2% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

Report Coverage- Details
Market Size Value in - US$ 608.50 million in 2021
Market Size Value by - US$ 812.04 million by 2028
Growth rate - CAGR of 4.2% from 2021 to 2028
Forecast Period - 2021-2028
Base Year - 2021
No. of Pages - 130
No. Tables - 57
No. of Charts & Figures -65
Historical data available - Yes
Segments covered - Type, and Application
Regional scope - North America; Europe; Asia Pacific; Latin America; MEA
Country scope - US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverage - Revenue forecast, company ranking, competitive landscape, growth factors, and trends

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Towel warmers are known as towel rail radiators or heated towel rails and are used for drying towels and to provide a warm bathroom environment. Towel warmers are mostly available in two types – electric and hydronic. It has application in the residential as well as commercial sectors. In the commercial sectors, towel warmers are mostly used in spas, hotels, hospitals, gyms, sports facilities, among others, where it helps in drying the towels and wet clothing items along with keeping the humidity under control.

The growing trend of urbanization, as well as increased spending on home remodeling activities, are the factors that are driving the towel warmer market growth across the world. The rise in urbanization due to an increase in employment, social factors, as well as shift in employment from agriculture is driving the rate of urbanization. As the trend of urbanization is on the rise, it will lead to an increase in the construction of houses as well as house remodeling activities, which in turn is expected to have a positive impact on the towel warmer market. Houzz, a home renovation platform, through its survey, stated that home remodeling activities are on the rise and consumers are increasingly spending on bathroom remodeling activities to get a spa-like feel as well as a relaxing environment.

Impact of COVID-19 Pandemic on Towel Warmer Market

Initially, the COVID-19 pandemic had a negative impact on the towel warmer market due to the shutdown of manufacturing facilities and a decrease in demand for commercial facilities. The fall in demand from commercial facilities was due to the shutdown of such facilities during the lockdown. As the restrictions are being eased out and the vaccination campaigns are being carried out, commercial facilities such as gyms, spas, hotels, and laundry cleaners have been opened. This scenario is propelling the towel warmer market growth. Along with this, the increase in the occupancy rate of hotels is having a positive impact on the market. For instance, in India, the occupancy rate in the premium hotel was around 44% to 46% during August 2021. Thus, the recovery of the tourism industry along with ease in the restrictions of lockdown is increasing the demand for towel warmers.

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Based on type, the towel warmer market is bifurcated into electric and hydronic. The electric segment held the largest towel warmer market share, based on type in 2020. The electric towel warmers provide energy-efficient bathroom heating that warms both the environment and towels. These warmers are simple to install because they do not require any masonry or plumbing work. The electric towel warmers are prefilled with liquid and include an electric heating element. Most of the electric towel warmers are wall-mounted and require an electrical connection to power the element.

Towel Warmer Market: Competitive Landscape and Key Developments

Apollo Radiators; KORADO, a.s.; Pitacs Limited; Radox Radiators Ltd; PORCELANOSA Grupo A.I.E.; Zehnder Group AG; Stelrad; VOGUE (UK) LTD.; St.Lawrence (Tangshan) Metal Products Co.,Ltd., and Purmo Group are among the key players operating in the towel warmer market. Major market players adopt strategies such as mergers & acquisitions and product launches to expand their geographic presence and consumer base.

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In 2020, Europe dominated the global towel warmer market and is expected to continue its dominance during the forecast period. In Europe, towel warmers are increasingly used in hotels to prove luxurious and aesthetic visual appeal. The presence of a large number of commercial establishments, such as hotels, spas, and gyms, has propelled the demand for towel warmers, which is driving the growth of the towel warmer market in the region. According to the Global Wellness Institute report, in s2019, the number of spa establishments in Europe was 53,834, which leads to an increased demand for towel warmers. The rising presence of spa establishments in Europe would drive the market growth in the region during the forecast period.

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