Report : Asia Pacific Towel Warmer Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Hydronic and Electric) and Application (Residential and Commercial)
Commercial Segment to dominate Asia Pacific Towel Warmer Market during 2020–2028
According to a new market research study on “Asia Pacific Towel Warmer Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application,” is expected to reach US$ 197.89 million by 2028 from US$ 142.63 million in 2021. The market is estimated to grow at a CAGR of 4.8% from 2021 to 2028. The report provides opportunities and trends prevailing in the Asia Pacific towel warmer market along with the drivers and restraints pertaining to the market growth. Prospering product innovation, accelerated demand in developing economies, and increasing urbanization and home remodeling activities are the major factor driving the growth of the Asia Pacific towel warmer market. However, exorbitant product price hinders the growth of Asia Pacific towel warmer market.
The ongoing COVID-19 pandemic is anticipated to cause considerable disruptions in the growth of various industries of Asia Pacific. However, the uncertainty regarding the future outbreak, especially in countries such as India and a few other Asian countries, has altered the status of several industrial sectors. According to the Global Wellness Institute, Asia Pacific countries host the largest number of spas worldwide, and the shutdown of these spas limited the growth of this market. In developing countries, such as India, spas and hotels were closed during the second wave of COVID-19. According to STR, 270 branded hotels temporarily closed in the country during the second wave. As there have been certain relaxations in the lockdown, most hotels, spas, and gyms have reopened, driving the market.
The Asia Pacific towel warmer market is segmented on the basis of type, application and country. Based on type, the market is segmented into hydronic and electric. In 2020, electric segment held the largest share in the market, it is also expected to be the fastest growing segment during the forecast period. Based on application, the market is segmented into residential and commercial. In 2020, commercial segment held the largest share in the market, residential is expected to be the fastest growing segment during the forecast period. Similarly, based on country the market is segmented into China, Japan, India, South Korea, Australia, and Rest of APAC. In 2020, China held the largest share in the market, and India is expected to be the fastest growing country during the forecast period.
KORADO, a.s.; Zehnder Group AG; Stelrad; St.Lawrence (Tangshan) Metal Products Co., Ltd.; and Purmo Group are among the leading companies in the Asia Pacific towel warmer market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market.
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