Smart water sinks and monochrome styles are driving market growth, with sales expected to surpass $45.9 Bn by 2022. Online retailing and tech advancements play key roles.
According to a recent report by Future Market Insights (FMI), the water sink market is expected to surpass a valuation of US$ 45.9 Bn in 2022 and at a CAGR of approximately 2.9% through 2027.
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Over the years, the global water sink market has evolved tremendously in terms of product offerings and quality. With a stream of smartphones and upgraded electronic equipment gaining traction among the target segments, the global water sink market is striving to offer efficient services.
In the premier segment, the new generation of smart sinks provide additional services such as the dispensing of liquid soap and water, drying out one’s hands, etc. The AER-DEC Integrated Sink System by Sloan is an example of a smart water sink that is being designed to be efficient as well as hygienic.
The consumers of today are more inclined to nature-based interior designs that give the perception of a more spacious and authentic look from the inside. Hence, most water sink manufacturers are aiming at creating nature-oriented water sink products for households as well as commercial segments.
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For instance, vessel water sinks and traditional farmhouse water sinks have become among the most preferred water sink products among target customers. Hand-carved stone on water sinks provide a splendour touch to the products and provide a lasting impression in the minds of consumers.
As customers are confused while choosing the colours of water sinks, there has been an increase in the preference for monochrome style kitchens and bathrooms, which keep the black and white colours consistent. Matte black is another upcoming colour used in bathroom faucets, hardware as well as water sink products as it provides an overall natural and luxurious look.
Key Takeaways from the Water Sink Market Study
“The increased market reach possibilities provided by E-commerce channels have increased demand for water sink items even more. Manufacturers in the water sink industry also provide the option of bespoke water sinks, where customers can select the type of material, size, drain system, and colour from a variety of possibilities available through an online website.” says an FMI analyst.
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Impact of COVID-19 on the Market
The COVID-19 epidemic impacted various industries worldwide, even the kitchen fixtures industry. The kitchen fixtures market saw a decline in demand in the mid-months of 2020, due to government restrictions imposed globally, furthermore closure of manufacturing plants disrupted the overall supply chain.
However, despite of the slowdown in the initial months of the year 2020, the kitchen fixture market saw a surge in demand during the last months of 2020 due to increasing commercial as well as residential projects. Besides this, the growing penetration of disease further encouraged the government organizations especially in the developing countries, to take hygiene factor into serious consideration in various public areas.
The government bodies have already proposed the installation of public toilets and other fixtures wherever necessary. Thus the installation of such public toilets and bathroom are likely to trigger demand for various water sink products especially drop-in water sinks.
Who is winning?
Leading manufacturers of water sink are focused on aggressive promotional strategies and advertisements that have driven sales growth of water sink globally.
Major players present in the water sink market are Blanco America, Inc., Crown Products (Kent) Limited, Elkay Manufacturing Company, Franke Kitchen Systems, LLC, Huida Sanitary Ware Co., Ltd., JULIEN INC., Kohler Co. (Sterling), Kraus USA INC., LIXIL Corporation (American Standard Brand), Moen Incorporated, Mountain Plumbing Products, Roca Sanitario, S.A., ROHL LLC., Schock GmbH, Stern-Williams Co. Inc., among others.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article discusses the growth of the water sink market driven by smart sinks and monochrome styles.
COVID-19 initially slowed the market, but demand increased later in 2020 due to new projects.
Smart water sinks offer efficiency, hygiene, and additional features like soap dispensing.
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