Kitchen Sinks Market Growth & Trends
The global kitchen sinks market size is expected to reach USD 4.78 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 4.5% over the forecast period. The growth of the housing & construction sector and technological improvements in this space has fueled the market. The rising number of hotels and restaurants has also presented industry players with significant opportunities to grow. The desire to create more furnished, appealing settings, as well as the remodeling of old and traditional homes with modern appliances and fixtures, has propelled the market in recent years.
According to the 2021 U.S. Houzz & Home Study, with homeowners confined to their homes owing to the COVID-19 pandemic, the number of people who said they had always wanted to do a house renovation but never had the time climbed to 44% in 2020 compared 38% in 2019. This desire, and finally having the financial means to do so, has also been reflected in the increased number of kitchen renovation projects, which were the most popular among renovating homeowners; two-thirds of homeowners made major changes to their kitchens. These remodeling activities bode well for market growth.
Asia Pacific accounts for the largest share of the global revenue and is also estimated to register the highest CAGR over the forecast period. Rapid urbanization in developing countries, rising disposable income, and growing home improvement activities have been contributing to the growth of this regional market. Granite is anticipated to witness strong growth over the coming years. Despite being more expensive than stainless steel, granite is immensely popular among consumers as it gives the space a more opulent and appealing vibe.
The market for kitchen sinks is consolidated in nature with the presence of a large number of international players and a few regional players. There are moderate to high entry barriers not only due to the presence of leading players but also the requirement of high advertising costs. To meet the growing and varied product demand, players have been targeting specific consumer groups as per their requirements and investing in designing products in unique colors, sizes, functions, and finishings. The vendor landscape is highly competitive and is characterized by players engaging in mergers & acquisitions and joint ventures.
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Kitchen Sinks Market Report
Kitchen Sinks Market Report Scope
Report Attribute Details
Market size value in 2022 — USD 3.43 billion Revenue forecast in 2030 — USD 4.78 billion Growth rate — CAGR of 4.5% from 2022 to 2030 Base year for estimation — 2021 Historical data — 2017–2020 Forecast period — 2022–2030
Kitchen Sinks Market Report Highlights
Asia Pacific accounted for the majority share of the global revenue in 2021. The high number of nuclear families and rising building & renovation projects will continue to boost product demand
The metallic material segment is projected to register the fastest growth over the forecast period. Steel as a material is more affordable, has a longer life expectancy, is less likely to dent, and easily matches most appliances
The single bowl segment held the largest share of the global revenue. These come in a range of sizes and are ideal for smaller spaces. The segment is also likely to register the highest CAGR through 2030
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