According to a recent report by Future Market Insights (FMI), the water sink market is anticipated to reach US$ 45.9 Bn in 2022 and grow at a CAGR of around 2.9% through 2027.
In terms of product options and quality, the market for water sinks has changed significantly over time. The worldwide market for water sinks is aiming to provide effective services as an increasing number of smartphones and modernized electronic devices acquire popularity among the target segments.
The newest generation of smart sinks in the premium class offers extra services like distributing liquid soap and water, drying hands, etc. A smart water sink that is intended to be both effective and sanitary is the Sloan AER-DEC Integrated Sink System.
Modern customers are more drawn to interior designs inspired by nature since they appear to be larger and more real on the inside. As a result, the majority of water sink producers strive to produce nature-focused water sink products for both residential and commercial markets.
For instance, among the most popular water sink items among target clients are vessel sinks and conventional farmhouse sinks. Water sinks with hand-carved stone on them add a luxurious touch and leave a lasting impact on customers.
Customers are increasingly selecting monochromatic kitchen and bathroom designs that maintain the black and white colors because they find it easier when picking the colors of water sinks.
Key Takeaways from the Water Sink Market Study
- Consumers want to keep the interiors of their homes looking good to spread positive energy, therefore they maintain the interiors of their kitchens and bathrooms as well to improve comfort and cleanliness.
- As a consequence, installing modernized water sinks in bathrooms and kitchens aids in meeting the varied tastes and requirements of target clients.
- Online platforms provide for the advertising of goods and services as well as their simple delivery to the intended clients, therefore this sales channel is predicted to grow.
- Additionally, it is anticipated that the worldwide market for water sinks would see an increase in sales due to technical improvements in the industry.
Impact of COVID-19 on the Market
The COVID-19 pandemic affected several global businesses, including the kitchen fittings sector. Due to worldwide government limitations and the disruption caused by the closure of production facilities, the demand for kitchen fittings fell in the middle of 2020.
However, despite a downturn in the first few months of 2020, the market for kitchen fixtures had a rise in demand in the final few months of that year due to an increase in both commercial and residential projects. In addition, the spread of the disease has compelled government agencies, particularly those in developing nations, to pay close attention to cleanliness in a variety of public settings.