Increased partnerships with the hospitality sector is expected to bring wide opportunities for vendors
The commercial high-speed hand dryer market size to reach USD 1.6 billion by 2024, growing at a CAGR of 7.5% during the forecast period. The global commercial high-speed hand dryer market is undergoing several transformations. The growing demand can be attributed to the increasing urbanization, the improvement in living standards, and the availability of innovative hand dryer, including sensor-based one. In terms of revenue, the market is likely to witness steady growth during the forecast period. Developed markets such as Europe and North America are witnessing high replacement demand. Hence, the increase in replacement demand provides vast opportunities for vendors.
The rising disposable income, new travel trends, better work-life balance, and green travel are responsible for the growth of the tourism industry. This has driven the demand for state-of-the-art tourism infrastructure, thereby increasing the demand for hand dryers. Growing collaborations and partnerships in the hospitality sector with vendors partnering with big players of the industry is likely to provide them with vast opportunities in the commercial high-speed hand dryer market.
Global policymakers have put their extreme focus on the development of sustainable infrastructure. Concepts such as smart infrastructure enabled with several technological advancements are likely to guide the future market. Hence, with such developments, the utility of commercial high-speed hand dryer is expected to grow in the coming years. The global commercial high-speed hand dryer market is expected to grow at a CAGR of over 7% during the forecast period 2018−2024. The research report also provides market size in terms of unit shipment.
COMMERCIAL HIGH-SPEED HAND DRYER MARKET SEGMENTATION
This research report includes detailed market segmentation by
COMMERCIAL HIGH-SPEED HAND DRYER MARKET: PRODUCTS
Europe and North America are witnessing high adoption of jet air dryers
The high-speed jet dryer market is expected to grow at the fastest CAGR during the period 2018−2024. Rapid technological innovations and changing dynamics are the major factors driving the growth of the segment. As the market is open to innovation, jet air dryers have observed major technological advancements, which have increased their adoption in commercial applications. Jet air dryers offer increased product efficiency; hence Europe and North America are witnessing high adoption of these products. Although they are growing at an impressive rate, hot dryers are likely to maintain their dominance during the forecast period as they are the most cost-effective.
COMMERCIAL HIGH-SPEED HAND DRYER MARKET: DISTRIBUTION CHANNEL
Online sales are set to grow over 10% YOY during the forecast period
Hand dryers are mainly sold through dealer distribution channels and retail stores such as specialty stores, supermarkets, hypermarkets, mass-market players, electronic store. However, online stores are increasing gradually. The growth in online sales is set to increase by over 10% YOY during the forecast period. The primary reason for this is online stores offer more options to choose from than retail stores. Some vendors offer YouTube videos (video tutorials) and help beginners to get knowledge about the application and make them aware of these products. Besides, prices offered on the internet are lower than retail stores because of the discount offered by vendors to promote their products.
COMMERCIAL HIGH-SPEED HAND DRYER MARKET: OPERATION TYPE
Conventional hands-under dryers are increasingly getting replaced with high-speed jet dryers
Although the hands-under dryer is the most preferred hot air product, the segment is witnessing several technological advances, and the product is increasingly getting replaced with high-speed hands-under jet dryers. Innovation holds the key to success, and thus, manufacturers have been launching new products, including automatic sensor-based ones.
The preference for the hands-in dryer is considerably high in developed regions such as Europe and North America, however, the market adoption in emerging markets is slow. The increased emphasis of vendors on product designs has resulted in the development of products with better hygiene and efficiency. These products are equipped with sensors that start or stop the airflow automatically as the hands are fully inserted or removed, eliminating the need to touch surfaces and reducing the risk of scattering airborne particles in the washroom. These innovations are likely to increase the revenue share of the hands-in segment.
COMMERCIAL HIGH-SPEED HAND DRYER MARKET: APPLICATION
The growing demand for high-speed hand dryers in various commercial sectors to offer new business opportunities, especially in metropolitan cities
The hospitality sector is one of the largest end-use application industries in the market. The rise in the hotel business and hospitality industries, and the growing trend of traveling can be attributed to the high adoption of high-speed hand dryers in the industry. APAC, in 2017, recorded the maximum hotel room occupancy with the occupancy rate of 68.7%.
The rise of commercial construction, including airport modernization, is a significant factor for market growth. However, the application is not only confined to commercial construction spaces, but the growing demand from rail transportation also continues to offer new business opportunities for vendors, especially in metropolitan cities. The demand for long-distance rail transport has already grown and is expected to grow as the high-speed rail network continues to develop worldwide, especially Asia.
The high-speed hand dryer market by healthcare is expected to grow at a CAGR of over 6% during the period 2018−2024. The increased expenditure on healthcare services worldwide is a major factor for high dyers adoption world over. A significant investment in the healthcare sector is likely to lead the construction of more hospitals in the coming years. For instance, China has almost doubled its hospital numbers in the past 12 years. This, in turn, is likely to provide vast opportunities for manufacturers.
COMMERCIAL HIGH-SPEED HAND DRYER MARKET: GEOGRAPHY
The rise of the tourism industry is a major factor driving the market growth
Europe was the largest market in 2018 and is expected to continue its dominance during the forecast period. The growing popularity and increased adoption of hand dryers in regional markets such as Germany and the UK is one of the major factors for high shares of the market. Another reason for the high adoption among European households is the increase in the per capita disposable income translates itself into opportunities to adopt more tourism fashion.
The development of advanced commercial infrastructure is driving the APAC market. However, the market is likely to grow at a steady pace during the forecast period. A major factor driving the market is the rise of the tourism industry, which is increasing the importance of hygiene among tourists.
The rise in the hospitality and commercial sectors is a key reason for the demand for consumer appliances in the North America region. The growing awareness of hygiene also contributing to the market growth in the region. Further, the growth in urbanization and industrial development has provided vast growth opportunities for vendors in the region.
The continuous focus on compatible infrastructure development leading to the establishment of advance commercial spaces, thereby increasing the demand for hand dryers in the MEA region. However, the market is likely to grow at a steady pace by 2024. Also, the increased emphasis on developing smart and sustainable infrastructure, including academic institutions, is expected to contribute the market growth.
The Commercial High-Speed Hand Dryer market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
Market Segmentation by Products
By Distribution Channel
- Commercial Spaces
- Corporate Spaces
By Operation Type
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- North America