Hand Dryer Market Size Is Anticipated To Reach $3,100.1 Million By 2031, Growing At A CAGR of 12.9% | Top Manufacturers
The global hand dryer market size was valued at $781.5 million in 2020, and is projected to reach $3,100.1 million by 2031, registering a CAGR of 12.9% from 2022 to 2031. The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape.
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The hand dryer market is expanding, having presence in almost all the regions. Technological advancements and adoption of new innovation in hand dryer in rising economies have boosted the prospects in the hand dryer market. In the prevailing business scenario, the demand for less noisy and less time-consuming hand dryer products is witnessing significant growth among the various end users. Adoption of effective drying technology and rise in health awareness in BRIC countries have shown increase in use of hand dryers. The increase in competition among the regional and domestic players have created numerous options to the buyers.
The value chain analysis provides a systematic study of the key intermediaries involved in the final product manufacturing. The value chain includes R&D, raw material providers, manufacturers, distributors (retail and offline stores), and end users. This analysis helps the stakeholders to devise appropriate strategies and develop their businesses accordingly.
Porter's five forces framework analyze the intensity of competitive rivalry by considering various parameters such as bargaining power of buyers & suppliers and threat of new entrants &substitutes. Fluctuation in raw material prices and presence of numerous market players lead to moderate bargaining power of suppliers. In addition, availability of range of products and variety seeking habit of customers results in moderate bargaining power of buyers.
The hand dryer market is segmented on the basis of type, end user, mode of operation, and region. The types of hand dryers include hot hand dryers and jet hand dryers. The jet hand dryer segment dominated the overall market in 2020, with a market share of 64.4. However, the jet hand dryer market, by volume, is expected to grow with the highest CAGR of 13.5 % during the forecast period owing to the technological advancements that are projected to reduce price of jet hand dryers.
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Hand dryers are prominently used across the globe on account of hygiene management and eco-friendly technological requirements. Europe was the largest revenue generator, with a market value of $253.1 million in 2020; however, Asia-Pacific is estimated to grow at the highest CAGR of 13.3% during the forecast period.
The key market players profiled in the report include:
• Are AB Electrolux
• American Dryer Inc.
• Dyson Ltd.
• Excel Dryer Inc.
• Hokwang Industries Co. Ltd.
• HygenEco Systems LLC (Bio JetDrier)
• Mitsubishi Electric Corporation
• Palmer Fixture
• Panasonic Corporation
• World Dryer Corporation.
Key Benefits For Stakeholders:
• The report provides a quantitative analysis of the current hand dryer market trends, estimations, and dynamics of the market size from 2020 to 2031 to identify the prevailing opportunities.
• In-depth analysis and the market size and segmentation assist to determine the prevailing hand dryer market opportunities.
• Drivers and restraints are analyzed depending on type in the hand dryers industry.
• The Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
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