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Hand Dryers Market 2024 - By Share, Size, Growth Analysis And Forecast To 2033
Hand Dryers Market
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According to The Business Research Company's, The hand dryers market size has grown rapidly in recent years. It will grow from $1.97 billion in 2023 to $2.2 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to hygiene and sanitation awareness, environmental concerns, cost savings, government regulations.
The hand dryers market size is expected to see rapid growth in the next few years. It will grow to $3.23 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%. The growth in the forecast period can be attributed to pandemic response, energy efficiency, touchless technology, the integration of smart features, green building standards. Major trends in the forecast period include high-speed hand dryers, hygienic hepa filters, customized design and branding, antimicrobial coatings, quiet operation.
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Market Drivers and Trends:
Strong growth in the hospitality industry drove the market for hand dryers in the historic period. The rapidly growing hospitality industry, such as the rise in hotels and restaurants, boosted the growth of the hand dryers market, driven by the need to meet cleanliness requirements in the food services and hospitality sectors. For instance, according to the Office for National Statistics, a UK-based independent producer of official statistics, the industry providing lodging and culinary services expanded by 8.6% in February 2022. It expanded mostly because of the expansion of lodging, which increased by 23% from December 2021 to December 2022. Strong economic growth in the hospitality industry boosted the demand for hand dryers which drove the growth of the hand dryers market during the historic period.
Companies are launching new products to increase their revenue and gain a competitive edge over their competitors. For instance, in February 2022, Initial PLC., a UK-based leading provider of washroom hygiene, introduced the latest innovations to its hand dryer range, known as Luna Dry and Luna Mini Dry, with three high gloss UV anti-scratch finishes. ION Pure Technology has been used in the engineering of Luna Dry and Luna Mini Dry. The production method incorporates antimicrobial metal ions from the soluble glass solution into the outer case to provide a finish that is resistant to bacteria and germs.
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Major Key Players of the Market:
American Dryer LLC, Dyson Ltd., Electrostar, Excel Dryer Inc., Panasonic Corporation, Mitsubishi Electric Corporation, SPL Ltd., Bobrick Washroom Equipment Inc., Saniflow Corporation, Taishan Jieda Electrical Co Ltd., World Dryer Corporation, Hokwang Industries Co Ltd., Palmer Fixture Company, Euronics Industries Pvt Ltd., Jaguar Group, Bio JetDrier, Bradley Corporation, Toto Ltd., JVD SAS, SAVORTEX Limited, Askon Hygiene Products Private Limited, Toshi Automatic Systems Pvt Ltd., Penson & Co, Warner Howard Limited, The Hygiene Company, Veltia UK Ltd, ZheJiang MoDun Sanitary Ware Co Ltd., Siemens AG, Dolphy India Pvt Ltd., Novatech Automatic Systems
Hand Dryers Market 2024 Key Insights:
• The hand dryers market size is expected to see rapid growth in the next few years. It will grow to $3.23 billion in 2028 at a compound annual growth rate (CAGR) of 10.0%.
• Strong Growth In The Hospitality Sector Fuels Hand Dryer Market Expansion
• Product Innovations Reshaping The Hand Dryers Market
• Asia-Pacific was the largest region in the hand dryers market in 2023
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