According to the
market study, titled ‘Global
Hand Dryer Market - Industry Analysis, Size, Share, Growth,
Trends and Forecast 2014 - 2020’, the global hand dryers market
was worth US$442 mn in 2013. The market is expected to more than
double in value from 2014 to 2020, reaching a total valuation of
almost US$931 mn. The market is expected to grow at an 11.4% CAGR by
value between 2014 and 2020, while on the basis of volume, the market
is expected to grow from 2,000 units to more than 4,300 at a 12% CAGR
in the same timeframe.
Innovative design
and features of hand dryers have led to the increasing demand of
these appliances in public restrooms in places such as hotels,
restaurants, office buildings and educational institutes among
others. Global market for hand dryers was valued at USD 442.0 million
in 2013 and is expected to reach USD 930.8 million by 2020, growing
at a CAGR of 11.4% during the forecast period from 2014 to 2020. Hand
dryer is classified as jet air hand dryers and hot air hand dryers.
Growing hygiene
standards and increasing demand of eco friendly appliances has
supported the growth of the market. The installation of hand dryers
in public restrooms in places such as hotels, restaurants, office
buildings, hospitals and educational institutes among others has
additionally supported the growth of the market. The growing demand
for such systems can also be attributed to the power saving nature of
the devices which proves to be cheaper in comparison to the paper
towels used in the restrooms. The use of hand dryers proves to be
economical as it reduces the maintenance costs. It also plays an
important role in maintaining the cleanliness of the restroom and
helps reduce the cutting of trees that are used in making paper
towels.
Among the two types
of hand dryers, traditional hot air hand dryers have the largest
market share. This is primarily because the hot air hand dryer has
been present in the market for a considerable period of time and are
available at reasonable price. With technological advancements and
features the Jet air hand dryer is expected to gain market share in
the years to come.
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Geographically, in
terms of shipment Asia Pacific held the largest market share. The
increasing demand of hand dryers in the region is primarily
attributed to the growing infrastructure development. Countries such
as China, India, Japan, Singapore and Australia among others are
contributing to the growing demand of hand dryers in the region. Asia
Pacific is followed Europe where increasing hygiene concerns is
contributing the increasing demand of hand dryers in the region.
In terms of revenue
Europe held the largest geographical market share. The average cost
of a jet air hand dryer in Europe is around USD 425. Following Europe
is North America which holds second largest market share in the hand
dryers market.
The market is highly
fragmented with large number of players present in the market.
Many of the players are contract manufacturers who manufacture hand
dryers for the third parties. Dyson Ltd., Mitsubishi Electric
Corporation, Dihour, World Dryer Corporation, American Dryer Inc.,
TOTO Ltd. and AIKE among others are some of the key players in
the hand dryer market.
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