Bathroom Fittings and Fixtures Industry in India Essay

Bathroom Fittings and Fixtures Industry Industry overview: The bathroom fittings industry which was not given much importance till a few years back in India has suddenly picked up. This has mainly happened due to the rising income of the people, rapid urbanization, and growth in the class conscious middle class. The Bathroom fittings industry in India is among the most booming industries in the country. Every year companies are coming up with new products or refurbishing old products with new designs and features. Due to the rapid growth of the country’s population the need for houses is continuously increasing. Both the Government and private sector real estate companies are investing huge amounts of money in this sector. The rise in the demand for good housing facilities is giving rise to the demand of quality bathroom accessories market in India. Countries like India and China are ranked among the major bathroom fittings market currently mostly because of their sizable populations. Industry Structure: India is home to numerous top bathroom fittings brands. The Industry is both organized and unorganized. The Bathroom fitting industry in India consists of a number of small, medium and large manufacturers. The small companies are mostly the local players that cater to a small section of the society. Whereas the popular bathroom fitting companies are mostly the top foreign and domestic players that have managed to establish a reputation in the Bathroom accessories market. Key Drivers of the Industry Industry works on the principle of demand and supply. Every industry is drive by the market forces and the market forces are affected by various forces. Key driver’s infact generated demand for the industry. Bathroom fitting industry is no exception to this rule. This industry is too like other industries are driven by various market forces which are as follows: Rising Income of the people and hence their purchasing power parity (PPP) The rapid urbanization due to which the demand for bathroom fittings is growing More and more investment in the construction sector both by domestic players and the foreign MNCs. Growing awareness among the people regarding bathroom architecture and fittings. Advertisement especially in developing nations is key factor in creating product awareness and hence the demand. Market Overview: Indian Sanitary Ware Industry bullish India, today, is all set to become the biggest manufacturing hub for international sanitary wares brand. The bathroom fittings market in the country is growing at a rate of 13. 3% per annum; India’s current sanitary ware market size is almost 500 crores and is growing at an annual growth rate of 3-4 percent in the industry. Going forward, India will have a huge market for sanitary ware products and of course the export market will also grow simultaneously. Further, government’s support to improve sanitation and hygiene and increasing urbanization has given a big push to the Indian sanitary ware industry. The companies are applying accurate standards and using top machinery and stringent quality measures with latest designs to manufacture finest quality machines India, today, is all set to become the biggest manufacturing hub for international sanitary wares brand. For the starters, Indian sanitary wares are comparatively cheaper as opposed to our western counterparts, courtesy availability of ample raw materials and low cost labor in comparison to other countries. This in fact has given Indian sanitary ware products an edge over the competitors from the nearby countries and naturally the exports of sanitary wares from India is scaling up. Certainly, Industry’s growth is directly related to the development in real estate. Today, housing’s demands are on rise. And interestingly people have started taking interest in top sanitary wares. The increased demand for sanitary ware is not just emanating from the new projects but there is a huge market for replacement products also. The remarkable growth by the industry has inspired industry majors to enhance their manufacturing system and even apply latest technology to give customers value for their money. Moreover, Indian companies are taking a step further to enlighten people about the advantages of premium sanitary wares. With 15 to 17 percent growth per year, Indian manufacturers have strengthened their dealer network all across the country. Demand for Made-in-India Sanitary Wares in the International Markets Market Share: Key Players: 1. Hindware: In 1960 Mr. Rajendra K. Somany established Hindustan Twyfords, in collaboration with Twyfords Ltd. of UK. With a bent towards innovation coupled with the intention to introduce vitreous china ceramics in India, he identified the sanitaryware market as the segment of interest.