The sanitary equipment market today is considered to be very diverse and developed with the appearance of many different brands, products and designs. To Sanitary equipment market review Now objectively need to look at the factors in the article below.
1. Evaluate the sanitary equipment market based on market size
Sanitary equipment market is growing with increasing residential, commercial and infrastructure construction projects, contributing to promoting commercial and residential applications. According to statistics from the Ministry of Construction, the number of housing development projects and real estate projects has increased steadily over the years.
In the first quarter of 2023 alone, the number of completed commercial housing projects was 14 projects with 5,909 apartments, equal to about 50% compared to Q4/2022 and equal to about 63,64% compared to Q1/2022. The number of projects under construction is 698 with 398,592 units, reaching 149,79% compared to Q4/2022 and equal to about 57,4% compared to Q1/2022. The sanitary equipment market is growing at a CAGR (compound growth rate) of >5.3% in the next 5 years (According to Announcement 50/TC-BXD (April 21, 2023), Ministry of Construction).
The more housing development projects there are, the more Sanitary equipment market in Vietnam increasingly vibrant and expanding in scale. Especially in recent years, with the "smart lifestyle", users prefer products smart sanitary equipment. The product lines are designed with full features and available technology to meet the increasing needs and preferences of customers.
According to a report published by Allied Market Research, the Vietnamese sanitary ware and bathroom accessories market reached US$443.4 million in 2018 and this figure is expected to reach US$685.2 million by 2025, achieving a compound annual growth rate (CAGR) of 6.4%.
2. Evaluate the sanitary equipment market based on market competition
To Sanitary equipment market review Objectively, we need to look at the level of market competition. The expanding market size means that the level of competition between manufacturers as well as agents Sanitary equipment business become fierce.
Popular brands in Vietnam such as TOTO, Kohler, Inax, American Standard, Enic are competing with each other to consolidate and expand their market share. They consolidate their market position by providing products that are more technologically upgraded and easier to maintain. In addition, there are many other small brands that are also trying to build their brands and gain a foothold in the market.
As for business agents, they compete with each other on price to "capture" for themselves the target customer group for long-term business strategy. Agents compete with each other on product quality to retain customers, creating solid trust. Regarding service, agents compete to differentiate themselves from other agents. Build the best services such as free shipping, product return policy, after-sales warranty policy, product consulting, technical support, etc.
Advertising sanitary equipment to reach customers through various advertising and sales channels. Both to sell and to increase brand awareness. A good brand will create trust and confidence from customers. In addition, choosing a store location and designing an eye-catching, scientific showroom is also focused on by the company and the dealer to attract customers.
3. Market trends
Sanitary equipment market There are several notable trends today:
- The smart toilet equipment market is growing strongly with many modern, convenient and energy-saving features. Smart equipment is popular because the living standards and needs of people have changed significantly. According to preliminary results from 2022 Population Living Standards Survey, average income per capita in 2022 is estimated to reach 4.6 million VND/person/month, up 9.5% compared to 2021.
- Sanitary equipment products compatible with Internet of Things (IoT) devices are becoming popular, allowing users to monitor and control devices remotely. According to Digital 2022 Report According to We Are Social, the Internet usage rate in Vietnam is at 73,2% (equivalent to 72.10 million people) total population just at the beginning of the year.
- The green sanitary equipment market is being focused on, with a focus on products using renewable energy sources and recycled materials.
- Building smart homes is a growing trend globally, so smart sanitary equipment integrated into smart home systems will have great potential for development.
- In recent times, cheap and good quality sanitary ware products are becoming popular. However, competition will continue with many brands and diverse product models.
- Ceramic sanitary ware products are dominating the market. Due to the glossy surface of ceramic, along with other properties including stain resistance, heat resistance and easy cleaning. Besides, ceramic products are affordable for many customers.
With these trends, sanitary equipment market In the future, the market will thrive with fierce competition between brands and products, meeting the increasing demand of consumers for modern and convenient products.
4. The growth potential of the business when entering the market
Vietnam sanitary equipment market is a market with great potential for growth, so businesses can take advantage of this opportunity to grow their business. However, to increase the growth potential of businesses when entering the sanitary equipment market, it is necessary to focus on many factors such as: products, quality, competitive prices, the ability to promote the brand and effective marketing.
- Products with diverse designs, quality, style, and business Classic sanitary ware or modern, smart. As long as it suits the needs of customers at competitive prices.
- Effective marketing and promotion strategies to raise awareness of your business's products and brands, Take advantage of online advertising channels such as Google Ads, Facebook Ads, TikTok Ads... Create quality, engaging content, articles and videos.
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- Integrate products in smart home systems, IoT and use advanced technologies.
- Green products, using renewable energy and recycled materials to meet the growing trend of environmental concern.
- Strengthen relationships with agents and distributors to expand consumer markets and enhance competitiveness.
- Research and develop products, apply new and innovative technologies such as massage bathtub, washbasin cabinet, shower… To develop new products, diversify products. Create a difference from competitors.
In addition, providing customer support policies and product warranties is also an important factor in increasing customer trust and loyalty, contributing to business revenue growth.
The information in the above article is one of the top factors to Review of the current sanitary equipment marketIn a fiercely competitive environment, sanitary equipment companies need to come up with appropriate strategies to increase competitiveness and gain market share.