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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