The North American shower glass door market generated a revenue of $3,493.4 million in 2020 and it is predicted to advance at a CAGR of 7.6% between 2021 and 2030. According to the forecast of the market research company, P&S Intelligence, the market will attain a valuation of $7,151.7 million by 2030. The major factors driving the market advancement are the rising urbanization rate, the growth of the real estate sector, and the expansion of the tourism and hospitality industry.
The increasing urbanization rate is one of the major factors propelling the expansion of the market. In this region, the urban population has grown at an explosive pace over the last few years and this trend is predicted to continue in the coming years. As per the 2018 Revision of World Urbanization Prospects produced by the United Nations Department of Economic and Social Affairs (UNDESA), nearly 68% of the global population will live in towns and cities by 2050.
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Moreover, North America is already the world’s most urbanized region, with as much as 82% of the global population living in various urban areas. With the surge in urban population and the steep rise in the disposable income of people, the construction of residential buildings is picking up pace, which is, in turn, fueling the demand for various bathroom components such as shower glass doors in the region. This is propelling the advancement of the market.
Besides the aforementioned factors, the boom in the real estate industry is also driving the progress of the North American shower glass door market. The provision of loans and lucrative funding such as Home Equity Loans and Line of Credit (HELOCS) is fueling the expansion of the industry. As per Forbes, $3.5 trillion was contributed by the industry to the total gross domestic product (GDP) of the U.S. in 2020.
Depending on product type, the market is divided into framed and frameless shower glass doors. Between these, the frameless shower glass door category had higher market share in the years gone by and this trend is predicted to continue in the forthcoming years as well. This is primarily because of the huge demand for heavyweight glass and the abundant availability of frameless doors in numerous designs in the various North American countries.
The North American shower glass door market recorded the highest growth in the U.S. in the past years. Moreover, the market will demonstrate the fastest growth in the U.S. in the coming years. This is ascribed to the fact that the urban population of the country has grown massively over the last few years, on account of the surging employment opportunities and disposable income of the people residing in the country.
Hence, it can be said with full confidence that the market will register huge expansion in the forthcoming years, mainly because of the rising disposable income of people and the increasing urbanization rate in the region.
