Technavio released its latest market research report, entitled "Global Hot and Cold Water Dispenser Market 2020-2024" (Graphic: Business Wire)
Technavio released its latest market research report, entitled "Global Hot and Cold Water Dispenser Market 2020-2024" (Graphic: Business Wire)
LONDON--(BUSINESS WIRE)--The hot and cold water dispenser market is expected to grow by US$47907 million between 2020 and 2024, a compound annual growth rate of nearly 2%. The report also clarified the impact of the COVID-19 pandemic on the market and the new opportunities and challenges that market participants can expect. The impact in the first quarter is expected to be significant, but it will gradually weaken in the subsequent quarters-the impact on economic growth throughout the year will be limited.
The report analyzes the impact of the COVID-19 pandemic on the market in detail under optimistic, possible and pessimistic forecast scenarios. -Get a free sample report in minutes
Hot and cold water dispenser market: multiple advantages related to the use of water dispensers to drive growth
Water dispensers are easy to buy, install and maintain, and are widely used in homes, gyms, universities, offices and other commercial places. They don't need pipes, because they don't need to be fixed in a specific place. However, the plug-in water dispenser needs to be hooked directly to the pipe to be fixed. But they do not require frequent top or bottom bottle loading. Children can easily use these water dispensers because the hot water rod is equipped with many safety features to avoid scalding. In addition, these dispensers only need to be cleaned once a month, and minimal maintenance is sufficient to ensure smooth operation. Many of these benefits are increasing the adoption of hot and cold water dispensers, which is driving market growth.
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According to Technavio, the increased adoption of multiple marketing strategies for drinking fountains by major suppliers will have a positive impact on the market and significantly boost its growth during the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth in 2020-2024.
Hot and cold water dispenser market: Major suppliers are increasingly adopting multiple marketing strategies
Many old and new players in the market are investing heavily in marketing and advertising activities to increase sales of their products. Some vendors are using celebrity endorsements as one of the main marketing tools. In addition, well-known suppliers are offering discounted products, gift certificates, seasonal offers and lucky draws to increase sales and expand their consumer base. Such marketing measures are expected to promote the growth of the global hot and cold water dispenser market during the forecast period.
A senior analyst at Technavio said: "During the forecast period, increased drinking water consumption and increased investment in household appliances will further drive market growth."
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Hot and cold water dispenser market: segmentation analysis
The market research report segmented the hot and cold water dispenser market by product (bottled and pipeline), end user (commercial and residential), and geography (Europe, North America, Asia Pacific, South America, and MEA).
The European region will take the lead in the hot and cold water dispenser market in 2020, followed by North America, Asia Pacific, South America and MEA. During the forecast period, due to factors such as rapid urbanization and increasing consumer disposable income, the European region is expected to have the highest incremental growth rate.
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Some of the key topics covered in the report include:
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Technavio Research Jesse Maida Media and Marketing Director United States: 1 844 364 1100 United Kingdom: 44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/
The market for hot and cold water dispensers will grow by USD 47907 million in 2020-2024
Technavio Research Jesse Maida Media and Marketing Director United States: 1 844 364 1100 United Kingdom: 44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/