LONDON--(BUSINESS WIRE)--The hot and cold water dispensers market is expected to grow by USD 479.07 million during 2020-2024, expanding at a CAGR of almost 2%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges that market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Hot and Cold Water Dispensers Market: Multiple advantages associated with the use of water dispensers to drive growth
Water dispensers are widely used in homes, gyms, colleges, offices, and other commercial places as they are easy to purchase, install, and maintain. They do not require plumbing as they need not be fixed at a particular place. However, plumbed-in water dispensers require a direct hook to the plumbing line to get fixed. But they do not require frequent top or bottom bottle loading. These water dispensers can be easily used by children as the hot water lever is equipped with many safety features to avoid getting burnt. Moreover, these dispensers need to be cleaned only once a month and minimal upkeep is enough to ensure smooth functioning. Many such benefits are increasing the adoption of hot and cold water dispensers, which is driving the growth of the market.
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As per Technavio, the increase in the adoption of multiple marketing strategies by key vendors for water dispensers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Hot and Cold Water Dispensers Market: Increase in adoption of multiple marketing strategies by key vendors
Many established and new players in the market are making significant investments in marketing and advertising campaigns to increase the sales of their products. Some vendors are adopting celebrity endorsements as one of the prime marketing tools. In addition, discount offerings, gift coupons, seasonal offers, and lucky draws are being offered by prominent vendors to increase sales and expand their consumer base. Such marketing initiatives are expected to fuel the growth of the global hot and cold water dispensers market during the forecast period.
“Rise in consumption of drinking water and growing investments in home appliances will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Hot and Cold Water Dispensers Market: Segmentation Analysis
This market research report segments the hot and cold water dispensers market by Product (Bottled and Plumbed-in), End-user (Commercial and Residential), and Geography (Europe, North America, APAC, South America, and MEA).
The European region led the hot and cold water dispensers market in 2020, followed by North America, APAC, South America, and MEA respectively. During the forecast period, the Europe region is expected to register the highest incremental growth due to factors such as rapid urbanization and rising disposable incomes of consumers.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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