Data | Japan’s Housing Equipment Market Down 6.2% Year-On-Year
On 18 October, Japan’s Yano Research Institute announced the results of a survey of the major housing equipment market for FY2020. The size of the major housing equipment market (total value of water-related housing equipment + water-related housing equipment + energy-saving storage equipment) for FY2020 was ¥176.375 billion (RMB 99.25 billion), down 6.2% year-on-year.
In the first half of 2020, the water-related equipment market and energy equipment declined year-on-year due to restrictions on sales activities as a result of the epidemic. After the second half of the year, demand rebounded mainly in the retrofit market, but did not compensate for the decline in the first half of the year.
Demand for sensor taps and dishwashers will also increase as hygiene awareness increases due to the pandemic. In addition, due to increased handwashing, washroom space is being reconsidered. Installation of new handwashing stations at entrances. There is also a strong demand for the replacement of cookers and water heaters due to the extended time spent at home.
The market is expected to reach JPY 1,824.2 billion (RMB 102.6 billion) in FY 2021, an increase of 3.4% year-on-year. In addition to the continued recovery trend in remodeling demand and the new construction market since the second half of last year, increased pandemic-induced demand for “hygiene”, “health” and “nesting” is expected to support market expansion. In addition, longer home stays and an increase in the phenomenon of natural disasters are expected to lead to strong demand for domestic energy storage, including in the area of energy-related equipment.