Faucet Market Is Expected To Achieve Considerable Growth of 7.4% CAGR, Due To Increasing Investment in Industrial Sector And Rapid Urbanization Till 2030 | Grand View Research, Inc.

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According to a new report released by Grand View Research, the growth in the faucet industry is being attributed primarily to increased spending on home renovations and repairs by people across North America.

The global faucet market size was estimated at US$19.3 billion in 2021 and is expected to reach US$36.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.4% during the forecast period.

The increasing importance of multifunctional faucets and the focus on aesthetics are increasing the demand for faucets in the market. The surge in investment in the industrial sector and rapid urbanization are expected to give way to market growth over the forecast period.

COVID-19 is still a significant concern for economies around the world as exports have fallen year-on-year and imports have increased over the same period. The fittings market is trying to recover. Nonetheless, this means that there is a direct impact on the ICT/Healthcare/Chemical industries, resulting in a large market for the faucet market.

Gather more insights into the market drivers, restraints and growth Global faucet market

Increasing disposable income of consumers is one of the major factors driving the growth of the global market. An increase in the trend of remodeling and therefore using trendy and smart bathroom accessories is expected to increase the demand in the market. According to iProperty Management, most homeowners spent $5,000 to $10,000 on remodeling their homes in 2019.

Bathroom accessories are the essential smart products that are increasingly attracting attention from both consumers and manufacturers. With the introduction of modern innovative technologies, manufacturers offer a wide range of digital and electronic faucets for residential and commercial use. For example, Daniel Rubinetterie, a creative manufacturer in Europe, launched “Reflex” in January 2022, a new collection of fittings for kitchen and bathroom applications.

In addition, various product innovations such as the development of touchless, digital and hybrid smart faucets equipped with efficiency sensors and temperature displays act as other growth-enhancing factors. For example, the GROHE Plus digital faucet has an LED temperature display. It redefines the concept of versatility.

The ongoing demand for creating a modern and luxurious home is also paving the way for refurbished kitchen interiors, fueling the demand for kitchen products. For example, the Franke 3-in-1 faucet offered by Franke Kitchen Systems is designed to deliver hot, cold and distilled water to ensure the use of pure and appropriate temperatures for various kitchen uses.

faucet market segmentation

Based on end-user insights, the market is segmented into residential and commercial.

  • The commercial segment led the market, accounting for 57% of global sales in 2021. By the end of 2030, this segment is projected to register the fastest CAGR of 7.5% over the forecast period.
  • The residential segment is expected to grow at the fastest CAGR of 7.2% from 2022 to 2030. The residential segment of the market has the highest spending potential from young homeowners in affordable markets.

Based on the Application Insights, the market is segmented into bathroom, kitchen and others.

  • The bathroom segment led the market, accounting for 42.2% of global sales in 2021. The demand for faucets for bathroom applications is being driven by the growing hospitality industry as well as the burgeoning real estate sector on a global scale.
  • The kitchen segment is projected to grow at the fastest CAGR of 7.7% from 2022 to 2030. Increasing spending on home remodeling is driving the demand for advanced kitchen faucets. The growth is attributed to the increasing demand for elegant, multifunctional and sophisticated kitchen faucets.

Based on Distribution Channel Insights, the market is segmented into online and offline.

  • The online distribution channel is expected to be the largest contributor to the global market in 2022 at over 7.7% of the CAGR.
  • The offline segment dominated the market and had the largest share of sales in 2021 at 88.6%.

Based on Faucet’s regional insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.

  • North America had the largest share of sales in 2022 at 7.4%. The market growth is primarily due to increased spending on home renovations and repairs by people across North America.
  • A CAGR of 8.0% is expected for the Asia-Pacific region during the forecast period. The growth of the market is primarily attributed to the increased spending on home renovations and repairs by people across North America.

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  • Bathroom Accessories Market – The global bathroom accessories market size was estimated at US$17.05 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 10.2% from 2021 to 2028. With the increasing expansion of real estate and commercial construction, the bathroom faucet industry is likely to receive a powerful boost, fueling the demand for bathroom accessories.
  • Smart Faucet Market The global smart faucet market size was estimated at USD 301.9 million in 2018. The shift in consumer preferences towards smart home technology in a household is expected to play a key role in expanding the market size due to its high level of comfort and luxury.

Insights into market shares:

  • March 2022: Blanco, the kitchen offline solutions brand backed by industry-leading German engineering, introduced new productive accessories and faucet styles. They’ve also enhanced their metal faucet finish with bold black and luxe satin gold

  • January 2022: Moen unveiled its smart faucet. The new feature features fully hands-free operation, using gestures to control both temperature and flow

Profile of the main companies:

The market includes both international and domestic participants. Key market players are focusing on strategies such as retail innovation and new product launches to enhance their portfolio offerings in the market.

Some of the Major Players in Global Faucet Market are:-

  • Koehler Co.
  • Kraus, USA
  • American standard brands
  • Grohe America Inc.
  • Pfister
  • Company Delta Faucets
  • Moen Incorporated
  • Aqua Source faucet

Order for free Sample PDF the Faucet Market Intelligence Study published by Grand View Research.

About Grand View Research

Grand View Research, a US-based market research and consulting firm, offers both syndicated and custom research reports and consulting services. Registered in California and headquartered in San Francisco, the company includes over 425 analysts and consultants who add more than 1200 market research reports to its vast database each year. These reports provide in-depth analysis of 46 industries across 25 major countries worldwide. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutions understand the global and regional business environment and assess the opportunities ahead.

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