SAN FRANCISCO, May 16, 2022 /PRNewswire/ — The global faucet market is expected to reach its reach $36.7 billion Buildings that require faucet installation will expand at a CAGR of 7.4% through 2030 and from 2022 to 2030, according to a new report by Grand View Research, Inc.
Key takeaways and takeaways from the report:
- In terms of revenue, the commercial segment has dominated the global market by accounting for the largest revenue share in 2021. This is attributed to first class restroom facilities in malls and shopping complexes. Faucets with touch technology are very popular in commercial places that help to save water as well as improve aesthetics. Therefore, the expansion of the commercial sector is expected to propel the market in the near future.
- The kitchen segment is estimated to be the fastest growing segment during the forecast period, accounting for about 8% CAGR. The increasing acceptance of pull-out and pull-down faucets due to water-efficient technologies is driving demand for kitchen faucets among millennials. Asia Pacific is expected to experience a high pull out and pull down kitchen faucet market due to the growing population.
- The introduction of sensor-based faucets is expected to spur the growth of the global market over the forecast period. This faucet ensures the highest standards of hygiene and water savings. For example, Daniel Rubinetterie, op Europe The creative faucet manufacturer has launched a range of sensing technology solutions for public environments.
Request a Free Sample or View Executive Summary of Faucet Market Size, Share and Trend Analysis Report by End-User (Residential, Commercial), by Application (Bathroom, Kitchen), by Distribution Channel (Online, Offline), by Region, and Segment Forecasts , 2022–2030,” published by Grand View Research.
Faucet market growth and trends
Due to urbanization, rapidly increasing house costs and mortgage rates are driving people to invest more in home remodeling projects. This has led to an increase in trendy and smart bathroom accessories and further boosted market growth. According to the study examined by American Housing Survey Harvard’s Joint housing study center, the home improvement industry was appreciated $385 million in 2018.
The e-commerce sales channel is experiencing momentum as market players focus on marketing their products across various digital media platforms. The most commonly used digital media are social media accounts or pages and brand websites. Some of the largest e-commerce sellers of faucets for kitchens, bathrooms, and other uses include Wayfair LLC, Hausera, Faucet Depot, and Amazon.
The leading market players are offering pull-out and pull-down kitchen faucet technologies to gain significant market shares. These faucets in the market feature hand wave technologies, clap technology, Wi-Fi technology, etc. for consumer convenience and efficient water saving technologies. The pull-out and pull-down kitchen faucets operate at restricted flow rates to conserve water in accordance with government regulations.
faucet market segmentation
Grand View Research has segmented the global faucet market based on type, product, end-user, distribution channel, and region:
Faucet Market End-User Outlook (Revenue, $M, 2017-2030)
Faucet Market – Product Outlook (Revenue, $M, 2017-2030)
Faucet Market – Distribution Channel Outlook (Revenue, $M, 2017-2030)
Faucet Market – Regional Outlook (Revenue, USD Million, 2017-2030)
- North America
- Asia Pacific
- Central & South America
- middle East and Africa
List of Major Players in Faucet Market
- Koehler Co.
- frills, United States of America
- American standard brands
- Grohe America Inc.
- Company Delta Faucets
- Moen Incorporated
- Aqua Source faucet
Check out other related studies published by Grand View Research:
- Thermostatic Faucets Market – Expected to reach global thermostatic faucets market size $11.59 billion to 2028 at a CAGR of 5.29% over the forecast period, according to a new report by Grand View Research, Inc. The COVID-19 pandemic has hit nearly every industrial sector. The consumer’s focus has shifted to necessities, affecting non-essential industries such as plumbing. In 2020, several home renovation activities have been suspended.
- Smart Faucet Market https://www.grandviewresearch.com/industry-analysis/broadcast-scheduling-software-market?utm_source=prnewswire&utm_medium=referral&utm_campaign=ict_29-Apr-22&utm_term=electronic-design-automation-eda-software-market&utm_content= rl1 – Global smart faucet market size is expected to be reached $667.3 million to 2025, according to a new report by Grand View Research, Inc., at a CAGR of 12.0% over the forecast period. Rising smart home technology spending is expected to be a key factor driving the market growth due to rising living standards and luxury of middle-class household population. In addition, the number of luxury hotels is increasing as a result of the growth of the tourism sector in countries including Germany, France, Chinaand India aims to expand the scope of intelligent bathroom accessories such as faucets.
- Sanitary Fittings Market – Expected to reach global sanitary fittings market size $121.9 billion to 2025, according to a new report by Grand View Research, Inc., at a CAGR of 4.8% over the forecast period. The increasing preference for washrooms and kitchens that are not only functional but also aesthetically pleasing should drive demand for sanitary fittings. Additionally, the growing popularity of ceramics has prompted the working class to spend money on beautifying their own washrooms and kitchens.
Browse Grand View Research’s home care and decoration industry research reports.
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 headquarters in san francisco, the firm includes over 425 analysts and consultants who add more than 1200 market research reports to its extensive 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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