New York, United States, November 15, 2022 (GLOBE NEWSWIRE) — The Global Faucet Market Size Valued at $40.20 billion in 2021, the market is expected to grow by $66.64 billion in 2030 at a CAGR of 7.60%. Due to the increasing acceptance of technologies and the presence of industry players, the North American region is expected to have the largest market share in the global faucet market.
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The demographic changes reflect broader socio-economic developments such as industrialization, urbanization, rising living standards (especially for older people) and immigration restrictions, which have led to an increase in the number of families internationally. Numerous governments around the world have launched a number of initiatives to provide permanent housing for middle-class and low-income people. The Indian government, for example, plans to build 11 billion housing units, including initiatives to close the current 6 billion unit backlog. In addition, the government hopes to provide housing for every Indian resident by 2022. The housing demand, estimated at 5-6 million units and consisting mainly of modest dwellings, is roughly equally divided between urban and rural regions.
Over the next five years, the Government of India’s Smart Cities Mission, which calls for the development of 100 smart cities, would cost US$7.75 billion. It is therefore expected that the demand for faucets and other items will increase dramatically as new homes and businesses open. Builders have started to see the benefits of bathrooms with a luxurious appearance as the demand for such homes increases. Consumers are increasingly buying more expensive and technologically advanced goods as their income and spending habits increase. because real estate investors can benefit more from high-end units.
One of the most important smart products that manufacturers and consumers are increasingly focusing on is bathroom accessories. Thanks to the introduction of modern breakthrough technologies, manufacturers offer a wide range of digital and electronic faucets for domestic and commercial use. For example, in January 2022, a talented European manufacturer named Daniel Rubinetterie introduced “Reflex”, a new range of faucets for use in kitchens and bathrooms.
Browse key cross-industry insights 235 pages With 115 market data tables and Counting & charts from the report “Global Faucet Market SizeShare & Trends, COVID-19 Impact Analysis Report, By Type (Electronic & Manual), By Mount (Deck & Wall), By Material (Metal & Plastic (PTMT)), By Application (Kitchen & Bathroom), By End-User ( residential, commercial and industrial), by sales channel (online and offline) and by region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), analysis and forecast 2021 – 2030 in detail with table of contents
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Changing the lifestyle of people around the world is one of the major factors driving the expansion of the faucet sector. The market is growing rapidly due to consumers’ growing demand for functional bathrooms and kitchens and their appreciation for their aesthetic value. Customer preferences in terms of ease of use, convenience and compactness when purchasing items, as well as the availability of various material and design combinations to meet consumer demand for customized faucets are all affecting the market. The introduction of e-commerce sales channels, intelligent strategic marketing campaigns, the growth of disposable income, the introduction of sensors and other features into the product, and changing consumer preferences are other factors that are having a favorable impact on the faucet market.
The need for improved kitchen facilities is also being fueled by the growing trend towards building spacious, modern homes, which in turn is stimulating the market for kitchenware. The Franke Kitchen Systems 3-in-1 faucet is designed to provide hot, cold and distilled water to ensure the use of pure and appropriate temperatures for various kitchen applications. Factors promoting growth include various product developments, such as the development of digital, touchless and hybrid fittings with temperature gauges and efficiency sensors. The smart fitting GROHE Plus, for example, is equipped with an LED temperature display.
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Due to the increasing use of deck mounted faucets in industrial and commercial settings, the deck segment is expected to dominate the global faucet market. Based on application, the market is segmented into kitchen and bathroom segments. The emerging hotel industry and the global real estate market are the main driving forces behind the demand for faucets for bathroom applications, and the bathroom segment is expected to dominate the market share of the global faucet market.
Key companies and current developments: The report also provides an in-depth analysis focusing on the latest company news and developments, including product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and others. This enables the overall competition within the market to be assessed. Companies Covered: Aquasource Faucet, Fortune Brands, Franke Home Solutions, Gerber Plumbing Fixtures LLC, Jaquar, Kohler Co, LIXIL Corporation, Masco Corporation, Paini, Roca Sanitario, SA, Sloan Valve Company, Spectrum Brands Inc., TOTO LTD other 30+ We have added prominent key players to the final report.
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