Kitchen Faucets Market to reach $15.5 Bn by 2032, Predicts

SELBYVILLE, Delaware, April 11, 2023 (GLOBE NEWSWIRE) —

Kitchen faucet market is projected to surpass a valuation of $15.5 billion by 2032, according to the latest research report from Global Market Insights Inc.

Rapid urbanization resulting from increasing numbers of people moving to cities and towns for the purpose of employment has led to a trend towards more comfortable and luxurious lifestyles, thereby increasing the demand for modern conveniences in remodeled kitchen structures. According to the World Bank, the world’s urban population will more than double to 6 billion by 2045. This has eased the need for innovative kitchen faucets with technological features that work with a swipe of the hand to voice-controlled faucets, which are expected to accelerate industry expansion by 2032.

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Increasing trend towards compact living to boost demand pull-out faucets

The market for kitchen faucets from the pull-out faucet segment witnessed significant growth in 2022 and is estimated at US$2.5 billion by the end of 2032. The increasing acceptance of compact housing, small houses and micro-apartments in major cities worldwide is expected to increase the use of pull-out faucets due to their significant space-saving advantages. Additionally, it has a shorter spout and best suits small to medium-sized sinks where pull-down versions aren’t as useful, and represents the ideal alternative for small homes, which is expected to fuel segment growth between 2023 and 2032.

Availability of a wide selection at lower prices to support the growth of the online segment

The industry size of online sales channel is expected to register a CAGR of 10% from 2023 to 2032 owing to the increasing consumer preference for online shopping, as it provides a wide variety of products at lower prices and for the convenience of customers, saving time. Additionally, manufacturers have started using e-commerce to distribute their products as it allows them to save on operational costs and expand their global reach, allowing them to focus on manufacturing rather than transportation and distribution, which complements market development should.

To stimulate rapid development of residential complexes product demand

The residential kitchen faucet market is expected to grow 9.5% by 2032. Massive government funding for the construction of residential complexes and rapid urbanization are likely to help expand the industry. Recently, in February 2023, the European Commission authorized the state to grant subsidies to developers to build thousands of homes. The need for highly efficient kitchen faucets is being fueled by the increasing demand for luxury residential units and increased awareness of water efficiency. In addition, the increasing use of emerging technologies is expected to increase the use of touchless faucets in residential areas by 2032.

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Growing demand for ultra modern and high quality kitchen models to increase the share of European industry

The European kitchen faucet market is expected to surpass a $4 billion valuation by 2032. Many Europeans upgrade their kitchens before selling their homes as kitchen remodeling offers a good return on investment. Customers are opting for state-of-the-art, high-quality built-in kitchen appliances as modular kitchens become more popular in the region.

The increasing use of faucets in modern kitchens is likely to drive business development through 2032. The advent of innovative technology has prompted manufacturers to offer a variety of digital and electronic faucets for both residential and commercial use, which is expected to boost regional revenue by 2032.

Ongoing product development to define the market prospects for kitchen faucets

Some of the leading companies operating in kitchen faucet business scenario are Signature Hardware, Jaquar, Colston, Kohler Co., Chicago Faucets, Roca Bathroom Products Pvt. ltd (Parryware), Delta Faucet Company, Moen Incorporated, Masco Corporation, Hansgrohe and Gerber Plumbing Fixtures. The strategic landscape of the industry is expected to see an ongoing succession of product developments by the players.

Partial Table of Contents (ToC) of the report:

Chapter 2 summary
2.1 Global Kitchen Faucets Industry 3600 Summary, 2018 – 2032
2.1.1 Business Development
2.1.2 Type trends
2.1.2.1 Global Kitchen Faucet Market Estimates and Forecasts, by Type, 2018 – 2032 (Thousand Units) (Million USD)
2.1.3 Installation Type Trends
2.1.3.1 Global Kitchen Faucets Market Estimates and Forecasts, by Installation Type, 2018 – 2032 (Thousand Units) (Million USD)
2.1.4 Material Trends
2.1.4.1 Global Kitchen Faucets Market Estimates and Forecasts, By Material, 2018-2032 (Thousand Units) (Million USD)
2.1.5 Distribution Channel Trends
2.1.5.1 Global Kitchen Faucets Market Estimates and Projections, by Distribution Channel, 2018 – 2032 (Thousand Units) (Million USD)
2.1.6 End Use Trends
2.1.6.1 Global Kitchen Faucets Market Estimates and Forecasts, By End Consumption, 2018 – 2032 (Thousand Units) (Million USD)
2.1.7 Regional trends
2.1.7.1 Estimates and Projections for Global Kitchen Faucets Market, by Region, 2018 – 2032 (Thousand Units) (Million USD)
Chapter 3 Industry Insights for Kitchen Faucets
3.1 Industry Segmentation
3.2 Overview of the impact of COVID-19 on the global economy
3.3 Industry Ecosystem Analysis
3.4 Technology Landscape
3.5 Price Analysis
3.6 Raw Material Analysis
3.7 Innovation & Sustainability
3.8 Regulatory Landscape
3.9 Impact Forces of Industry
3.9.1 Growth Drivers
3.9.1.1 North America: Increasing spending on home renovations and repairs
3.9.1.2 Asia-Pacific: Improving living standards in the region
3.9.1.3 Europe: Growing demand for advanced touchless faucets
3.9.2 Industry pitfalls and challenges
3.9.2.1 Presence of cheap, low-quality faucets on the market
3.10 Porter’s analysis
3.11 Growth Potential Analysis, 2022
3.12 Impact of COVID-19 on Kitchen Faucets Market by End-Use
3.13 PESTEL Analysis
3.14 Impact of the war between Russia and Ukraine on the kitchen faucet market

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, USA, is a global market research and consulting firm offering syndicated and custom research reports along with growth advisory services. Our business intelligence and industry research reports provide clients with penetrating insights and actionable market data specifically designed and presented to support strategic decision-making. Developed using a proprietary research methodology, these comprehensive reports are available for key industries such as chemical, advanced materials, technology, renewable energy and biotechnology.

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