FAUCETS MARKET: OVERVIEW
The Faucets Market was valued at USD 40.20 Billion in 2021, the market is projected to grow USD 66.64 Billion in 2030, at a CAGR of 7.60%. Faucets are objects that are used to regulate the water flow. Most often, these faucets are used in bathrooms, kitchens, and other areas where water is used often. To meet a range of customer demands, faucets are available in a huge selection of styles, colors, and finishes. The faucet market analysis includes both budget-friendly and luxurious faucets that are used in a variety of applications. The ongoing need for faucets brought on by the building of new residential apartments, the development of commercial space, home renovations, and the replacement of old faucets is one of the primary drivers propelling the global faucets market.
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The COVID-19 impact has significant effect on the consumer goods industry. The supply of raw materials is one of the key elements of the faucets market's value chain, however there may be supply interruptions owing to poor logistics, poor traffic management, and limitations on public mobility in the affected countries globally. Due to the epidemic, major market participants have been obliged to reevaluate their risk management and emergency plans. The major companies in the industry are focusing on reclaiming their business in an effort to deal with this issue.
FAUCETS MARKET: TREND
Development of Smart Faucets for Smart Homes Propel Market Growth
The worldwide faucets market is now seeing a trend toward the introduction of smart faucets among the population to upgrade to a smart house. With the option of a manual handle, a smart faucet may be controlled by gesture, touch, or voice and offers several benefits including simple activation, a fashionable appearance, strategic positioning, etc. The popularity of smart faucets is increasing since they are user-friendly and come with cutting-edge sensors.
FAUCETS MARKET: DRIVERS
Rising Number of Faucets for Household Units Drive Market Growth
The booming real estate industry is projected to contribute to the rise of the global faucets market by raising the demand for faucets for residential units. The number of households has progressively grown as nuclear families have become more common, and fewer members of extended families now live together. These demographic changes are a reflection of more general socioeconomic developments, such as industrialization, urbanization, growing living standards (especially for older people), and immigration limitations, which have led to a rise in the number of families globally.
Rising Disposable Income of the Population Boost Market Growth
The expansion of the worldwide faucets industry is projected to be fueled by the increase in disposable income. As the remodeling trend gets steam, it is anticipated that the market's need for fashionable and useful bathroom accessories would increase. Customers like to update their houses by purchasing pricey goods.
Global Faucets Market Report Coverage
|Market Size in 2021:||USD 40.20 Billion|
|Forecast Period 2021-2030 CAGR:||7.60%.|
|2030 Value Projection:||USD 66.64 Billion|
|Historical Data for:||2017-2020|
|No. of Pages:||235|
|Tables, Charts & Figures:||115|
|Segments covered:||COVID-19 Impact Analysis Report, By Type, By Mount, By End-User, By Region|
|Companies Covered:||Aquasource Faucet, Fortune Brands, Franke Home Solutions, Gerber Plumbing Fixtures LLC, Jaquar, Kohler Co, LIXIL Corporation, Masco Corporation, Paini, Roca Sanitario, S.A, Sloan Valve Company, Spectrum Brands Inc., TOTO LTD.|
|Growth Drivers:||1)The Global Faucets Market is segmented by Type, Mount, Material, Application, End-User, and Region. 2)The expansion of the worldwide faucets industry is projected to be fueled by the increase in disposable income.|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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FAUCETS MARKET: RESTRAIN
Solutions for Smart Faucets are Expensive
The expansion of the global faucets market is projected to be hampered by the high price of smart faucets. The price of the smart faucet restricts market expansion.
FAUCETS MARKET: SEGMENTATION
The Global Faucets Market is segmented by Type, Mount, Material, Application, End-User, and Region. Based on the Type, the market is categorized into Electronic and Manual. Based on Mount, the market is categorized into Deck and Wall. Based on Material, the market is categorized into Metal and Plastic (PTMT). Based on the Application, the market is categorized into Kitchen and Bathroom. Based on the End-User, the market is categorized into Residential, Commercial & Industrial. Based on the Distribution Channel, the market is categorized into Online and Offline. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
SEGMENTATION: BY REGION
Based on the Region, the Global Faucets Market is categorized into North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa.
North America is anticipated to have the largest market share in the worldwide faucets market owing to the growing rates of technology adoption and the presence of industry players. Compared to other areas, residential remodeling and repair costs are greater. However, the Asia Pacific region is anticipated to see the fastest growth rate throughout the projected period for the global faucets market since the need for smart, multifunctional faucets has grown along with the expansion of the commercial building sector. Bathroom renovations in the residential sector are another factor driving the need for smart faucets in the region. Government-sponsored residential construction projects have proceeded in a number of developing nations, including Singapore, China, India, and Indonesia. For instance, the Pradhan Mantri Awas Yojana (PMAY), purportedly initiated by the Indian government, seeks to build 20 million affordable houses by the end of March 2020 and is expected to help the urban poor find accommodation.
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FAUCETS MARKET: KEY PLAYERS
- Aquasource Faucet
- Fortune Brands
- Franke Home Solutions
- Gerber Plumbing Fixtures, LLC
- Kohler Co
- LIXIL Corporation
- Masco Corporation
- Roca Sanitario, S.A
- Sloan Valve Company
- Spectrum Brands, Inc.
- TOTO LTD.
FAUCETS MARKET: RECENT DEVELOPMENT
- January 2022- Moen introduced a smart faucet that can be operated totally hands-free and that uses gestures to regulate both flow and temperature.
- in December 2020- Kraus USA was bought by Delta Faucet Company, a branch of Masco Corporation, to expand its client base and product offering.
FAUCETS MARKET: REPORT OVERVIEW
The scope of the report includes a detailed study of regional markets for Global Faucets Market. The Global Faucets Market is segmented by Type, Mount, Material, Application, End-User, and Region. It reveals the market situation and future forecast. The study also covers the significant data presented with the help of graphs and tables. The report covers information regarding the competitive outlook including the market share and company profiles of the key participants operating in the Global Faucets Market.
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