Faucet Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022-2027)

Market Overview

Contrary to many other sectors, the COVID-19 pandemic has benefited the faucet industry. Due to the coronavirus epidemic, a lot of consumers are working from home, cooking more, and staying at home. As a result, there is more demand for the dishwashing category.

The faucet market study includes affordable and high-end faucets that are utilised in many different applications. One of the main factors driving the worldwide faucets market is the constant need for faucets brought on by new residential apartment construction, commercial space expansion, home renovations, and the replacement of outdated faucets. One of the key factors fueling the growth of the faucets industry is the alteration in people's lives around the world. The growing preference for functional bathrooms and kitchens, together with their aesthetic appeal, and the expanding use of contemporary bathrooms and kitchens all contribute to the market's rapid expansion.

The market is also influenced by consumer preferences for comfort, ease, and compactness when purchasing goods as well as the availability of diverse material and design combinations to meet consumer demand for personalised faucets. Additionally, the market for faucets is positively impacted by the rise in disposable income, the incorporation of sensors and other features into the product, the adoption of e-commerce sales channels, smart strategic marketing initiatives, and changing consumer tastes.

Scope of the Report

In a plumbing system, faucets are objects that are used to regulate the water flow. These faucets are mostly utilised in bathrooms, kitchens, and other spaces where water is needed on a daily basis. Faucets come in a vast array of designs, hues, and finishes to accommodate a variety of consumer needs. Faucet market is segmented By Product Type (Ball, Disc, Cartridge and Compression), By Technology (Manual, Automatic), By Material Used (Stainless Steel, Chrome, Bronze Plastic, Others), By Application (Bathroom, Kitchen, Others), By End Use (Residential, Commercial, Industrial), and By Geography (North America, Europe, Asia-Pacific, South America and Middle East). 

Report scope can be customized per your requirements. Click here.

Key Market Trends

Rapid Urbanization Booming the Sector

One of the main elements fostering a good view for the industry is rapid urbanisation, together with strong expansion in the residential sector. The demand for elegant, ergonomically designed faucets that are practical to use and aesthetically pleasing is also rising as a result of changing lifestyles and rising levels of living. Other growth-promoting aspects include a variety of product improvements, such as the creation of touch-free, digital, and hybrid smart faucets with efficiency sensors and temperature metres. Fewer extended family members now live together, and the number of households has gradually increased as nuclear families have become more prevalent. Nearly 70% of those 65 and older resided with their adult children in 1850. Less than 15% of people still doing so in 2000. These demographic shifts are a reflection of broader societal trends that have increased the number of households globally, including industrialization, urbanisation, rising living standards (particularly for older persons), and immigration restrictions.

To understand key trends, Download Sample Report