|Fastest Growing Market:||North America|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
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on by new residential apartment construction, commercial space expansion, home renovations, and the replacement of outdated faucets.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).
|By product type|
|By Material used|
|By end use|
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.
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North America is Largest Market
North America had the highest revenue share. The increased expenditure on house renovations and repairs by people in North America is primarily responsible for the market rise. The increased expenditure on household renovations and repairs by consumers in North America is primarily responsible for the market's expansion. The demand for smart, multipurpose faucets has increased as commercial building construction has increased. The demand for smart faucets in the area is also being fueled by bathroom renovations in the residential sector.
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The report covers major players operating in the Faucet market along with their product portfolio, key financials, and developments. The market is transforming with many technological advancements through product innovation and process automation. The key market players are focusing on improving their production capacity which will help them to increase exports.
- In March 2022, The German-engineered, market-leading brand of kitchen offline solutions, Blanco, unveiled new functional accessories and faucet finishes. They have also added the striking colours of Satin Gold and Black to their selection of metal faucet finishes.
- In January 2022, The smart faucet by Moen was unveiled. The new function is entirely hands-free and uses gestures to control the flow and temperature.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Drivers
4.3 Market Restraints
4.4 Industry Value Chain Analysis
4.5 Industry Attractiveness - Porters' Five Forces Analysis
4.5.1 Threat of New Entrants
4.5.2 Bargaining Power of Buyers
4.5.3 Bargaining Power of Suppliers
4.5.4 Threat of Substitutes
4.5.5 Intensity of Competitive Rivalry
4.6 Insights of Technology Innovations in the Market
4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 By product type
5.2 By technology
5.3 By Material used
5.3.1 Stainless steel
5.3.3 Bronze Plastic
5.4 By application
5.5 By end use
5.6 By Geography
5.6.1 North America
5.6.3 Asia Pacific
5.6.4 South America
5.6.5 Middle East
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concetration Overview
6.2 Company Profiles
6.2.5 Amercian Standard Brands
6.2.7 Delta Faucet Company
6.2.8 Moen Incorporated
6.2.9 Aqua Source Faucet
6.2.10 Lota Group
7. MARKET OPPORTUNTIES AND FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
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Frequently Asked Questions
What is the study period of this market?
The Global Faucet Market market is studied from 2018 - 2027.
What is the growth rate of Global Faucet Market?
The Global Faucet Market is growing at a CAGR of >7% over the next 5 years.
Which region has highest growth rate in Global Faucet Market?
North America is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Faucet Market?
North America holds highest share in 2021.
Who are the key players in Global Faucet Market?
Kohler , Jaquar, Cera, Grohe, American Standard Brands are the major companies operating in Global Faucet Market.