Faucet Market Expected To Witness A Substantial Growth Of $36.7 Billion By 2030: Grand View Research Inc.

 

The global faucet market is expected to reach USD 36.7 billion by 2030 and expand at a CAGR of 7.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. The faucet market is gaining high popularity due to growth in the real estate industry eventually increasing the construction of residential and commercial buildings that require faucet installations.

Due to urbanization, rapidly rising costs of houses and mortgage rates are influencing people to invest more in home remodeling projects. This has led to an increase in trendy and smart bathroom accessories and further enhanced the market growth. According to the American Housing Survey studied by Harvard’s Joint Center for Housing Studies, the home improvement industry was estimated at USD 385 million in 2018.

The e-commerce distribution channel is witnessing momentum as the market players are focusing on the marketing of their products through different digital media platforms. The most commonly used digital mediums are social media accounts or pages and brand websites. Some of the major e-commerce sellers of faucets for kitchens, bathrooms, and other applications are Wayfair LLC, Hausera, Faucet Depot, and Amazon.

The prominent market players are offering pull-out and pull-down kitchen faucet technologies to gain substantial market share. These faucets in the market offer hand wave technologies, clap technology, Wi-Fi technology, etc. for the convenience of the consumers and efficient water conservation technologies. The pull-out and pull-down kitchen faucets operate at restricted flow rates in an effort to save water as per government regulations.

To Request Sample Copy of this report, click the link:

https://www.grandviewresearch.com/industry-analysis/faucet-market/request/rs1

COVID-19 is still a significant issue for economies around the world, due to a year-on-year decline in exports and an increase in imports over the same period of time. The faucets market is trying to recover. Despite this, it means there is a direct impact on the ICT/ Healthcare/ chemical industries, resulting in a large market for the faucet market. The increase in the disposable income of consumers is one of the primary factors that drive the growth of the global market. A rise in the trend of remodeling and thereby the use of trendy and smart bathroom accessories is anticipated to increase the demand in the market. According to iProperty Management, in 2022, most homeowners spent USD 5.000-10,000 upgrading their homes.

Faucet Market Report Highlights

  • In terms of revenue, the commercial segment has dominated the global market by accounting for the largest revenue share in 2021. This is attributed for top-notch restroom related facilities in malls and shopping complexes. Faucets enabled with touch technology are highly popular in commercial places which help in water conservation as well as in enhancing the aesthetics. Therefore, expansion of commercial sector is anticipated to drive the market in the near future
  • The kitchen segment is estimated to be the fastest-growing segment during the forecast period, accounting for around 8% CAGR. The growing adoption of pull-out and pull-down faucets due to water efficient technologies are driving the demand for kitchen faucets among millennials. Asia Pacific is anticipated to experience a high pull-out and pull-down kitchen faucet market due to increasing population
  • The introduction of sensor-based faucet is anticipated to fuel the growth of global market during the forecast period. This faucet ensures superior hygiene standards and water conservation. For instance, Daniel Rubinetterie, a Europe based creative faucet manufacturer has launched a range of sensor technology solutions dedicated to public environments

The market includes both international and domestic participants. Key market players focus on strategies such as innovation and new product launches in retail, to enhance their portfolio offering in the market.

  • In March 2022, Blanco the kitchen Offline solutions brand backed by industry-leading German engineering, introduced new productive accessories and faucet finishes. They have also expanded their metal faucet finish with bold black and luxurious Satin Gold
  • In January 2022, Moen revealed its smart faucet. The new feature has a completely hands-free operation, using gestures to control the temperature as well as flow
  • In August 2021, Astral Limited entered the new business vertical of faucets and sanitary ware. The company has 14 manufacturing units spread across India
  • In December 2021, Delta faucet expanded its kitchen product by offering a launch of three workstation sinks to utilize the space and maximum personalization possible

Some of the key players operating in the global faucet market include: -

  • Kohler Co.
  • Kraus, USA
  • American Standard Brands
  • Grohe America Inc.
  • Pfister
  • Delta Faucet Company
  • Moen Incorporated
  • Aqua Source Faucet

 

 

 

 

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