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Faucet Market Is Expected To Achieve Considerable Growth of 7.4% CAGR, Due To Increasing Investment in Industrial Sector And Rapid Urbanization Till 2030 | Grand View Research, Inc.

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Faucet Market Is Expected To Achieve Considerable Growth of 7.4% CAGR, Due To Increasing Investment in Industrial Sector And Rapid Urbanization Till 2030 | Grand View Research, Inc.

May 03
06:45 2022
Faucet Market Is Expected To Achieve Considerable Growth of 7.4% CAGR, Due To Increasing Investment in Industrial Sector And Rapid Urbanization Till 2030 | Grand View Research, Inc.
Grand View Research, Inc. – Market Research And Consulting
According to a new report published by Grand View Research, the faucet industry growth is mainly attributed to the increased spending on residential renovations and repairs by people across North America.

The global faucet market size was valued at USD 19.3 billion in 2021 and is expected to reach USD 36.7 billion by 2030, expanding at a compound annual growth rate (CAGR) of 7.4% over the forecast period.

The increasing prominence of multi-functionality faucets and the focus on aesthetic appeal are enhancing the demand for faucets in the market. The increase in investment in the industrial sector and rapid urbanization is expected to make way for market growth during the forecast period.

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.

Gather more insights about the market drivers, restrains and growth of the Global 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 2019, most homeowners spent USD 5.000-10,000 upgrading their homes.

Bathroom accessories are the essential smart products that are gaining increasing focus among consumers as well as manufacturers. With the introduction of modern innovative technologies, manufacturers are providing a wide range of digital and electronic faucets for the domestic and commercial sectors. For instance, in January 2022, Daniel Rubinetterie, a creative manufacturer in Europe, launched ‘Reflex’ a new faucet collection for kitchen and bathroom applications.

                                                                                        

Additionally, various product innovations, such as the development of touch-free, digital and hybrid smart faucets that are equipped with efficiency sensors and temperature gauges, are acting as other growth-inducing factors. For instance, GROHE Plus digital faucet comes with a LED temperature display. It redefines the notion of versatility.

The ongoing demand for creating a modern and luxurious home is also paving way for renovated kitchen settings, hence, fueling the demand for kitchen products. For instance, the Franke 3-in-1 faucet offered by Franke Kitchen Systems is designed to provide hot, cold, and distilled water to ensure the usage of pure and appropriate temperatures for various kitchen purposes.


Faucet Market Segmentation

Based on the End-user Insights, the market is segmented into Residential and Commercial.

  • The commercial segment led the market and accounted for a 57% share of the global revenue in 2021. By the end of 2030, this segment is expected to witness the fastest CAGR of 7.5% during the forecast period.
  • The residential segment is anticipated to expand at the fastest CAGR of 7.2% from 2022 to 2030. The residential segment of the market has the highest spending potential from young house owners in affordable markets.


Based on the Application Insights, the market is segmented into Bathroom, Kitchen and Others.

  • The bathroom segment led the market and accounted for a 42.2% share of the global revenue in 2021. The demand for faucets for bathroom applications is driven by the growing hospitality industry along with the rising real estate sector at the global level.
  • The kitchen segment is anticipated to expand at the fastest CAGR of 7.7% from 2022 to 2030. Increasing spending on home remodeling is driving the demand for advanced kitchen faucets. The growth is attributed to the rising demand for elegant, multifunctional, and sophisticated kitchen faucets.


Based on Distribution Channel Insights, the market is segmented into Online and Offline.

  • The online distribution channel is anticipated to make the largest contribution to the global market of over 7.7% of CAGR in 2022.
  • The offline segment dominated the market and accounted for the largest revenue share of 88.6% in 2021.


Based on the Faucet Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America and Middle East & Africa.

  • North America held the largest revenue share of 7.4% in 2022. The market growth is mainly attributed to the increased spending on residential renovations and repairs by people across North America.
  • Asia Pacific is expected to witness a CAGR of 8.0% during the forecast period. The growth of the market is mainly attributed to the increased spending on residential renovations and repairs by people across North America.


Browse through Grand View Research’s 
Homecare & Decor Industry Research Reports.

  • Bathroom Accessories Market – The global bathroom accessories market size was valued at USD 17.05 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 10.2% from 2021 to 2028. With the increasing expansion of real estate as well as commercial construction, the bathroom fittings industry is bound to receive a major boost, thereby propelling the demand for bathroom accessories.
  • Smart Faucets Market – The global smart faucets market size was valued at USD 301.9 million in 2018. Shifting consumer preferences towards the smart home technology in a household on account of its high level of convenience and luxury is expected to play a key role in expanding the market size.


Market Share Insights:

  • 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

  • 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

Key Companies Profile:

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.

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


Order a free sample PDF of the Faucet Market Intelligence Study, published by Grand View Research.


About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Web: https://www.grandviewresearch.com

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