Product ID: SQSG20B2004
Report ID: SQSG20B2004 | Region: Global | Published Date: November, 2022 | Pages: 157 | Tables: 172 | Figures: 79
Faucet Market size was valued at USD 19.3 billion in 2021 and is poised to grow from USD 20.72 billion in 2022 to USD 34.64 billion by 2030, growing at a CAGR of 7.4% in the forecast period (2023-2030).
The faucet is the metal portion through which water flows; it is the entire system for regulating the flow of water. It typically comprises a handle, cartridge, spout, mixing chamber, aerator, and an intake source made of brass, steel, die-cast zinc, and chrome-plated plastic. Pull-down, pull-out, hands-free, bar, pot, and side spray faucets are some of the most regularly used faucets. In addition, single and dual-control cartridge faucets are employed in residential applications. Single control variations have a metal or plastic core that functions vertically, whereas dual control variants include a metal ball with spring-loaded rubber seals placed into the body. These faucets are available in a variety of colours, designs, and finishes that may be tailored to meet the needs of the customer.
Bathroom accessories are crucial smart goods that are gaining popularity among both customers and producers. Manufacturers are supplying a broad selection of digital and electronic faucets for the home and commercial sectors with the introduction of current creative technology. The growing popularity of multi-functional faucets and the emphasis on aesthetic appeal are driving up market demand for faucets. One of the key elements driving worldwide market expansion is an increase in consumer disposable income. A growth in the renovation trend, and hence the adoption of stylish and smart bathroom accessories, is expected to drive market demand. Increased industrial investment and increasing urbanisation are likely to fuel market expansion over the forecast period.
US Faucet Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global Faucet Market is segmented based on the type, application, technology, material, end-user, distribution channel, and region. Based on type, the global faucet market is segmented into electronic (one hand mixer, two hand mixer) and manual. Based on application, the global faucet market is segmented into bathroom, kitchen, and others. Based on technology, the global faucet market is categorized into cartridge, compression, ceramic disc, and ball. On the basis of material, the global faucet market is segmented into metal and plastics. On the basis of end-user, the global faucet market is segmented into residential, commercial, and industrial. According to distribution channel, the global faucet market is segmented into online and offline. By region, the market is segmented into North America, Asia Pacific, Europe, Latin America, and MEA.
Faucet Market Analysis by End-User
In 2021, the commercial sector led the market, accounting for 57% of total sales. This segment is predicted to have the quickest CAGR over the projection period. Significant growth in the commercial sector, including hotels, restaurants, hospitals, trains, and other facilities, is likely to fuel market demand in the future.
The residential category is expected to grow at the fastest CAGR by 2028. In inexpensive markets, the residential portion of the market has the biggest spending potential from young home owners. The growing number of millennials purchasing homes is driving up demand for plumbing fittings. The technologically aware customer is driving the demand for innovative faucets, resulting in greater application penetration in residential households.
Faucet Market Analysis by Application
In 2021, the bathroom segment dominated the market, accounting for 42.2% of worldwide sales. The booming hotel business, as well as the worldwide real estate sector, are driving demand for faucets for bathroom applications. The expanding leisure and hospitality sector is the key driver of worldwide demand for bathroom accessories. A single-piece faucet needing either three holes, for the hot and cold water valves and the drain popup, or two holes with no popup. 4, 6 or 8 inches is the standard spacing for mini-widespread bathroom faucets, which consist of three separate pieces. Being the world's leading country with the most reputable manufacturing companies, it's a must that you get your bathroom faucets from China.
The kitchen segment is expected to grow at the fastest CAGR during the forecast period. Demand for sophisticated kitchen faucets is being driven by rising home remodelling investment. The increased demand for stylish, multipurpose, and sophisticated kitchen faucets is attributable to the expansion. Customers' desire for kitchen faucets is being bolstered by the rising popularity of touch-free faucets.
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In 2021, North America had the highest revenue share of 7.4%. The increased expenditure on household renovations and repairs by consumers across North America is primarily responsible for market growth. The growth in the residential sector may be ascribed to the region's kitchen faucet market growth. Furthermore, the increased use of kitchen faucets with incorporated modern technology by end-users in order to improve the aesthetic of the kitchen is supporting the market's growth in North America.
During the projection period, Asia Pacific is predicted to grow at a notable CAGR. It is projected that living conditions would improve and middle-class salaries will rise. Furthermore, rising urbanisation in countries like China, India, Japan, and Singapore is boosting the Asia Pacific kitchen faucets market revenue. According to the Government of India, the Indian government announced the Pradhan Mantri Awas Yojana (PMAY), which intends to build 20 million affordable houses for the urban poor population. According to projections, rising government support for home development will drive up demand for faucets in Asia-Pacific.
The market in Europe is expected to grow at a hefty CAGR. This is mostly due to the aggressive deployment of faucets by hotels, restaurants, and other businesses. As hotels and restaurants develop across Europe, the need for distinctive and exquisite faucets is projected to rise. As the hospitality business becomes more competitive, hotel and restaurant owners are being compelled to repair and rebuild their establishments. The need for appealing faucets is increasing among companies such as hotel chains, restaurants, and lodges.
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Faucet Market Driver
Faucet Market Restraint
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Global Faucets market holds great potential for international and regional players. Emerging market players, especially from developing countries, are expected to have more opportunities to enter the market. Increasing establishment of government initiatives and increasing foreign investment to develop the sector, are expected to spur industry growth in the coming years. Overall, the global market is highly competitive and dependent on product development and technological advancements. Industry players are striving to match local tastes and gain a competitive advantage over others. The presence of local players poses a significant threat to large multinationals in terms of product quality and prices offered to customers. In January 2022, Daniel Rubinetterie, a creative manufacturer in Europe, launched ‘Reflex’ a new faucet collection for kitchen and bathroom applications.
Faucet Market Top Player's Company Profiles
Faucet Market Recent Developments
Consumers all around the world are seeking more sophisticated, convenient, and eco-friendly kitchen faucets, which are defining new trends and setting new standards. Consumers are becoming increasingly interested in smart home technology such as smart faucets, bathrooms, and electronic appliances. Smart faucets are becoming increasingly popular in smart homes. These items include a variety of motion sensors, touch sensors, and temperature gauges that allow users to manage and monitor how much water is used in the kitchen and bathrooms. These items also offer hands-free technology that works with various sensors and the internet. This improves the customer's life by making it more luxurious, connected, and accessible. As a result, many businesses are heavily invested in the plumbing sector. Hand-free faucets have set the standard for hands-free faucets, as they are developed with hands-free faucets are likely to be adopted by many users in the forecast period, as they save water and have a long advanced technology that helps the consumer perform tasks without manually turning faucet handles. End consumers, on the other hand, are more drawn to this sort of innovative kitchen faucet. The emergence of the hotel business in growing economies such as the United States, France, Japan, Germany, and others is projected to aid market growth. According to the US Department of Commerce and the International Trade Administration, overseas travel in the US will expand at a 3% annual rate from 2021 to 2028. The travel and tourist business is predicted to increase significantly, which help the hotel industry in the United States will grow, which will help the electronic global faucet market flourish. Rosewood Hotels & Resorts, for example, is expanding globally with rosewood home developments. The business currently has 15 high-end home projects under construction, with another 14 on the way. In addition, the company's 150-room hotel in Texas, the United States, is set to open by the end of 2023. Because of these large players' construction, the demand for electronic faucets in the country is likely to rise in the coming years.
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According to our global faucets market analysis, the commercial segment has led the global market in terms of revenue, accounting for the biggest revenue share in 2021. This is linked to excellent toilet facilities in malls and shopping complexes. Touch-enabled faucets are quite popular in business settings since they conserve water while also improving aesthetics. As a result, the rise of the commercial sector is expected to drive the market in the near future. During the projected period, the kitchen segment is expected to develop at the quickest rate, with a CAGR of about 8%. The increased popularity of pull-out and pull-down faucets due to water-saving technology is fuelling millennial demand for kitchen faucets. Because of its growing population, Asia Pacific is expected to dominate Global Faucet Market. The development of sensor-based faucets is expected to drive worldwide market growth throughout the forecast period. This faucet promotes good hygiene and water saving. For example, Daniel Rubinetterie, a creative faucet maker headquartered in Europe, introduced a line of sensor technology solutions aimed at public spaces.
|Market size value in 2021||USD 19.3 billion|
|Market size value in 2030||USD 20.72 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
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For the Global Faucet Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Faucet Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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