Product ID: SQMIG20B2042
Global Faucet Market Size, Share, Growth Analysis, By Type(Electronic (One H, Mixer), By Application(Bathroom, Kitchen), By Technology(Cartridge, Compression), By Material(Metal, Plastics), By End-User(Residential, Commercial), By Distribution channel(Online, Offline) - Industry Forecast 2024-2031
Report ID:
SQMIG20B2042 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
172 |
Figures:
79
Global Faucet Market Regional Insights
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.
Global Faucet Market Report Snapshots
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