What is the global market size of Faucet Market?

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).

What is the key market trend for Global Faucet Market?

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.

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 Insights

Faucet Market size was valued at USD 19.3 billion in 2019 and is poised to grow from USD 20.72 billion in 2023 to USD 34.64 billion by 2031, growing at a CAGR of 7.4% in the forecast period (2024-2031).

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.

Global Faucet Market Report Snapshots

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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. 'LIXIL Group Corporation', 'Masco Corporation', 'Kohler Co.', 'American Standard Brands', 'Moen Inc.', 'Delta Faucet Company', 'Pfister', 'Roca Sanitario SA', 'GROHE AG', 'TOTO Ltd.', 'Hansgrohe SE', 'Vigo Industries LLC', 'Jaquar Group', 'CERA Sanitaryware Ltd.', 'Rohl LLC', 'Franke Holding AG', 'Kingston Brass Inc.', 'Gessi S.p.A.', 'Matco-Norca Inc.', 'Watermark Designs Ltd.'

People are moving to towns and cities in search of work, which is causing urbanization. Most areas, according to the United Nations, are becoming more urbanized. Cities and towns are home to nearly 54.8% of the world's population. People's lives have changed as cities' populations have grown. Faucets are in high demand as there are more single-parent households, particularly in poorer countries, and as more people live in cities. As more people move to cities and are concerned about basic cleanliness, sanitary goods will be in higher demand in the coming years. If consumer spending continues to rise, India may overtake the United States as the world's largest middle-class consumer market. This demographic is becoming more open to international ways of life, which is driving market growth.

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.

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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

Global Faucet Market Insights

Global Faucet Market Report Snapshots

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