Faucet Market
Report ID: SQMIG20B2042
Faucet Market Size, Share, Growth Analysis, By Type(Electronic (One H, Mixer, Two H, Mixer)), By Application(Bathroom, Kitchen, Others), By Technology(Cartridge, Compression, Ceramic Disc, Ball), By Material(Metal, Plastics), By End-User(Residential, Commercial, Industrial), By Distribution channel(Online, Offline), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20B2042 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
172
|Figures:
79
Faucet Market Insights
Faucet Market size was valued at USD 20.19 billion in 2022 and is poised to grow from USD 21.78 billion in 2023 to USD 40.02 billion by 2031, growing at a CAGR of 7.9% 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.
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Faucet Market Segmental Analysis
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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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.
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Faucet Market Dynamics
Faucet Market Driver
- 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.
Faucet Market Restraint
- Despite faucet names such as Delta, Grohe, Kohler, Peerless, Moen, and others are popular, there are now counterfeit copies of these brands. The majority of counterfeit brands are located in emerging nations where customers are extremely price-conscious. This makes it more difficult to sell original brand faucets in certain places. Fake brands aren't very good, and they frequently generate difficulties and safety issues that make people doubt the brand. One of the most common methods for fraudulent brands to be distributed undetected is through internet distribution channels. Such counterfeit items offer consumers a negative perception of faucet products, slowing industry growth. More faucets that have not been tested are being marketed in the United States and Canada. By far the majority of fake products producers and suppliers are from Mainland China.
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Faucet Market Competitive Landscape
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
- 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.
Faucet Market Recent Developments
- On June 2022, Lixil Group Corporation established its first public sector engagement platform to strengthen the collaboration on water, sanitation, and hygiene.
- On May 2022, Franke Group and the Artemis Group announced that the company had significantly increased net sales and profits.
- On May 2022, Masco Corporation announced a whopping USD 500 million accelerated share repurchase to its shareholders.
- On April 2022, Fortune Brands Home and Security Inc. announced a partnership with Yellowstone Forever to support the Yellowstone National Park in the US.
Faucet Key Market Trends
- 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.
Faucet Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
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.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 20.19 billion |
| Market size value in 2031 | USD 40.02 billion |
| Growth Rate | 7.9% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Faucet Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Faucet Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Faucet Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Faucet Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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