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

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).

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.

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.

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.