IMARC Group, a leading market research company, has recently releases report titled “Faucet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global faucet market report, share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the Faucet market?
The global faucet market size reached US$ 26.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 42.7 Billion by 2028, exhibiting a growth rate (CAGR) of 7.85% during 2023-2028.
What is Faucet?
Faucets are devices designed to regulate water flow using taps or cocks. By turning the handle, the valve within the faucet opens and allows precise control over water flow under any circumstance. They are typically constructed using brass, steel, die-cast zinc, and chrome-plated plastic. The components of faucets include a handle, cartridge, spout, mixing chamber, aerator, and an inlet source. Some commonly used faucet variants include pull-down, pull-out, hands-free, bar, pot, and side spray faucets. In addition, single and dual-control cartridge faucets are popular for residential use. Single-control faucets feature a vertically operating metal or plastic core, while dual-control faucets utilize a metal ball with spring-loaded rubber seals integrated into the body. They are commonly available in a wide array of colors, styles, and finishes, facilitating customization based on the specific user preferences. They are indispensable accessories for both bathrooms and kitchens. At present, manufacturers are introducing various electronic and digital faucets, embedded with a set of distinct features, such as water management, temperature control, and automatic detection, to meet the evolving needs of consumers across the globe.
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What are the growth prospects and trends in the Faucet industry?
The global faucet market is primarily driven by the rapid expansion of the residential sector. Moreover, the rising demand for high-quality and visually appealing faucets due to elevating levels of urbanization and inflating consumer disposable incomes is positively influencing market growth. Along with this, the increasing renovation and refurbishment activities in both residential and commercial segments have augmented the product demand. In addition, the escalating demand for faucets owing to several favorable initiatives undertaken by governments of numerous countries to provide housing facilities to lower-income groups represent another major growth-inducing factor. Additionally, the increasing need for luxurious and ergonomically designed bathrooms due to changing consumer lifestyle preferences and significant expansion of the hospitality sector has catalyzed market growth. Besides this, the rising adoption of advanced technologies, such as digitized and automated faucets that incorporate energy and water-saving features, making them cost-effective options, is propelling the market growth.
Furthermore, the introduction of touch-free, digital, and hybrid smart faucets equipped with sensors and temperature gauges that improve the overall user experience has accelerated the product adoption rate. Apart from this, the easy product availability through online retail channels and aggressive promotional activities by key players are contributing to the market growth. Other factors, including rising awareness about the importance of water conservation, the rapid expansion of the real estate sector, and the emerging trend of using smart and trendy bathroom accessories in residential homes and commercial establishments like hotels and resorts, are also anticipated to drive the market further.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- One Hand Mixer
- Two Hand Mixer
- Others
Breakup by Application:
- Bathroom
- Kitchen
- Others
Breakup by Technology:
- Cartridge
- Compression
- Ceramic Disc
- Ball
Breakup by Materials:
- Metal
- Plastics
Breakup by Distribution Channel:
- Online
- Offline
Breakup by End User:
- Residential
- Commercial
- Industrial
Breakup by Region:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- American Standard Brands (Lixil Group)
- Colston Bath
- Delta Faucet Company (Masco Corporation)
- Franke Holding AG (Artemis Holding AG)
- Gerber Plumbing Fixtures LLC (Globe Union Group Inc.)
- Grohe America Inc.
- Jaquar
- Kohler Co.
- Moen Incorporated (Fortune Brands Home Security Inc.)
- Toto Ltd.
- Villeroy Boch Aktiengesellschaft.
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