Faucets Market Size, Share, and Analysis, By Type (Electronic, and Manual), By Mount (Deck and Wall), By Material (Metal and Plastic (PTMT)), By Application (Kitchen and Bathroom), By End-User (Residential, Commercial & Industrial), By Distribution Channel (Online & Offline) and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The global Faucets Market is projected to grow from USD 41.24 Billion in 2021 to USD 67.64 Billion by 2030 at a CAGR of 7.9% during the forecast period.

Faucets are objects that are used to regulate the water flow. These faucets are mostly utilized in bathrooms, kitchens, and other spaces where water is needed on a daily basis. Faucets come in a vast array of designs, hues, and finishes to accommodate a variety of consumer needs. The faucet market study includes affordable and high-end faucets that are utilized in many different applications. One of the main factors driving the worldwide faucets market is the constant need for faucets brought on by new residential apartment construction, commercial space expansion, home renovations, and the replacement of outdated faucets.

COVID-19 ANALYSIS      

The COVID-19 impact has a significant effect on the consumer goods industry. One of the essential components of the faucets market's value chain is the supply of raw materials, however, due to inadequate logistics, bad traffic management, and restrictions on public movement in the impacted nations worldwide, there may be supply disruptions. Major market actors have been forced to reconsider their risk management and contingency preparations as a result of the pandemic. The market's key players are concentrating on regaining their business in an effort to overcome this condition.

The emergence of Smart Faucets to Upgrade to Smart Home

The introduction of smart faucets across the population to upgrade to smart homes is nowadays trending in the global faucets market. The smart faucet has control over gesture, touch, or voice with an optional manual handle to offer immense features including easy activation, stylish look, placement, etc. Smart faucet is growing across the world as they are customer friendly and equipped with advanced sensors.

Increasing Number of Faucets for Household Units Across the World

The increasing number of faucets for household units due to the growing real-estate sector is likely to aid the market growth of the global faucets market. Fewer extended family members now live together, and the number of households has gradually increased as nuclear families have become more prevalent. These demographic shifts are a reflection of broader societal trends that have increased the number of households globally, including industrialization, urbanization, rising living standards (particularly for older persons), and immigration restrictions.

Rising Disposable Income of the Population

The rising disposable income is likely to fuel the market growth of the global faucets market. The market need for stylish and practical bathroom accessories is expected to expand as the renovation trend gains traction. Customers prefer buying expensive products to upgrade their homes.

High Cost Associated with Smart Faucets Solutions

The high cost of smart faucets is likely to hamper the growth of the global faucets market. The smart faucet is expensive which it limits the market growth.

SEGMENTATION INSIGHT     

The Global Faucets Market is segmented by Type, Mount, Material, Application, End-User, and Region. Based on the Type, the market is categorized into Electronic and Manual. Based on Mount, the market is categorized into Deck and Wall. Based on Material, the market is categorized into Metal and Plastic (PTMT). Based on the Application, the market is categorized into Kitchens and Bathrooms. Based on the End-User, the market is categorized into Residential, Commercial & Industrial. Based on the Distribution Channel, the market is categorized into Online and Offline. Based on the region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

By Mount

Based on mount, the market is managed and categorized into deck and wall. The deck segment is expected to dominate the market share of global faucets market owing to the growing usage of deck mount based faucets across industrial and commercial spaces.

By Application

Based on application, the market is managed and categorized into kitchen and bathroom. The bathroom segment is expected to dominate the market share of global faucets market owing to the expanding hospitality sector and the expanding real estate market on a global scale are the main factors driving the demand for faucets for bathroom applications. Global demand for bathroom accessories is mostly driven by the expanding leisure and hospitality industries.

By End-User

Based on end-user, the market is managed categorized into residential, commercial & industrial. The commercial segment is expected to dominate the market share of global faucets market owing to significant expansion of the commercial sector, which includes hotels, restaurants, hospitals, railroads, and other facilities.

REGIONAL INSIGHTS   

The Global Faucets Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.

North America region is expected to dominate the market share of global faucets market owing to increased technological adoption rates and presence of market players. The expenditures on residential renovations and repairs are higher than other regions.

However, Asia Pacific region is expected to witness highest growth rate during the forecast period of global faucets market due to demand for smart, multipurpose faucets has increased as commercial building construction has increased. The demand for smart faucets in the area is also being fueled by bathroom renovations in the residential sector. Residential development projects by the government have advanced in growing economies like China, India, Indonesia, and Singapore, among others. For instance, the Indian government has reportedly launched the Pradhan Mantri Awas Yojana (PMAY), which aims to construct 20 million affordable homes by the end of March 2020 and is projected to provide housing for the urban poor.

LIST OF KEY COMPANIES PROFILED:

• Aquasource Faucet
• Fortune Brands
• Franke Home Solutions
• Gerber Plumbing Fixtures, LLC
• Jaquar
• Kohler Co
• LIXIL Corporation
• Masco Corporation
• Paini
• Roca Sanitario, S.A
• Sloan Valve Company
• Spectrum Brands, Inc.
• TOTO LTD.

KEY INDUSTRY DEVELOPMENTS:  

• January 2022- Moen launched smart faucet which will feature completely hands-free operation, using gestures to control the temperature as well as flow.
• December 2020 – Delta Faucet Company, a division of Masco Corporation acquired Kraus USA to strengthen their product portfolio and customer base.

SEGMENTATION:

By Type

• Electronic
• Manual

By Mount

• Deck
• Wall

By Material

• Metal
• Plastic (PTMT)

By Application

• Kitchen
• Bathroom

By End-User

• Residential
• Commercial
• Industrial

By Distribution Channel

• Online
• Offline

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa