Global Faucet Market By End-User, By Application, By Distribution, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

The faucets market is expected to be worth around US$ 25,692 million by 2031 from USD 18,933 million in 2021, growing at a CAGR of 8.1% from 2021 to 2031.

Multi-functionality faucets are becoming more popular, and faucets with the aesthetic appeal are driving the market. Market growth factors are expected to be facilitated by rapid urbanization and the increase in industrial investment.

Global Faucet Market Scope:

End-User Analysis

The commercial segment dominated the market, accounting for 56.8% of global revenue in 2021. This segment is predicted to grow at 8.4% annually by 2032. The future will see significant growth in the market demand for commercial services such as hotels, restaurants and hospitals, railways, and others.

From 2022 to 2032, the residential segment will grow at a 6.9% CAGR. Young house-owners in affordable markets are most likely to spend the most on residential segments of the market. A growing number of millennials are buying homes, driving the demand for plumbing fixtures. The demand for advanced faucets is increasing due to the tech-savvy generation. This has led to higher penetration of residential homes.

Application Analysis

Bathrooms accounted for 41.9% of global revenue in 2021. The growing demand for faucets in bathroom applications is driven by both the increasing hospitality sector and the expanding real property commercial sector globally. Globally, the main factor driving demand for bathroom accessories is the growing leisure and hospitality industry.

From 2022 to 2032, the kitchen segment will grow at a 7.5% CAGR. The demand for kitchen faucets is increasing due to home remodeling. This is due to the increasing demand for sophisticated, elegant, multifunctional kitchen faucets. Customers are increasingly looking for touch-free kitchen faucets.

Distribution Channel Analysis

Online distribution channels are expected to contribute the most to the global market, accounting for more than 7.7% of the CAGR by 2022. Aggressive marketing activities will aid market growth by manufacturers and the expansion of online retail channels. Many retailers are also focusing on improving their product innovation type ranges due to the increasing popularity of sustainable and eco-friendly products.

The offline segment was the dominant market in terms of distribution channels and accounted for 87.9% of the total revenue share in 2021. The segment is expected to grow at 8.3% between 2022 and 2032.

Маrkеt Ѕеgmеntѕ:

By End-User

• Residential
• Commercial

By Application

• Bathroom
• Kitchen
• Other Applications

By Distribution Channel

• Offline
• Online

Market Dynamics:

COVID-19 impact remains a major issue for countries around the globe. This is due to a decline in exports year-on-year and an increase in imports during the same time period. The largest faucet market share is slowly recovering. It is important to note that the faucet market directly impacts the ICT/ Healthcare/ chemical sectors.

The increase in disposable income drives the global market growth. The market is expected to grow due to a rise in remodeling trends and the consequent use of smart and trendy bathroom fittings accessories. According to iProperty Management, in 2019, homeowners spent between the US $ 5,000 and 10,000 on home improvements.

Modernized Bathrooms accessories have been gaining more attention from both manufacturers and consumers. Manufacturers offer various electronic and digital faucets to suit commercial and domestic markets. In 2022, Daniel Rubinetterie (a European designer) launched “Reflex,” a new collection of faucets for the kitchen and bathroom.

Other growth-inducing factors include product innovations such as touch-free, hybrid, and digital smart faucets with efficiency sensor faucets and thermometers. GROHE Plus digital faucet has an LED temperature display. This digital faucet redefines versatility.

Kitchen products are also in high demand due to the constant demand for modern, luxurious homes. Franke Kitchen Systems’ Franke 3-in-1 faucet is an example. It provides hot, cold, and distilled water, allowing for its use for various kitchen purposes.

Regional Analysis

North America registered a CAGR of 7.6% of the total revenue growth in 2022. Market growth can be attributed mainly to increased spending by North Americans on repairs and residential renovations. Asia Pacific will see an 8.2% CAGR over the forecast period. This market’s growth is primarily due to increased residential renovations and repairs in North America. The market for smart products and multifunctional faucets has grown due to the rise in commercial construction. Remodeling bathrooms in the residential sector is another reason for the high demand for smart taps.

Кеу Regions and Countries covered іn thе rероrt:

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Russia
  • Spain
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Rest of Asia-Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• MEA
  • GCC
  • South Africa
  • Israel
  • Rest of MEA

Market Share & Key Players Analysis:

This market is open to both domestic and international players. Key market players concentrate on strategies like innovation and new product launches in the retail sector to increase their market offering.

Маrkеt Кеу Рlауеrѕ:

• Kohler Co.
• Kraus, USA
• American Standard Brands
• Grohe America Inc.
• Pfister
• Delta Faucet Company
• Moen Incorporated
• Aqua Source Faucet
• Lota Group
• Toto
• Other Key Players