Press release
Faucet Global Market Report 2024 - By Growth, Size, Share, Drivers, Forecast To 2033
Faucet
The Business Research Company offers in-depth market insights through Faucet Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The faucet market size has grown strongly in recent years. It will grow from $39.25 billion in 2023 to $43 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to housing boom, water conservation measures, home renovation trends, economic factors, globalization of markets.
The faucet market size is expected to see strong growth in the next few years. It will grow to $62.72 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to smart home integration, sustainability initiatives, changing consumer lifestyles, health and hygiene concerns, urbanization trends. Major trends in the forecast period include technological innovations, technological advancements, smart faucet integration, sustainable and eco-friendly designs, customization and personalization.
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Market Segmentation:
The faucet market covered in this report is segmented -
1) By Product Type: Electronic, Manual
2) By Material: Metal, Plastics
3) By Technology: Cartridge, Compression, Ceramic Disc, Ball
4) By Application: Bathroom, Kitchen, Other Applications
5) By End User: Residential, Commercial
Major Driver - Urbanization Surge Fuels Faucet Market Growth
The growth in urbanization is driving the growth of the faucet market. The shift in residence of the human population from rural to urban areas is gradually increasing in search of work and a better standard of living, leading to a rise in urbanization globally. One of the most significant impacts of urbanization is an increase in demand for the housing and commercial sectors, which in turn increases the demand for faucets. For instance, according to the United Nations Department of Economic and Social Affairs, the percentage of the world's population living in urban areas is expected to reach 68% by 2050, with 90% of this increase taking place in the African and Asian regions. Therefore, an increase in urbanization going forward will raise demand for high-end apartments, houses, and skyscrapers in developing countries, which in turn will drive the growth of premium accessories in bathrooms and kitchens, including automated or sensor faucets.
Competitive Landscape:
Major companies operating in the faucet market report are Kyocera Corporation, Colston Bath Ltd., LIXIL Group Corporation, Seiko Epson Corporation, Fortune Brands Home & Security Inc., Kohler Co., Microchip Technology Incorporated, TOTO Ltd., American Standard Brands Inc., Eczacıbaşı Holding A.Ş., Danze Inc., Hansgrohe SE, Moen Incorporated, Villeroy & Boch AG, Jaquar Group, Globe Union Industrial Corp., Elkay Manufacturing Company, Delta Faucet Company a Masco Corporation, Nihon Dempa Kogyo Co. Ltd., Hindware Industries Limited, Pfister Faucets Inc., Sloan Valve Company, SiTime Corporation, CERA Sanitaryware Ltd., Franke Holding AG, Gerber Plumbing Fixtures LLC, Kerovit S.A., Aqua Source Faucet LLC, Paini UK Ltd., Lota Group, Roca Sanitario S.A., Kraus Inc., Waterstone Products Inc.
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Top Trend - Revolutionizes Faucet Market With Cutting-Edge Smart Faucet Featuring Motion Control Technology
Major Companies operating in the faucets market are innovating new technologies such as motion control technology to sustain their position in the market. Motion control technology refers to a broad range of systems and techniques used to precisely control the movement of machines and devices. For instance, in January 2022, Moen Inc., a US-based product line of faucets and other fixtures, launches Smart Faucet with Motion Control Technology. This faucet includes voice activation, smartphone control, and an enhanced touchless sensor. Motion Control technology enables users to select water temperatures with hand swipes, and the Moen Smart Water App offers customization options. The faucet integrates voice-activated features, metered dispensing, user presets, and remote management. Moen offers diverse styles, including handle-less designs, maintaining a balance of functionality and high-design aesthetics.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Faucet Market Characteristics
3. Faucet Market Trends And Strategies
4. Faucet Market - Macro Economic Scenario
5. Faucet Market Size And Growth
…..
27. Faucet Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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