Press release
Faucet Market Insights 2024: Comprehensive Global Market Report
Faucet Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $62.72 billion In 2028 At A CAGR Of 9.9% :
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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Faucet Market Major Segments
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
Key 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.
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Prominent Trend - Strategic Partnership Drives Innovative Faucet Collection
Strategic partnerships are a key trend gaining popularity in the faucet market. Companies manufacturing faucets are undergoing partnerships to improve the products. For instance, in January 2022, Jaquar, an India-based company manufacturing brands in faucets, bathroom fittings, showers, spas, bathtubs, and accessories, collaborated with Matteo Thun & Antonio Rodrigues, an Italy-based company offering designs for sanitary, faucets, bathtubs, and accessories. The partnership aims to launch a collection called Laguna, based on aesthetic durability and timeless simplicity. This collection offers faucets in eight color options that can be both single and dual-tone shades, which will allow for flexibility and variety in use and lead to exciting new possibilities in interior design. The elegant Laguna collection range also offers a wide range of selections for sanitary ware, wellness products and shower enclosures.
Faucet Market Players
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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Largest And Fastest Growing Region In The Market
North America was the largest region in the faucet market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the faucet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Faucet Market Report Structure
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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