The growth of the faucet market is driven by urbanization, population growth, rise in disposable incomes, demand for modern plumbing fixtures, and government initiatives promoting water conservation, sustainability, and technological advancements.

WILMINGTON, Del., June 27, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Faucet Market by Application (Bathroom, Kitchen, and Others), Product Type (Electronic and Manual), and End User (Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2024-2035". According to the report, the faucet market was valued at $48.9 billion in 2023, and is estimated to reach $118.4 billion by 2035, growing at a CAGR of 7.6% from 2024 to 2035.

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Prime determinants of growth

The faucet market is driven by increase in urbanization, population growth, and rise in residential and commercial construction activities. Rapid urbanization leads to higher demand for housing and infrastructure, resulting in a greater need for faucets. Rise in disposable incomes, particularly in emerging economies, enable consumers to invest in home improvements, including modern plumbing fixtures. Moreover, the trend towards aesthetically pleasing and technologically advanced faucets, coupled with government initiatives promoting water conservation and sustainable living, further boosts the market growth. These factors collectively contribute to the expansion of the faucet market, making it one of the fastest-growing segments in the plumbing fixtures industry.

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The bathroom segment to maintain its leadership status throughout the forecast period

By application, the bathroom segment held the highest market share in 2023, accounting for more than two-fifths of the global faucet market revenue and is estimated to maintain its leadership status during the forecast period. Bathrooms are essential spaces in every household, requiring multiple faucets for sinks, showers, bathtubs, and bidets, thus driving higher demand. Moreover, the increasing trend of bathroom renovations and upgrades contributes significantly to this dominance. Homeowners prioritize modern, stylish, and functional bathroom fixtures, which leads to a surge in demand for innovative and aesthetically pleasing faucets. Furthermore, the rising focus on hygiene and convenience has spurred the adoption of advanced technologies such as touchless and sensor-activated faucets in bathrooms and further boosted the market growth.

The manual segment to maintain its leadership status throughout the forecast period

By product type, the manual segment held the highest market share in 2023, accounting for more than three-fifths of the global faucet market revenue and is estimated to maintain its leadership status during the forecast period. Manual faucets are typically less expensive to produce, and purchase compared to advanced, technology-integrated options, making them accessible to a broad range of consumers. Their straightforward design and operation appeal to both residential and commercial users, ensuring their popularity across various settings. Moreover, manual faucets are versatile and reliable, with a long-established presence in the market that builds consumer trust. They are easier to install and maintain, requiring no specialized knowledge or additional infrastructure, unlike smart or touchless faucets. Furthermore, this simplicity and reliability make manual faucets a preferred choice for many consumers and businesses.

The residential segment to maintain its leadership status throughout the forecast period

By end-user, the residential segment held the highest market share in 2023, accounting for more than half of the global faucet market revenue and is estimated to maintain its leadership status during the forecast period. Homeowners frequently invest in modernizing their kitchens and bathrooms, which are the primary areas for faucet installations. This consistent demand for new and replacement faucets in residential properties drives significant market growth. In addition, rise in the trend of home improvement, spurred by increased disposable incomes and the popularity of home renovation further boosts the demand for stylish and functional faucets. Residential consumers are also expected to adopt innovative designs and advanced technologies, such as touchless and water-saving faucets, to enhance their living spaces.

Asia-Pacific to maintain its dominance by 2035

By region, Asia-Pacific is anticipated to dominate the market with the largest share during the forecast period. Rise in rapid urbanization, significant population growth, and increase in residential and commercial construction activities drive the market growth. Countries such as China and India are experiencing a surge in infrastructure development and housing projects, which drives the demand for faucets. Moreover, rising disposable incomes in these emerging economies enable consumers to invest in home improvements and modern plumbing fixtures and further boost the market demand in the region. The region's expanding middle class and changing lifestyle preferences contribute to the growing demand for aesthetically pleasing and technologically advanced faucets.

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Leading Market Players: -

• LIXIL Group Corporation
• Sloan Valve Company
• MASCO corporation
• Paini (UK) Ltd
• Fortune Brands Home & Security, Inc.
• Roca Sanitario S.A
• TOTO Ltd
• Spectrum Brands
• Danze, Inc.
• Rohl LLC

The report analyzes government regulations, policies, and patents to provide information on the current market trends and suggests future growth opportunities globally. Furthermore, the study highlights Porter's five forces analysis to determine the factors affecting market growth.

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