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.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2035
|
Base Year
|
2023
|
Market Size In
2023
|
$48.9
Million
|
Market Size In
2035
|
$118.4
Million
|
CAGR
|
7.6 %
|
No. Of Pages In
Report
|
294
|
Segments
Covered
|
Application, Product
Type, End-User, And Region
|
Regional
Scope
|
North America, Europe,
Asia-Pacific, Latin America, And Middle East &
Africa
|
Country
Scope
|
U.S., Canada, Mexico,
Germany, France, UK, Italy, Spain, China, Japan, India, South
Korea, Australia, Brazil, Argentina, Colombia, GCC And South
Africa.
|
Drivers
|
Housing Market
Trends
Water Conservation
Regulations
Technological
Innovations
|
Opportunities
|
Water-Saving
Features
Design
Customization
E-Commerce
Growth
|
Restraints
|
Economic
Downturns
Fluctuating Raw
Material Costs
Slow Adoption Of
Technology
|
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Charts, Tables, and Figures): https://bit.ly/4eC0eYy
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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Strategies:
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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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