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Faucet Market Analysis North America, APAC, Europe, Middle East and Africa, South America - US, China, Japan, Russia, UK - Size and Forecast 2024-2028

Faucet Market Analysis North America, APAC, Europe, Middle East and Africa, South America - US, China, Japan, Russia, UK - Size and Forecast 2024-2028

Published: Feb 2024 170 Pages SKU: IRTNTR43618

Market Overview at a Glance

$15.58 B
Market Opportunity
9.03%
CAGR
8.51
YoY growth 2023-2024(%)

Faucet Market Size 2024-2028

The faucet market size is forecast to increase by USD 15.58 billion at a CAGR of 9.03% between 2023 and 2028.

  • The market is witnessing significant growth due to several key trends. The rise In the construction of luxury homes as a result of changing consumer preferences and lifestyles is driving market demand. Another trend influencing the market is the emergence of air-induced spray technology, which offers improved water conservation and enhanced user experience. Furthermore, the long replacement cycle of metallic products contributes to the market's stability. These trends are shaping the future of the faucet industry and presenting opportunities for market participants. Overall, the market is expected to experience steady growth In the coming years.

    • What will be the Size of the Faucet Market During the Forecast Period?

    Faucet Market Size

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  • The market is experiencing significant growth driven by urbanization and the demand for smart bathroom accessories. Aesthetic appeal plays a crucial role in consumer decisions, leading to an increase in demand for customized faucet designs and eco-friendly options. The market is witnessing the emergence of smart faucets, including touch-free and digital models, which offer sensor-based controls, smart functionalities, and water-saving mechanisms. The real estate and construction sectors are major contributors to the market's growth, as new buildings prioritize hygiene standards and incorporate touchless technology. Bathroom hardware manufacturers are responding to these trends by introducing hybrid smart faucets that combine traditional styles with advanced features.
  • Pricing, styles, finishes, and the involvement of designers and architects are also key factors influencing market dynamics. Cartridges, ceramic discs, and touchless technology are essential components of modern faucets, as are water-saving mechanisms and smartphone control. Overall, the market is poised for continued growth as consumers seek innovative, functional, and eco-friendly solutions for their kitchen and bathroom needs.

    • How is this Faucet Industry segmented and which is the largest segment?

    The faucet industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

    • Technology
      • Cartridge
      • Compression
      • Ceramic disc
      • Ball
    • End-user
      • Residential
      • Non-residential
    • Geography
      • North America
        • US
      • APAC
        • China
        • Japan
      • Europe
        • UK
      • Middle East and Africa
        • South America

        By Technology Insights

        • The cartridge segment is estimated to witness significant growth during the forecast period.

        Cartridge faucets, characterized by their washer-less design, offer superior water flow performance compared to compression and ball faucets. These faucets, which can be single-handle or double-handle, are popular in residential, commercial, and institutional settings, including bathrooms and kitchens. Their ease of repair, due to fewer components, makes cartridge faucets a preferred choice. The construction industry's anticipated growth in infrastructure spending is expected to boost demand for cartridge faucets In the coming years. These faucets come in various styles, finishes, and price points, catering to diverse consumer needs. Cartridge faucets' adoption is also driven by their ease of installation, water conservation features, and integration with home automation systems, including sensor-based controls, smartphone apps, and voice-activated commands.

        Additionally, eco-friendly and hygiene-focused designs are gaining popularity In the market.

        Faucet Market Size

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        The Cartridge segment was valued at USD 8.58 billion in 2018 and showed a gradual increase during the forecast period.

        Regional Analysis

        • North America is estimated to contribute 33% to the growth of the global market during the forecast period.

        Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

        Faucet Market Share by Geography

        For more insights on the market share of various regions, Request Free Sample

        The North American the market expansion is primarily driven by the region's construction industry growth, with residential projects being a significant contributor. The housing sector in Mexico has experienced a resurgence, attracting American and Canadian buyers due to affordable prices and favorable economic conditions. The US hotel industry's expansion also boosts the demand for new installations. Home automation systems and eco-friendly faucets are popular trends, with smart functionalities such as sensor-based controls, digital interfaces, and voice-activated commands gaining traction. High-quality home decor, multi-functionality, and water-saving mechanisms are essential considerations for both bathroom and kitchen faucets. Architects, designers, and retailers cater to various styles, finishes, and pricing needs.

        Installation and maintenance are crucial factors, with cartridge and ceramic disc systems being widely used. The market is influenced by demographic factors, including population growth and per capita income, and urbanization trends. Water supply hardware companies are making strategic acquisitions and innovations, integrating smart home segments and implementing water conservation mechanisms.

        Market Dynamics

        Our  researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

        What are the key market drivers leading to the rise In the adoption of Faucet Industry?

        Increase in luxury homes due to changing consumer preferences and lifestyles is the key driver of the market.

      • In the realm of high-quality home decor, bathroom and kitchen faucets play a pivotal role in enhancing the aesthetic appeal of spaces within households. Architects and designers are continually pushing the boundaries of innovation, integrating automatic features such as sensor-based controls, digital faucets, and voice-activated commands into their designs. These smart functionalities cater to the growing demand for eco-friendly faucets and water conservation, ensuring adherence to hygiene standards and water-saving mechanisms. Home automation systems have become increasingly popular, enabling homeowners to control their faucets through smartphone applications, adding convenience and ease to daily routines. The hospitality sector has also embraced these advancements, with touchless and sensor-based faucets becoming a staple in hotels and restaurants.
      • Bathroom and kitchen faucets are available in various styles, finishes, and price points, catering to diverse consumer needs. Brass, ceramic disc, and cartridge are popular materials for their durability and resistance to wear and tear. Multi-functionality faucets, such as one-hand mixers and reflex faucet collections, offer versatility and convenience. Installation and repairs are essential considerations for homeowners, with the availability of DIY kits and professional services ensuring minimal disruption to daily life. The market for water supply hardware is continuously evolving, with strategic acquisitions and partnerships driving growth In the industry. In conclusion, the market for bathroom and kitchen faucets is a dynamic and competitive landscape, driven by consumer preferences for advanced features, eco-friendliness, and convenience.
      • The ongoing urbanization and population growth In the US are expected to fuel demand for these essential home accessories.

        • What are the market trends shaping the Faucet Industry?

        Emergence of air-induced spray technology is the upcoming market trend.

      • The market encompasses a range of bathroom and kitchen fixtures, including Deck Mount and Wall Mount options, with various designs and finishes, such as Brass and Ceramic disc. Architects and Designers incorporate these High-quality home decor pieces into spaces like Bathrooms and Kitchens, enhancing their Aesthetic appeal. Automatic Features, like Sensor-based controls and Touchless technology, add Convenience and Hygiene standards to households. Eco-friendly faucets with Water-saving mechanisms are increasingly popular, aligning with the growing focus on Water conservation and Population needs. Digital faucets and Hybrid smart faucets offer Multi-functionality and Smart Home Segments integration, enabling Voice-activated controls and Smartphone applications.
      • Home automation systems and Real Estate developers recognize the value of these advanced faucets in catering to the increasing Per Capita Income and Urbanization. Installation and repairs are simplified with Cartridge and Reflex faucet collection designs. Plastics and Pipe materials are commonly used for manufacturing, while Brass remains a popular choice for its durability and classic appeal. The market is witnessing Strategic acquisitions and collaborations to cater to the diverse demands of Retailers and the Hospitality sector. In conclusion, the market is dynamic and evolving, driven by advancements in Technology and consumer preferences. Smart functionalities, such as Sensor-based controls, Voice-activated commands, and Water-saving mechanisms, are shaping the future of this industry.

        • What challenges does the Faucet Industry face during its growth?

        Long replacement cycle of metallic products is a key challenge affecting the industry growth.

      • The bathroom and kitchen faucets market encompasses a wide range of products, from traditional designs to smart and eco-friendly options. Architects and designers seek high-quality home decor, incorporating aesthetic appeal and functionality into their projects. Automatic features, such as sensor-based controls and voice-activated commands, are increasingly popular in both residential and hospitality sectors. Brass, ceramic disc, and cartridge are common finishes, while multi-functionality faucets offer one-hand mixers and water-saving mechanisms. Home automation systems are integrating smart bathroom accessories and kitchen faucets, enabling users to control water flow and temperature via smartphones or touchless technology. Eco-friendly faucets and water-saving mechanisms are essential for water conservation, especially in urban areas with high population density and increasing per capita income.
      • Installation and repairs are considerations for household consumers, while real estate developers prioritize styles, finishes, and pricing. companies focus on strategic acquisitions and offering lifetime warranties to maintain customer loyalty. Smart functionalities, such as digital faucets and hybrid smart faucets, cater to the growing demand for convenience and hygiene standards. The market is competitive, with significant players providing various options to cater to diverse customer needs. Population growth and urbanization contribute to the market's expansion, making it an exciting space for innovation and development.

        • Exclusive Customer Landscape

        The faucet market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the faucet market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.

        Faucet Market Share by Geography

         Customer Landscape

        Key Companies & Market Insights

        Companies are implementing various strategies, such as strategic alliances, faucet market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.

        ALTON - The company showcases a range of faucets, including the ALTON ALT2045 brass hole basin mixer, ALTON Fame 3360 brass center hole basin mixer, and ALTON Opel 5070 brass center hole basin mixer. These offerings represent the company's commitment to providing high-quality, brass faucets for various applications. The mixers exhibit superior design and functionality, making them a preferred choice for both residential and commercial projects. The company's extensive selection caters to diverse preferences and styles, ensuring a perfect match for any bathroom or kitchen setting.

        The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:

        • ALTON
        • CERA Sanitaryware Ltd.
        • Eczacibasi Holding AS
        • FiveStar Brass India Ltd.
        • Fortune Brands Innovations Inc.
        • Globe Union Industrial Corp.
        • Hindware Home Innovation Ltd.
        • Jaquar Group
        • Kingston Brass Inc
        • Kohler Co.
        • LIXIL Corp.
        • Lowes Co. Inc.
        • Masco Corp.
        • Oras Ltd.
        • Queo Bathrooms
        • Roca Sanitario SA
        • Toto Ltd.
        • Ultra Faucets
        • VIGO INDUSTRIES LLC
        • Zurn Elkay Water Solutions Corp.

        Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

        Research Analyst Overview

        The market encompasses a broad range of products designed to facilitate the flow of water in various settings. These essential home decor elements are not only functional but also contribute significantly to the aesthetic appeal of bathrooms and kitchens. The market exhibits a dynamic landscape, shaped by several factors. One of the primary drivers propelling the market's growth is the increasing focus on automation and smart functionalities. Digital faucets, sensor-based controls, voice-activated controls, and touchless technology are some of the innovations that have gained considerable traction in recent years. These advanced features cater to the evolving needs of consumers, who seek convenience and hygiene standards In their homes.

        Moreover, the hospitality sector has been a significant contributor to the market's growth. With the increasing demand for high-quality home decor and eco-friendly solutions, hotels and resorts are investing in smart faucets and other smart bathroom accessories to enhance their guests' experience. The market's expansion is also influenced by urbanization and the growing population. As more people move to cities, the need for water-saving mechanisms and water supply hardware becomes increasingly crucial. Water conservation has emerged as a critical concern, leading to the development of faucets with water-saving mechanisms and smart functionalities that help reduce water consumption. The market's competitive landscape is characterized by continuous innovation and strategic acquisitions.

        Retailers and manufacturers are collaborating to offer comprehensive solutions that cater to various consumer segments. For instance, hybrid smart faucets that combine the benefits of manual and automatic operation have gained popularity due to their versatility and affordability. The market's scope is not limited to residential applications. It also extends to commercial spaces, such as offices and public facilities, where the need for efficient water usage and easy maintenance is paramount. Despite the market's promising growth prospects, challenges persist. The cost of production and installation, repairs, and maintenance, as well as pricing pressures, remain significant barriers to entry for new players.

        Additionally, the availability and cost of raw materials, such as brass, ceramic disc, and plastics, can impact the market's overall growth. In conclusion, the market is a dynamic and evolving landscape shaped by various factors, including automation, smart functionalities, water conservation, and urbanization. The market's growth is driven by the increasing demand for convenience, hygiene, and eco-friendly solutions across residential and commercial applications. However, challenges such as production costs, pricing pressures, and raw material availability remain significant barriers to entry.

        Market Scope

        Report Coverage

        Details

        Page number

        170

        Base year

        2023

        Historic period

        		 2018-2022

        Forecast period

        2024-2028

        Growth momentum & CAGR

        Accelerate at a CAGR of 9.03%

        Market growth 2024-2028

        USD 15.58 billion

        Market structure

        Fragmented

        YoY growth 2023-2024(%)

        8.51

        Key countries

        US, China, Japan, Russia, and UK

        Competitive landscape

        Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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        What are the Key Data Covered in this Faucet Market Research and Growth Report?

        • CAGR of the Faucet industry during the forecast period
        • Detailed information on factors that will drive the growth and forecasting between 2024 and 2028
        • Precise estimation of the size of the market and its contribution of the industry in focus to the parent market
        • Accurate predictions about upcoming growth and trends and changes in consumer behaviour
        • Growth of the market across North America, APAC, Europe, Middle East and Africa, and South America
        • Thorough analysis of the market’s competitive landscape and detailed information about companies
        • Comprehensive analysis of factors that will challenge the faucet market growth of industry companies

        We can help! Our analysts can customize this faucet market research report to meet your requirements.

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        Table of Contents not available.

        Research Methodology

        Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

        INFORMATION SOURCES

        Primary sources

        • Manufacturers and suppliers
        • Channel partners
        • Industry experts
        • Strategic decision makers

        Secondary sources

        • Industry journals and periodicals
        • Government data
        • Financial reports of key industry players
        • Historical data
        • Press releases

        DATA ANALYSIS

        Data Synthesis

        • Collation of data
        • Estimation of key figures
        • Analysis of derived insights

        Data Validation

        • Triangulation with data models
        • Reference against proprietary databases
        • Corroboration with industry experts

        REPORT WRITING

        Qualitative

        • Market drivers
        • Market challenges
        • Market trends
        • Five forces analysis

        Quantitative

        • Market size and forecast
        • Market segmentation
        • Geographical insights
        • Competitive landscape

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        Frequently Asked Questions

        Faucet market growth will increase by $ 15.58 bn during 2024-2028.

        The Faucet market is expected to grow at a CAGR of 9.03% during 2024-2028.

        Faucet market is segmented by Technology( Cartridge, Compression, Ceramic disc, Ball) End-user( Residential, Non-residential, Europe, MEA, South America)

        ALTON, CERA Sanitaryware Ltd., Eczacibasi Holding AS, FiveStar Brass India Ltd., Fortune Brands Innovations Inc., Globe Union Industrial Corp., Hindware Home Innovation Ltd., Jaquar Group, Kingston Brass Inc, Kohler Co., LIXIL Corp., Lowes Co. Inc., Masco Corp., Oras Ltd., Queo Bathrooms, Roca Sanitario SA, Toto Ltd., Ultra Faucets, VIGO INDUSTRIES LLC, Zurn Elkay Water Solutions Corp. are a few of the key vendors in the Faucet market.

        North America will register the highest growth rate of 33% among the other regions. Therefore, the Faucet market in North America is expected to garner significant business opportunities for the vendors during the forecast period.

        US, China, Japan, Russia, UK

        • Increase in luxury homes due to changing consumer preferences and lifestylesAt present is the driving factor this market.
        • luxury homes are considered the reflection of the social status and lifestyle of an individual. Increasing disposable income is prompting residential end-users to make additional expenditures on the interiors of a house. For instance is the driving factor this market.
        • in February 2021 is the driving factor this market.
        • the sales of luxury houses in India rose by around 20% and reached 8 is the driving factor this market.
        • 200 units as compared to around 6 is the driving factor this market.
        • 700 units in 2020. One of the key reasons for this growth is the rise in demand for more open and bigger spaces among consumers owing to COVID-19 concerns. Individuals are investing in luxury homes that are equipped with advanced amenities. Such individuals focus on the minutest details of their homes is the driving factor this market.
        • such as the color of the bathroom and its fixtures and fittings. These amenities are mostly matched to the decor of the house. Similarly is the driving factor this market.
        • kitchen fittings are also given priority to luxury amenities and fitted in it to mostly render it a stylish look. The different types of faucet materials used to achieve the above-mentioned end-user requirements are brass is the driving factor this market.
        • copper is the driving factor this market.
        • stainless steel is the driving factor this market.
        • chrome is the driving factor this market.
        • and nickel-plated metals. Similarly is the driving factor this market.
        • the different types of finishes available on faucets are brushed nickel is the driving factor this market.
        • oil-rubbed bronze is the driving factor this market.
        • shiny stainless steel is the driving factor this market.
        • and matte finish metal in different colors. To cater to the customers wide range of needs for finishing materials and color preferences of faucets is the driving factor this market.
        • vendors are increasing their product portfolio by providing the maximum possible combination of both materials type and finishing type. At present is the driving factor this market.
        • Kohler Co. is providing 15 types of faucet finishes that cater to a wide need of customer preferences. Consumer preference has been observed to be moving toward the installation of smart faucets in the home segment. Smart faucets offer consumers ease of operation with energy and water conservation is the driving factor this market.
        • which in turn will propel the growth of the regional faucet market during the forecast period. is the driving factor this market.

        The Faucet market vendors should focus on grabbing business opportunities from the Cartridge segment as it accounted for the largest market share in the base year.