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The Residential Digital Faucets Market size is estimated to grow at a CAGR of 6.73% between 2022 and 2027 and the size of the market is forecast to increase by USD 2,198.09 million. The growth of the market depends on several factors, such as the increasing consumer expenditure on bathroom and kitchen remodelling, the flourishing residential construction industry, and the technological advancements in residential digital faucets.
This report extensively covers market segmentation by type (automated and manual), distribution channel (offline and online), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
Residential Digital Faucets Market Forecast 2023-2027
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Our researchers studied the data for years, with 2022 as the base year and 2023 as the estimated year, and presented the key drivers, trends, and challenges for the market. Although there has been a disruption in the growth of the market during the COVID-19 pandemic, a holistic analysis of drivers, trends, and challenges will help companies refine marketing strategies to gain a competitive advantage.
It is boosting the demand for residential digital faucets in the global market. Residential digital faucets are largely used in bathroom and kitchen applications, such as sinks, washbasins, bidets, and sanitary wares. Consumers re increasing their expenditure on modern bathroom applications, like digital faucets. Home digital faucets make up a significant part of this expenditure. Consumers in the United States are being encouraged to spend more on these products due to recent technological developments like flow monitoring, temperature control, and better designs of homes' Digital Faucets.
Moreover, since 2014, there has been an increase in the amount of money spent on luxury bathrooms in emerging countries like India. In 2022, consumer spending on luxury bathroom services in India was growing at a faster rate than that for smaller and midsized bathrooms. Consumer expenditure on luxury bathroom products in India is expected to grow at a significant rate during the forecast period. Overall, the increasing consumer expenditure on bathroom and kitchen remodelling globally will be a major factor in boosting the growth of the global residential faucets market during the forecast period.
The increase of emphasis to enhance their distribution network with retailers and e.Commerce partners are being put by the vendors in the worldwide digital home faucets market as they seek to better establish themselves around the world. CERA is one of the major residential digital faucet manufacturers in India. Moreover, brand presence in retail outlets is essential for major vendors in countries such as China and India, where the residential faucets market is still dominated by unorganized players.
Moreover, the vendors are focusing on strengthening their online presence through partnerships with e-commerce vendors, such as Amazon, Alibaba, and The Home Depot. It encouraged established retailers to take on the online channel because of the threat posed by unorganized players in these e.commerce portals. Hence, major vendors in the global residential digital faucets market will adopt further strategies to strengthen their distribution network with online and offline partners during the forecast period.
One of the main factors that affect their adoption by consumers in the world market is the high cost of installing these Digital Household Faucets. In general, the main materials used to make faucets are brass. Electronic components, e.g. sensors, are also part of the Digital Faucets at home. Therefore, the manufacturing cost of these digital faucets is high. The high cost of residential digital faucets is the main reason underlying the lower adoption of these products in emerging markets.
Moreover, the constant increase in raw material prices will add to the overall manufacturing cost of residential digital faucets. Prices are set to increase during the forecast period as a result of increased demand from various end-user industries for brass and copper. The increase in raw material prices will have a major impact on the manufacturing cost of residential digital faucets. Hence, the prices of residential digital faucets may increase, which may hinder their adoption during the forecast period.
The market share growth by the automated segment will be significant during the forecast period. Automatic residential digital faucets include fittings that are designed to provide hands-free operation for consumers. They are equipped with sensors and advanced mechanisms that aid in supplying a consistent flow of water by detecting the presence of a person's hands when held near the water outlet or tap.
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The automated segments show a gradual increase in the market share of USD 3,679.29 million in 2017 and continue to grow by 2021. Automated faucets are touchless faucets operated using proximity sensors. The growth of the market is anticipated to be driven by increasing consumer preference for useful products in their homes, which also makes these places look and feel more attractive. However, a significant factor limiting the growth of this segment is the substantially higher costs incurred for purchasing and maintaining these products. Such factors will increase the market growth during the forecast period.
Manual residential digital faucets, operated by human touch, are cost-effective compared to automated counterparts, driving their demand. The global market is fueled by increased consumer spending on bathroom and kitchen remodelling/renovation. Leading vendors like GROHE and Delta Faucet offer innovative touch-sensitive faucets activated by a simple touch of the user's hand, wrist, or elbow. However, automated residential digital faucets are expected to outnumber manual ones in adoption due to benefits like improved hygiene and comfort. Manual faucets will continue to be popular in emerging economies like India, compared to developed countries.
Based on the distribution channel, the market has been segmented into offline and online. The offline segment will account for the largest share of this segment. Speciality stores can be highly effective offline sales channels for digital faucets. Speciality stores attract customers who are specifically looking for products related to their niche. By focusing on digital faucets, these stores can capture the attention of customers who are interested in upgrading their bathroom or kitchen with modern and technologically advanced fixtures. Speciality stores tend to offer a wide range of digital faucets, including different brands, styles, and price points. This variety allows customers to compare options and find the faucet that best matches their preferences and budget. Physical stores provide an opportunity for customers to see and interact with digital faucets firsthand. Speciality stores can have working models or displays that showcase the features and functionalities of these faucets. Such factors will increase segment growth during the forecast period.
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APAC is estimated to contribute 29% to the growth by 2027. Technavio’s analysts have elaborately explained the regional trends, drivers, and challenges that are expected to shape the market during the forecast period. The US and Canada are among the major markets for residential digital faucets in North America, owing to the flourishing home remodelling industry in these countries. In the US consumer's top priorities are expected to be home improvement projects, kitchens, and bathrooms over the forecast period. Increasing consumer expenditure on bathroom and kitchen remodelling and renovation activities is driving the growth of the market in the US.
COVID-19 negatively affected countries in North America, especially the US, in 2020. However, with the relaxation of the lockdown restrictions, companies implemented various precautionary measures in workplaces to limit the spread of the virus, with residential digital faucets being the primary focus in all infrastructure plans. Thus, the residential digital faucets market in North America is expected to grow during the forecast period.v
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Acquaviva India Pvt. Ltd.: The company offers residential digital faucets such as deck-mounted and wall mounted.
CERA Sanitaryware Ltd.: The company offers residential digital faucets such as wall-mounted and deck mounted.
We also have detailed analyses of the market’s competitive landscape and offer information on 20 market vendors, including:
Technavio report provides an in-depth analysis of the market and its players through combined qualitative and quantitative data. The analysis classifies vendors into categories based on their business approaches, including pure-play, category-focused, industry-focused, and diversified. Vendors are specially categorized into dominant, leading, strong, tentative, and weak, based on their quantitative data analysis.
The residential digital faucets market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Residential Digital Faucets Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.73% |
Market growth 2023-2027 |
USD 2,198.09 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
6.11 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
APAC at 29% |
Key countries |
US, Canada, China, Japan, and UK |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acquaviva India Pvt. Ltd., BRIZO KITCHEN and BATH CO, CERA Sanitaryware Ltd., Danube Group, Elkay Manufacturing Co., Euronics Industries Pvt. Ltd., Jaquar Group, Kajaria Ceramics Ltd., Kohler Co., Kraus USA Inc., LIXIL Corp., Masco Corp., Moen Inc., Oras Ltd., Prism Johnson Ltd., RN Valves and Faucets, Roca Sanitario SA, Stanley Black and Decker Inc., Taiwan Kingbird Enterprises Inc., and Toto Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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