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The residential faucets market is projected to grow by USD 5.84 billion with a CAGR of 9.1% during the forecast period 2021 to 2026.
This residential faucets market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the residential faucets market segmentation by application (bathroom faucets and kitchen faucets) and geography (North America, APAC, Europe, the Middle East and Africa, and South America). The residential faucets market report also offers information on several market vendors, including CERA Sanitaryware Ltd, Delta Faucet Co, Fortune Brands Home and Security Inc, Kingston Brass Inc, Kohler Co., Kraus USA Inc, LIXIL Corp, LIXIL Water Technology Americas, Lowes Companies Inc, Masco Corp., Moen Inc., Oras Ltd, Spectrum Brands Holdings Inc., The Jaquar Group, Toto Ltd, Ultra Faucets, VIGO INDUSTRIES LLC, and Zurn Water Solutions Corp among others.
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Our researcher studied the historical data for years, with 2021 as the base year and 2022 as the estimated year, and produced drivers, trends, and challenges for the residential faucets market. During the COVID-19 pandemic, the residential faucets market demand has been impacted a lot greatly. A holistic analysis of drivers will help in predicting exact demands and refining marketing strategies to gain a competitive advantage.
Key Residential Faucets Market Driver
Product premiumization through product innovation and wide product assortment is one of the key drivers fueling the residential faucets market growth. The market for residential faucets, especially in the kitchen and bathroom segments, is gradually synchronizing with changing customer needs and aspirations, which has made vendors in the global residential faucets market consistently create innovations in fittings, including residential faucet products. As far as wide product assortment is concerned, vendors are decentralizing into brands to showcase their range of products. This aids them in product positioning with regard to price and product characteristics. Thus, product innovation and wide product assortment lead to the premiumization of products, which is responsible for driving the price quotient of the residential faucets during the forecast period.
Key Residential Faucets Market Trend
Rising demand from emerging economies is one of the key residential faucets market trends propelling market growth. Economic development in India, Vietnam, Malaysia, China, and Qatar has led to an increase in the disposable income of consumers and rapid urbanization. According to The World Bank Group, in 2020, 56.15% of the global population, i.e., over 4.3 billion people, resided in urban areas. By 2050, the global urban population is expected to surpass 65% of the total population, with a majority living in APAC and MEA. Hence, the demand for residential and non-residential projects is expected to grow in these regions, which will increase the demand for residential faucets during the forecast period. Thus, the increase in disposable incomes and rapid urbanization is leading to an increase in construction activities and interior decor, which, in turn, will drive the demand for residential faucets during the forecast period.
Key Residential Faucets Market Challenge
An increase in raw material and labor costs is one of the factors hampering the residential faucets market growth. Metallic raw goods and components parts for manufacturing residential faucets are expensive. Hence, the cost of manufacture increases with a rise in the price of metals such as aluminum, iron, copper, or other raw materials. This affects the profit margins of manufacturers and retailers. The average cost of labor across the world is also on the rise. Developed economies, such as Germany, the US, and the UK, have higher labor costs than the average labor cost in developing economies. The operational cost further increases due to the high labor costs. Hence, there is a spill-over effect of the cost on manufacturers, retailers, and finally, the end consumers who pay a high price to purchase residential faucets. Owing to these factors, the increase in raw material and labor costs is expected to hinder the growth of the market in focus during the forecast period.
This residential faucets market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global residential faucets market as a part of the global construction materials market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the residential faucets market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the residential faucets market encompasses successful business strategies deployed by the key vendors. The residential faucets market is fragmented, and the vendors are deploying growth strategies such as productivity, build quality, design, technology, pricing strategy, and product positioning to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
The research report residential faucets market contains comprehensive market knowledge and an in-depth vendor landscape added to an analysis of the key vendors.
Our report provides extensive information on the value chain analysis for the residential faucets market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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33% of the market’s growth will originate from North America during the forecast period. The US is the key market for residential faucets market in North America. Market growth in this region will be faster than the growth of the market in Europe.
The construction of residential buildings, houses, and societies has triggered the demand for home improvement and, in turn, will facilitate the residential faucets market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID-19 Impact and Recovery Analysis
The outbreak of COVID-19 had a negative impact on regional market growth. However, in 2021, the region witnessed a decline in the number of COVID-19 cases due to the availability and administration of vaccines. As a result, residential construction increased in the region in 2021, which will translate into the gradual growth of the market during the forecast period.
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The residential faucets market share growth in the bathroom faucets segment will be significant during the forecast period. In developed economies, such as the US, the UK, and Germany, the market in focus is witnessing a demand for premium products from consumers. In developing countries such as China and India, volume sales of residential faucets are gaining traction. Owing to these factors, the increasing demand for the bathroom faucets segment is expected to fuel the growth of the global residential faucets market during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the residential faucets market size and actionable market insights on the post-COVID-19 impact on each segment.
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Residential Faucets Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.1% |
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Market growth 2022-2026 |
$5.84 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
8.4 |
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Regional analysis |
North America, APAC, Europe, the Middle East and Africa, and South America |
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Performing market contribution |
North America at 33% |
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Key consumer countries |
US, China, Japan, Russia, and UK |
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Competitive landscape |
Leading companies, Competitive Strategies, Consumer engagement scope |
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Key companies profiled |
CERA Sanitaryware Ltd, Delta Faucet Co, Fortune Brands Home and Security Inc, Kingston Brass Inc, Kohler Co., Kraus USA Inc, LIXIL Corp, LIXIL Water Technology Americas, Lowes Companies Inc, Masco Corp., Moen Inc., Oras Ltd, Spectrum Brands Holdings Inc., The Jaquar Group, Toto Ltd, Ultra Faucets, VIGO INDUSTRIES LLC, and Zurn Water Solutions Corp |
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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, and Market condition analysis for the forecast period. |
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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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Application
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
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
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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