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The residential faucets market size is estimated to grow by USD 5.10 billion at a CAGR of 8.12% between 2023 and 2028. HomeDepot, a leading home improvement retailer, excels through product premiumization, achieved by continuous product innovation and an extensive product assortment. This strategy caters to customers seeking high-quality, unique, and specialized items. The home improvement market's growth, driven by increasing home ownership and DIY trends, presents a significant opportunity for HomeDepot. Furthermore, with its expanding middle class and urbanization, the rising demand from the Asia Pacific region adds to Home Depot's expansion potential. By staying at the forefront of product innovation and catering to diverse customer needs, HomeDepot positions itself as a go-to destination for home improvement solutions.
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Various factors, including urbanization, water conservation, and the construction sector drive the market. The increasing demand for water-saving technologies in homes is a significant trend in the market. Touchless faucets and sensor-based controls are popular choices due to their environmental benefits and financial savings. These faucets use advanced motion sensors and can be activated by a wave of the hand or a voice command, adding to their convenience and hygiene. Smart functionalities, such as voice-activated technology and advanced motion sensors, are also gaining popularity. The materials used in residential faucets include metal, such as brass and steel, and die-cast zinc. The handle, cartridge, spout, mixing chamber, aerator, intake source, and other components are essential parts of a residential faucet. The market is expected to grow significantly due to the increasing demand for water conservation and the construction sector's expansion. The market offers various industry applications, including kitchen, bathroom, and outdoor use. The market's growth is also driven by the financial and environmental benefits of water-saving technologies, making residential faucets an essential investment for modern homes. Our researchers analyzed the data with 2023 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Product premiumization through product innovation and wide product assortment is notably driving market growth. In the market, vendors are enhancing their product offerings to gain a competitive edge. Masco, a leading player, manages multiple brands such as AXOR, Delta Faucet, Ginger, Bristan Group, Newport Brass, Peerless, Mirolin Industries, Hot Spring, and Hansgrohe International. This strategy expands product visibility and selection across various brands, increasing the likelihood of new customer acquisition and repeat business from existing customers. Moreover, the expanded product range enables vendors to implement strategic pricing. Touchless technology and voice-activated features are becoming increasingly popular in both kitchens and bathrooms, offering financial benefits through water conservation and improved hygiene.
Furthermore, advanced motion sensors and user-friendly designs add to the appeal, with finishes and visual appeal also being significant considerations for homeowners. While budget-conscious consumers may opt for basic functionalities and lower-quality materials like chrome-plated plastic or brass, reputable brands offer higher-quality options with durable finishes like die-cast zinc, Steel, or Metal, ensuring resistance to corrosion and leaks. Pull-down, pull-out, hands-free, bar, pot, side spray, single-control cartridge, and dual-control cartridge are some of the popular faucet designs that cater to diverse user needs. In conclusion, the market is witnessing innovation and expansion in product offerings, driven by advanced technologies, user experience, and diverse design options. Vendors are catering to various customer segments, ensuring a wide range of choices for homeowners while maintaining a focus on quality and functionality. Thus, such factors are driving the growth of the market during the forecast period.
Rising demand from emerging economies is the key trend in the market. The market has experienced significant growth due to economic developments and urbanization in countries like India, Vietnam, Malaysia, China, and Qatar. These economic advancements have increased disposable income and purchasing power among consumers, leading to an elevated demand for improved residential infrastructure. Consequently, the construction industry is poised for growth during the forecast period. Financial benefits, such as water savings and reduced maintenance costs, are driving the preference for advanced faucet technologies. Hygiene considerations have also fueled the adoption of touchless and voice-activated faucets.
Furthermore, aesthetics play a crucial role in consumer decision-making, with finishes, visual appeal, and user experience being essential factors. Reputable brands offer higher-quality options with advanced features like touchless technology, voice-activated technology, and advanced motion sensors. Materials like Metal, Handle, Cartridge, Spout, Mixing chamber, Aerator, Intake source, Brass, Steel, Die-cast zinc, Chrome-plated plastic, Pull-down, Pull-out, Hands-free, Bar, Pot, Side spray, Single-control cartridge, and Dual-control cartridge are widely used in the production of these faucets. Budget-conscious consumers may opt for basic functionalities and lower-cost materials, but they risk dealing with issues like weak finish, corrosion, leaks, and malfunctions. Investing in higher-quality options can provide long-term financial benefits and a superior user experience. In summary, the market is experiencing growth due to economic developments, increasing purchasing power, and consumer preferences for advanced technologies and aesthetics. Reputable brands offer higher-quality options, while budget-conscious consumers may opt for lower-cost alternatives with potential drawbacks. Thus, such trends will shape the growth of the market during the forecast period.
An increase in raw material and labor costs is the major challenge that affects the growth of the market. The market experiences various challenges in delivering financial benefits to manufacturers and retailers. The primary issue lies in the high cost of raw materials and manufacturing, which increases with the rising prices of metals like aluminum, iron, copper, and others. This price fluctuation impacts profit margins, compelling manufacturers to produce and sell a sufficient quantity of units to maintain profitability. However, the market landscape is dynamic due to evolving customer preferences, emerging product trends, and technological innovations. Premium residential faucets with advanced features such as touchless technology, voice-activated technology, and advanced motion sensors are gaining popularity.
These high-end faucets offer improved hygiene, user experience, and aesthetics, catering to homeowners' demands for functionality and visual appeal. To meet these demands, manufacturers introduce various finishes, including Metal, Handle, Cartridge, Spout, Mixing chamber, Aerator, Intake source, Brass, Steel, Die-cast zinc, Chrome-plated plastic, Pull-down, Pull-out, Hands-free, Bar, Pot, Side spray, Single-control cartridge, and Dual-control cartridge. However, catering to these diverse demands and maintaining quality can be challenging. Moreover, the market is fragmented, with reputable brands competing against budget-conscious consumers' preferences for low-quality faucets. This competition can lead to weak finish, leaks, and malfunction issues, negatively impacting the market's reputation and customer trust. To sustain profitability and meet customer expectations, manufacturers must focus on producing higher-quality options with basic functionalities and competitive pricing. Hence, the above factors will impede the growth of the market during the forecast period
The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies 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.
Spectrum Brands Holdings Inc. - The company offers residential faucets under the brands Kwikset, Weiser, and Fortis.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about key companies, including:
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 market 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.
The market share growth by the Bathroom faucets segment will be significant during the forecast period. Residential faucets, including those for kitchens and bathrooms, offer financial benefits through water savings and reduced maintenance costs. Hygiene is a significant consideration, leading to the popularity of touchless technology and voice-activated faucets. Advanced motion sensors ensure hands-free operation, enhancing the user experience. Aesthetics play a crucial role, with various finishes, visual appeal, and design options available. Bathroom faucets, such as sink faucets, tub faucets, and shower faucets, cater to diverse design styles and requirements
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The Bathroom faucets segment showed a gradual increase in the market share of USD 5.52 billion in 2018. Reputable brands provide high-quality options, ensuring durability and reliability. Materials like brass, steel, die-cast zinc, and chrome-plated plastic are commonly used. Wall-mounted bathroom faucets come in various configurations, including single handle, knobs, cross handle, and motion sensors, certified by the US Environmental Protection Agency (EPA). Kitchen faucets, available as pull-down, pull-out, hands-free, bar, pot filler, side spray, and single-control or dual-control cartridge types, offer convenience and functionality. Users prioritize durability, avoiding low-quality faucets prone to leaks and malfunction. Brass and metal finishes like chrome, nickel, and stainless steel are popular for their resistance to corrosion and wear. Budget-conscious consumers can opt for basic functionalities, while those seeking premium experiences can explore advanced features like temperature memory, touch control, and integrated filters. Faucet components, such as the cartridge, spout, mixing chamber, aerator, and intake source, contribute to the overall performance and longevity of the faucet.
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APAC 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.
The market is witnessing significant growth due to the increasing focus on water conservation and the construction sector's expansion. Touchless faucets and sensor-based controls are gaining popularity as they promote hygiene standards by reducing the risk of cross-contamination from viruses and bacteria. Smart functionalities such as temperature control settings, water usage data, and home automation systems are also driving demand. Industry applications include healthcare facilities, where easy-to-clean faucet designs and antimicrobial coatings are essential. Rising expenditure capacities and construction activities are leading to the installation of plumbing fixtures and water supply systems, including sewage facilities. Urbanization and water-saving technologies offer environmental benefits, making eco-friendly faucets an attractive option. Faucet materials like metal and plastic are in distribution through various channels, including online retail and offline retail. Water-saving mechanisms and smart faucets with filtration systems and smartphone control are key trends in the market.
The market 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.
Residential Digital Faucets Market: Residential Digital Faucets Market Analysis North America, Europe, APAC, South America, Middle East and Africa - US, China, UK, Japan, Canada - Size and Forecast
Faucet Market: Faucet Market Analysis North America, APAC, Europe, Middle East and Africa, South America - US, China, Japan, Russia, UK - Size and Forecast
Plumbing Fixtures and Fittings Market: Plumbing Fixtures and Fittings Market Analysis APAC, Europe, North America, Middle East and Africa, South America - China, US, UK, India, Saudi Arabia - Size and Forecast
The market is witnessing significant growth due to the increasing focus on water conservation and the construction sector's expansion. Touchless faucets and sensor-based controls are gaining popularity as they offer improved hygiene standards, reducing the risk of viruses and bacteria spread and cross-contamination. Smart functionalities such as temperature control settings, water usage data, and home automation systems are becoming essential features in modern residences. Industry applications include healthcare facilities, where easy-to-clean faucet designs and antimicrobial coatings are crucial.
Furthermore, geographical trends indicate a growing demand for water-saving fixtures in urban areas due to rising expenditure capacities and construction activities. Plumbing fixtures, water supply systems, and sewage facilities are integral components of modern residential infrastructure. Faucet materials, including metal and plastic, cater to various preferences and budgets. Water-saving mechanisms and eco-friendly faucets are essential components of the market's growth, driven by environmental benefits and urbanization. Distribution channels include online retail and offline retail, with the former gaining traction due to convenience and accessibility. The market's future lies in smart faucets, filtration systems, and smartphone control, offering enhanced functionality and water conservation.
Market Scope |
|
Report Coverage |
Details |
Page number |
143 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.12% |
Market Growth 2024-2028 |
USD 5.10 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.51 |
Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
Performing market contribution |
APAC at 33% |
Key countries |
US, China, Russia, UK, and Japan |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
CERA Sanitaryware Ltd., Delta Faucet Co, Fortune Brands Innovations Inc., Kingston Brass Inc, Kohler Co., Kraus USA Inc., LIXIL Corp., LIXIL Water Technology Americas, Lowes Co. Inc., Masco Corp., Moen Inc., Oras Ltd., Spectrum Brands Holdings Inc., Jaquar India, Toto Ltd., Ultra Faucets, VIGO INDUSTRIES LLC, and Zurn Elkay Water Solutions Corp. |
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 market 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. |
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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