According to the latest report by IMARC Group, titled “Faucet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028, the global faucet market reached a value of US$ 24.9 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 39.8 Billion by 2028, exhibiting at a CAGR of 7.99% during 2023-2028. The report provides a detailed analysis of the market by type, application, technology, materials, distribution channel and end user. Also, the report analyzes the market’s competitive landscape.
Report Metric
Historical: 2017-2022
Base Year: 2021
Forecast Year: 2023-2028
Faucet Market Industry Definition and Application:
Faucets are plumbing fixtures that are used for controlling the flow of fluids. They are commonly installed in kitchens, washrooms, and other areas that require a steady supply of water at regular intervals. These devices consist of a spout, handle, cartridge, mixing chamber, aerator, and an inlet source. Widely available in a vast array of colors, styles, metals, and finishes, they can be customized as per the requirements of the end users. These fixtures are usually manufactured using steel, brass, die-cast zinc and chrome-plated plastic that can be available in pull-down, pull-out, hands-free, bar, pot and side spray variants.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Faucet Market Trends and Drivers:
The global market is majorly driven by the rapid expansion of the residential sector. With rapid urbanization and the inflating disposable income levels of the masses, there has been a considerable rise in the demand for good-quality and aesthetically appealing faucets across the globe. This is also supported by the increasing demand for renovating and refurbishing activities in the residential and commercial segments. Moreover, the shifting lifestyle preferences of the masses have also led to considerable growth in the hospitality sector. This is contributing to the widespread requirement for luxurious and ergonomically-designed bathrooms, which is acting as a major growth-inducing factor. The market is further driven by the introduction of touch-free, digital, and hybrid smart faucets in the market that are integrated with sensors and temperature gauges to enhance the experience of the users. Some of the other factors contributing to the market growth include easy product availability through online retail channels and the aggressive promotional activities by numerous vendors.
Faucet Market 2023-2028 Competitive Analysis and Segmentation:
Faucet Market Segmentation:
The report has segmented the market on the basis on type, application, technology, materials, distribution channel and end user.
Breakup by Type:
One Hand Mixer
Two Hand Mixer
Others
Breakup by Application:
Bathroom
Kitchen
Others
Breakup by Technology:
Cartridge
Compression
Ceramic Disc
Ball
Breakup by Materials:
Metal
Plastics
Breakup by Distribution Channel:
Online
Offline
Breakup by End User:
Residential
Commercial
Industrial
Breakup by Region:
North America:( United States, Canada)
Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America: (Brazil, Mexico,Others)
Middle East and Africa
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Cannula Market 2023-2028 Competitive Analysis and Segmentation:
Who are the Major Faucet Market Key players?
The report provides a detailed analysis of the market leaders, including.
American Standard Brands (Lixil Group), Colston Bath, Delta Faucet Company (Masco Corporation), Franke Holding AG (Artemis Holding AG), Gerber Plumbing Fixtures LLC (Globe Union Group Inc.), Grohe America Inc., Jaquar, Kohler Co., Moen Incorporated (Fortune Brands Home & Security Inc.), Toto Ltd. and Villeroy & Boch Aktiengesellschaft.
Frequently Asked Questions (FAQs):
1: How big is the faucet market?
Answer: According to IMARC Group, the market was valued at US$ 24.9 Billion in 2022
2: What is the estimated growth scenario for the faucet market by 2028?
Answer: The faucet market is expected to reach a value of US$ 39.8 Billion by 2028
3: What is the key factor contributing to the growth of the faucet market?
Answer: The faucet market is primarily driven by American Standard Brands (Lixil Group), Colston Bath, Delta Faucet Company (Masco Corporation), Franke Holding AG (Artemis Holding AG), Gerber Plumbing Fixtures LLC (Globe Union Group Inc.), Grohe America Inc., Jaquar, Kohler Co., Moen Incorporated (Fortune Brands Home & Security Inc.), Toto Ltd. and Villeroy & Boch Aktiengesellschaft.
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