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 size reached US$ 26.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 42.7 Billion by 2028, exhibiting a growth rate (CAGR) of 7.85% during 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. They are widely available in a wide range of colors, styles, metals, and finishes and can be customised to meet the needs 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.
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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 also being driven by the introduction of touch-free, digital, and hybrid smart faucets in the market, which are equipped with sensors and temperature gauges to improve the user experience.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 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
Competitive Landscape:
- 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.
- Villeroy & Boch Aktiengesellschaft.
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