Faucets Market Report by Opportunity, Major Driving Factors and Business Growth Strategies by 2025

The global faucet market size is expected to reach USD 28.7 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.7% over the forecast period. Continuously changing preferences of consumers, along with improving lifestyles, has been increasing the investments on luxury homes and remodeling. This, in turn, is anticipated to contribute to the demand of the market.

Rapidly expanding residential sector in regions such as North America and Asia Pacific, along with consumers demand for advanced technology driven plumbing fixtures, is a key factor fueling the adoption of modern faucets. Moreover, repairing and remodeling of home utility areas such as kitchens and bathrooms have generated a fair demand for faucets in the recent years.

Manufacturers are focusing on expanding their product portfolios by providing end number of combinations with respect to material and designs to cater to the consumer demand for customized faucets. For instance, Kohler offers Sensate Touchless Kitchen Faucet and has been honored as the best of innovations in 2019 for smart home products. Companies are developing smart products for smart user experience, which is also driving innovations in the global market.

The residential sector is expected to witness significant growth during the forecast period. The market will witness stable growth due to increasing number of households and consumer demand for premium kitchen and bathroom fixture products that serve the purpose as well as compliment the interiors. The residential sector is expected to account for a share of more than 40.0% by 2025. Delta offers kitchen faucets integrated with advanced technology and relevant finishes, such as Delta ShieldSpray.

Kitchen is expected to register the fastest CAGR of 6.0% from 2019 to 2025. This growth is attributed to rising demand for elegant, multifunctional, and sophisticated kitchen faucets. Modern lifestyle has renovated kitchen from a place to cook food to a place for family gathering and friends spending time together. Companies such as Franke Kitchen Systems offer faucets equipped with the ability to swivel 360 degrees and switch between full and needle water spray.

Asia Pacific is expected to be the fastest growing market, expanding at a CAGR of 6.4% from 2019 to 2025. The growth is attributed to increasing construction projects across the residential and commercial sectors. In the year 2018, over ten thousand projects were going on including the construction of malls and shopping complex, restaurant and hotels, hospitals, schools and educational institutions, factories, offices, trains, flights, airports, railway stations, and other similar venues. This scenario is expected to drive the demand for faucets in the next few years.

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Further key findings from the report suggest:

·       North America accounted for the largest share of more than 25.0% in 2018, whereas APAC is expected to expand at the fastest CAGR of 6.4% from 2019 to 2025

·       Online distribution channel is expected to witness expand at a CAGR of 6.0% from 2019 to 2025

·       The bathroom application segment held the largest share of over 40.0% in 2018. Kitchen is expected to expand at the fastest CAGR of 6.0% from 2019 to 2025 due to rising demand for elegant, multifunctional, and sophisticated kitchen faucets

·       The commercial sector held the largest share of over 50.0% in 2018. Commercial places include hotels, restaurants, hospitals, public washrooms and toilets, malls and shopping complex, airports, railway stations, and other recreational and utility areas

·       Some of the key players of faucets market are Moen Incorporated; Franke Kitchen Systems; DELTA FAUCET COMPANY; American Bath Group; Gerber Plumbing Fixtures LLC; GROHE AMERICA, INC.; Jaquar; Kohler Co.; Colston Bath; PROFLO; and TOTO LTD

Grand View Research has segmented the global faucets market on the basis of end user, application, distribution channel, and region:

Faucets End User Outlook (Revenue, USD Billion, 2015 - 2025)

·         Residential

·         Commercial

Faucets Application Outlook (Revenue, USD Billion, 2015 - 2025)

·         Bathroom

·         Kitchen

·         Others

Faucets Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)

·         Online

·         Offline

Faucets Regional Outlook (Revenue, USD Billion, 2015 - 2025)

·         North America

·         Europe

·         Asia Pacific

·         Central & South America

·         Middle East & Africa (MEA)

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.