Global faucet market is projected to witness a CAGR of 6.3% during the forecast period 2024–2031, growing from USD 28.7 billion in 2023 to USD 46.79 billion in 2031. The market has established its significance in the overall construction, housing, furnishing, and plumbing industry, playing a crucial role in home decoration, aesthetics and utility. Global faucet market is at a standpoint of functionality and product innovation vital in fulfilling the needs of industrial, commercial, and residential spaces.
Global faucet market has evolved drastically in past decades in terms of both design and materials along with the integration of modern technologies. The market offers a lot of options for different end-users depending upon the materials used, such as plastic, brass, stainless steel and others, in different designs and finishes like chrome, gold, and matte among others, complementing their kitchens and bathrooms. Technology has its fair share in global faucet market providing smart technologies like touchless operations, sensor integration, and compatibility with home systems, reflecting the market development complementing modern living.
Global faucet market is a standpoint where it offers both bathroom and kitchen faucet solutions to every consumer depending upon income, personal taste, and regional factors. The market is flooded with faucets that fulfil their basic functionality, coming at prices as low as possible, and faucets with European designs and aesthetics that serve middle-class people or commercial users and then high-end faucets that come with multiple features and operability serving high-end consumers and end-users.
For instance, Delta Faucet debuted its brand-new line of products providing human-centric solutions, in January 2023. The launch of new products included Delta Stream Scape Steam Shower Series, Tetra Bath Collection, and Pull-down Bath Faucet.
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Faucets that Fit Modern Kitchen and Bathroom Design
One of the major factors that drive the growth of global faucet market is growing construction and adoption of modular kitchens at home and in commercial places like restaurants, cafes, and hotels. More residential and commercial segment stakeholder are constructing aesthetic and modern bathrooms especially in developed regions whereas the trend of modular kitchens and bathrooms has been evident in the developed regions of the Americas and Europe.
Faucet being an important aspect of fitting and fixtures, enhance the appeal and luxury of homes, generating huge demand. Many consumers prefer sleek, minimalist, and elegant designs of faucet in their kitchens, bathrooms, etc., which enhances the style and feel of the ambience. The new designs launched in kitchen sinks are under-mount sinks, farmhouse sinks, and self-rimming composite sinks. The farmhouse sinks, developed with apron front designs, are gaining popularity for their rustic and more traditional look.
In June 2022, Hansgrohe, a maker of bathroom and kitchen fittings, launched a new tap line called ‘Finoris’ under its premium brand hansgrohe. The faucets have a pull-out spray with two spray modes, PowderRain and laminar spray, and are built with a basic design and maximum flexibility. The line has been created to meet all potential requirements that can be associated with a washbasin, where the design and operation of a faucet is critical.
Sensor Faucets Dominate the Market
Sensor faucets were initially being used in hotels and luxury sites, but now, they have become a common faucet type that is widely being used across most of the sectors, whether private, public, commercial, or household. Touchless, sensor and voice assistance tap are changing the face of the market. Continuous innovation in faucets with the help of artificial intelligence, has made home water systems safer, greener, and more efficient. Technological advancements like the innovation of a “smart” shutoff valve which continuously monitors water flow rate, pressure, and ambient temperature using sensor technology have become a thing and are seeing a surge in the demand.
Competitors are bringing new technology and updating some or the other feature. One such example is Fortune Brands Home & Security, Inc.’s brand, Moen’s completely touchless smart faucet. Moen Smart Faucet is first-of-its-kind in the world and is touchless with Motion Control. It was launched by the company in August 2022. The product has a motion control feature that uses new sensor technology which allows consumers to turn water on and off along with a temperature control system without touching the faucet. The product is a game-changer, which has a fully integrated system that controls water throughout the entire home, and monitors water usage, detects leaks in pipes, and automatically shuts off the leakage of water before any damage.
AI and Technological Advancement Changing the Face of the Market
Artificial Intelligence is driving the market as smart home technology is revolutionizing the market. The revolutionary shutoff valve system monitors and protects the houses by automatically pausing the water supply through the home’s main supply line whenever it detects a leak. These faucets are connected to WiFis and can be controlled by artificial intelligence apps just by a voice command or a click on the app screen. They can be controlled from anywhere and anytime. It increases the convenience for the consumers.
In January 2021, Samsung made the headlines with the launch of its first smart faucet. The faucet is AI enabled with Wi-Fi connectivity and voice controls. It was marketed by the company, stating that it collects data on the usage of water and has a self-sanitizing mechanism. Additionally, it has a four-level filtration system and claims to purify 2,500 litres of water which is enough amount for a four persons family. The company believed that the product caters to the problem of convenience, mitigation and health risks, enhanced efficiencies, and cost effectiveness, and enables stewardship. Moreover, being able to be controlled through Google Assistant and Amazon’s Alexa, the faucet has the potential of dispensing water in precise amounts.
North America Dominates the Global Faucet Market
North America is dominating the faucets market globally. With the rise in innovations and technological advancements, North America has made its mark in the world. As manufacturers in North America consistently broaden their product lines, introducing new additions to existing ranges, they are solidifying their presence in the market, globally. With the increased focus on cutting-edge solutions and product expansion positions, North America has been a key player in shaping the market of faucets worldwide. The trend reflects the region’s commitment to stay at the forefront of the evolving demands in the industry.
One such example is the launch of LIXIL Group’s brand, GROHE’s latest Lineare faucets in February 2023. Lineare’s cosmopolitan collection is aesthetic, minimalist and highly inviting. The line is developed around two minimal geometric designs; the cylindrical bodies and thin rectangular forms of the spout and handle that create beautiful and harmonious compositions. The thin rectangular design of the spout and the lever extend in parallel from the cylindrical body.
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Future Market Scenario (2024–2031F)
· An innovation in the material of faucets will be seen in the coming future along with unique designs including minimalist and sleek designs.
· More sustainable and environmentally friendly features in the design of the faucets will be seen. Usage of energy and resource efficient technology, recycled materials, and water-saving functionalities will witness a surge in demand.
· Evolution in the style of the faucets will be considered by the brands to enhance the quality of the faucets and make their products more durable.
· With the rise in global water quality concerns and increase in the awareness of the depletion of water resources, innovation of faucets with advanced filtration systems will be catered for by the manufacturers.
The faucet market, encompassing both residential and commercial sectors, has been experiencing steady growth in recent years. As per market research reports, the global faucet market size was valued at over $30 billion in 2020 and is projected to witness a compound annual growth rate (CAGR) of around 6% from 2021 to 2027. This substantial figure underscores the market’s resilience and potential for further expansion.
Factors Driving Growth
Several factors contribute to the burgeoning growth of the faucet market:
- Rising Urbanization: With rapid urbanization, especially in emerging economies, there is an increased demand for housing and infrastructure development. This surge in construction activities fuels the demand for faucets, both in residential and commercial settings.
- Renovation Trends: The growing trend of home renovations and remodeling projects, driven by evolving lifestyle preferences and a desire for modernization, plays a pivotal role in driving faucet sales. Consumers are inclined towards upgrading their homes with stylish and efficient faucets that enhance the overall aesthetic appeal.
- Technological Advancements: The integration of advanced technologies such as touchless operation, water-saving features, and smart connectivity has revolutionized the faucet industry. Smart faucets, equipped with sensors and Wi-Fi connectivity, offer convenience, hygiene, and water conservation benefits, appealing to tech-savvy consumers.
- Sustainability Initiatives: Increasing awareness regarding water conservation and sustainability has spurred the demand for eco-friendly faucets. Manufacturers are innovating with materials and designs to create products that minimize water wastage without compromising on performance or style.
- E-commerce Boom: The proliferation of e-commerce platforms has significantly expanded the reach of faucet manufacturers, enabling them to tap into a broader consumer base. Online channels offer convenience, competitive pricing, and a plethora of options, driving the online sales of faucets.
“Faucet Market Assessment, Opportunities, and Forecast, 2017–2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global faucet market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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