NEW
YORK, July 17, 2024 /PRNewswire/ -- The global
faucet market size is estimated to grow by USD 15.58 bn from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
almost 9.03% during the forecast
period. Increase in luxury homes due to changing
consumer preferences and lifestyles is driving market
growth, with a trend towards emergence of air-induced
spray technology. However, long replacement cycle of metallic
products poses a challenge. Key market players include
ALTON, CERA Sanitaryware Ltd.,
Eczacibasi Holding AS, FiveStar Brass India Ltd., Fortune Brands
Innovations Inc., Globe Union Industrial Corp., Hindware Home
Innovation Ltd., Jaquar Group, Kingston Brass Inc, Kohler Co.,
LIXIL Corp., Lowes Co. Inc., Masco Corp., Oras Ltd., Queo
Bathrooms, Roca Sanitario SA, Toto Ltd., Ultra Faucets, VIGO
INDUSTRIES LLC, and Zurn Elkay Water Solutions Corp..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Technology (Cartridge,
Compression, Ceramic disc, and Ball), End-user (Residential and
Non-residential), and Geography (North America, APAC, Europe,
Middle East and Africa, and South America)
|
Region
Covered
|
North America, APAC,
Europe, Middle East and Africa, and South America
|
Key companies
profiled
|
ALTON, CERA
Sanitaryware Ltd., Eczacibasi Holding AS, FiveStar Brass India
Ltd., Fortune Brands Innovations Inc., Globe Union Industrial
Corp., Hindware Home Innovation Ltd., Jaquar Group, Kingston Brass
Inc, Kohler Co., LIXIL Corp., Lowes Co. Inc., Masco Corp., Oras
Ltd., Queo Bathrooms, Roca Sanitario SA, Toto Ltd., Ultra Faucets,
VIGO INDUSTRIES LLC, and Zurn Elkay Water Solutions
Corp.
|
Key Market Trends Fueling Growth
The faucet market is witnessing innovation with the adoption of
advanced air-induced spray technology. This technology atomizes
water into tiny droplets, increasing the surface area and reducing
water waste. Hansgrohe's shower head and Kohler Co's Katalyst
technology are prime examples. They mix air into the water,
creating large droplets that save water up to 98% and retain heat
longer. These innovations could significantly contribute to the
growth of the global faucet market. Kohler's Katalyst technology
combines approximately 2.0 liters of air with 9.5 liters of water,
resulting in efficient water usage. This technology's
implementation is expected to drive market growth during the
forecast period.
The bathroom faucet market is thriving with trends that cater to
both aesthetic appeal and functionality. Architects and designers
are incorporating automatic features, such as sensor-based controls
and touchless faucets, into modern bathroom designs for improved
hygiene standards and convenience. High-quality home decor trends
favor brass and ceramic disc faucets, while eco-friendly options
made of recycled materials gain popularity. Kitchen faucets also
follow these trends, with multi-functionality and smart
functionalities becoming essential. Digital faucets and hybrid
smart faucets offer home automation integration, allowing users to
control the flow of water via smartphone apps or home automation
systems. The hospitality sector and household markets are driving
the demand for smart bathroom accessories, including smart faucets,
with reflex faucet collections and one-hand mixers leading the way.
Strategic acquisitions by retailers and real estate developers are
shaping the market, focusing on high-performance cartridges and
pipes for long-lasting, efficient faucets. As per capita income
rises and population growth continues, the market for bathroom and
kitchen faucets is expected to expand, with plastics and ceramics
remaining the primary materials for manufacturing. The integration
of smartphone control and smart home segments is set to
revolutionize the industry, making faucets an essential component
of modern homes.
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Market Challenges
- The faucet market is characterized by a relatively short
product lifespan of around 8 to 10 years. This limits the
opportunity for vendors to create a significant replacement market,
as consumers often opt for repairs instead of buying new faucets.
In response, major players like Kohler Co., Lowes Co. Inc., and
Masco Corp. Offer lifetime warranties on their faucets, using
high-quality raw materials from reputable suppliers. In the
Asia Pacific region, where
consumers are price-sensitive, repairing plumbing and fixtures is a
more cost-effective solution than replacement. This trend may slow
down the growth of the faucet market during the forecast
period.
- The faucet market is witnessing significant growth due to the
increasing demand for home automation systems in various sectors.
In the kitchen, smart faucets with multi-functionality and
sensor-based controls are becoming popular. The hospitality sector
and household use are major markets, with touchless and
voice-activated faucets leading the way. However, challenges such
as installation complexities, hygiene standards, and water supply
issues persist. Urbanization and population growth are driving
demand, especially in real estate and smart home segments.
Manufacturers are focusing on hygiene and water conservation
through sensors, smartphone control, and water-saving mechanisms.
Strategic acquisitions of pipe and plastics companies are also
shaping the market. Despite these opportunities, challenges remain
in kitchen faucets, one hand mixers, and two hand mixers. Water
supply hardware companies must navigate these challenges to succeed
in the market.
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challenges - Download a Sample Report
Segment Overview
This faucet market report extensively covers market segmentation
by
- Technology
- 1.1 Cartridge
- 1.2 Compression
- 1.3 Ceramic disc
- 1.4 Ball
- End-user
- 2.1 Residential
- 2.2 Non-residential
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Cartridge- Cartridge faucets are popular
choices in various sectors due to their superior performance and
ease of use. These faucets feature a washer-less design, ensuring
smooth water flow with minimal maintenance. Cartridge faucets can
be found in single-handle or double-handle designs, making them
versatile for various applications. With fewer components, they are
easy to repair during leakages. The significant end-user segments,
including residential, commercial, hospital, and hospitality
establishments, are expected to drive the demand for cartridge
faucets due to their cost-effectiveness and quick deployment.
Infrastructure development in these sectors is projected to boost
the market growth for cartridge faucets during the forecast
period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Learn and explore more about Technavio's in-depth research
reports
The global Plumbing Fixtures and Fittings Market is experiencing
significant growth driven by urbanization, renovation activities,
and increasing demand for water-efficient products. Similarly, the
global Decking Market is expanding due to rising residential and
commercial construction, along with a growing preference for
outdoor living spaces. Meanwhile, the global Residential Digital
Faucets Market is booming as smart home technology becomes more
prevalent, offering advanced features such as touchless operation,
temperature control, and water conservation. These markets
collectively reflect a trend towards modern, efficient, and
sustainable home improvement solutions.
Research Analysis
The Faucet Market is witnessing significant growth due to the
increasing urbanization and the demand for aesthetic appeal in
bathrooms. Smart bathroom accessories, such as reflex faucet
collections, touch-free and digital faucets, and hybrid smart
faucets, are becoming increasingly popular. Real estate developers
and the construction sector are recognizing the importance of
bathroom hardware in meeting hygiene standards and catering to the
growing population. Touchless technology, sensor-based controls,
and smart functionalities are key features driving the market.
Customized faucet designs, eco-friendly faucets, and water-saving
mechanisms are also gaining traction. Kitchen faucets, cartridges,
ceramic discs, and touchless technology are essential components of
the market. Smart functionalities, such as smartphone control, are
also being integrated into faucets. Designers and architects play a
crucial role in shaping the market trends.
Market Research Overview
The Faucet Market is a dynamic and evolving industry that caters
to the bathroom and kitchen sectors with innovative and
high-quality home decor solutions. Aesthetic appeal plays a
significant role in the market, with architects and designers
incorporating various styles, materials, and finishes such as
Brass, Ceramic disc, and Plastics, to create unique and functional
spaces. Automatic features, including sensor-based controls and
touchless technology, are becoming increasingly popular for their
convenience and adherence to hygiene standards. Bathroom and
kitchen faucets come in various types, including Deck Mount and
Wall Mount, catering to different design preferences and
installation requirements. Eco-friendly faucets and water-saving
mechanisms are essential for households and the hospitality sector,
as population growth and urbanization drive the need for
sustainable water usage. Smart functionalities, such as digital
faucets, voice-activated controls, and smartphone integration, are
transforming the market, with home automation systems and the smart
home segments leading the way. Strategic acquisitions and
collaborations continue to shape the competitive landscape, as
retailers offer a wide range of products, from one hand mixer to
multi-functionality faucets, to cater to diverse customer needs and
preferences. The flow of water, pipe, and cartridge technologies
also play a crucial role in the market's growth, with continuous
advancements in water conservation and water supply hardware
ensuring efficient and reliable performance. The per capita income
and population growth of various regions influence the market
dynamics, with the market expected to continue its upward
trajectory in the coming years.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Technology
-
- Cartridge
- Compression
- Ceramic Disc
- Ball
- End-user
-
- Residential
- Non-residential
- Geography
-
- North America
- APAC
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
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Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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