The global faucet market is expected to reach US$39.8 billion by 2027, growing at a CAGR of 7.99% during the period 2022-2027.
SHERIDAN, WYOMING, USA, November 11, 2022 /EINPresswire.com/ — According to the latest report by IMARC Group, titled “Faucets Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global faucets market reached a value of 24, 9 billion US dollars in 2021. before, IMARC Group expects the market to reach $39.8 billion by 2027, exhibiting a CAGR of 7.99% over the period 2022-2027. The report provides detailed market analysis by type, application, technology, materials, distribution channel, and end-user. Additionally, the report analyzes the competitive landscape of the market.
Base year: 2021
Forecast year: 2022-2027
Faucet Market Industry Definition and Application:
The taps are plumbing fixtures which are used to control the flow of fluids. They are usually installed in kitchens, toilets 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 inlet source. Widely available in a wide range of colors, styles, metals and finishes, they can be customized to end user requirements. These fixtures are typically made from steel, brass, die-cast zinc and chrome plated plastic which can be available in pull down, pull down, hands free, bar, pot and side spray variations.
Note: We regularly track the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.
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Faucet Market Trends and Drivers:
The global market is mainly driven by the rapid expansion of the residential sector. With the rapid urbanization and inflation of disposable income levels of the masses, there has been a huge increase in the demand for good quality and aesthetically appealing faucets across the world. This is also supported by the growing demand for renovation and refurbishment activities in the residential and commercial segments. Moreover, the changing lifestyle preferences of the masses have also led to a tremendous growth in the hospitality industry. This contributes to the widespread demand for luxurious and ergonomic bathrooms, which acts as a major growth factor. The market is further boosted by the introduction of touchless, digital and hybrid smart faucets in the market which are integrated with temperature sensors and gauges to enhance user experience. Some of the other factors contributing to the growth of the market include the easy availability of products through online retail channels and aggressive promotional activities by numerous vendors.
Faucet Market Segmentation:
The report has segmented the market on the basis of type, application, technology, materials, distribution channel, and end user.
Breakdown by type:
One hand blender
Breakdown by application:
Breakdown by technology:
Breakdown by materials:
Breakdown by distribution channel:
Breakdown by end user:
Breakdown 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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Who are the major players in the faucet market?
The report provides a detailed analysis of 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 (FAQ):
1: How big is the faucet market?
Answer: According to the IMARC group, the market was valued at US$24.9 billion in 2021
2: What is the estimated growth scenario for the Faucets market by 2027?
Answer: By 2027, the faucet market is expected to reach a value of US$39.8 billion by 2027
3: What is the key factor contributing to the growth of the faucets market?
Answer: The faucet market is mainly led 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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