Faucet Market size is set to grow by USD 15.58 billion from 2024-2028, Increase in luxury homes due to changing consumer preferences and lifestyles boost the market, Technavio

NEW YORK, May 22, 2024 /PRNewswire/ -- The global faucet market size is estimated to grow by USD 15.58 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 9.03% during the forecast period.

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Market Driver

Luxury homes reflect an individual's social status and lifestyle. Increasing disposable income is leading homeowners to invest more in home interiors. For example, luxury home sales in India increased by 20% in February 2021 due to a demand for larger spaces. Homeowners are focusing on advanced amenities, with details like bathroom fixtures and kitchen fittings matched to home decor.

Popular faucet materials include brass, copper, and stainless steel, with finishes like brushed nickel and matte metal. Companies like Kohler Co. are expanding their product lines to meet these diverse needs. Additionally, smart faucets are becoming popular for their convenience and efficiency.

Market Challenges

• The average lifespan of a metal faucet is around 8 to 10 years, limiting the replacement market. Increased competition has led vendors to source high-quality raw materials, allowing them to offer lifetime warranties. Companies like Kohler Co., Lowes Co. Inc., and Masco Corp. already provide lifetime support for their faucets.
• In the APAC region, the price-sensitive population prefers repairs over replacements, as plumbing repairs are more cost-effective due to low service costs. This trend is expected to slow market growth for faucet replacements during the forecast period.

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Segment Overview 

1. Technology 
• 1.1 Cartridge
• 1.2 Compression
• 1.3 Ceramic disc
• 1.4 Ball
2. End-user 
• 2.1 Residential
• 2.2 Non-residential
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 Middle East and Africa
• 3.5 South America

1.1 Cartridge- The cartridge faucet market is set to grow significantly in the coming years. These faucets offer better performance than compression and ball faucets, featuring a distinctive design and washer-less structure for easy water flow and low maintenance. They are easy to repair and come in single-handle or double-handle options. Valued at USD 8.58 billion in 2018, cartridge faucets are widely used in residential, office, hospital, and hospitality settings. Increased infrastructural spending in these sectors will drive the adoption of these cost-effective and easy-to-install faucets, boosting market growth during the forecast period.

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Research Analysis

The Faucet Market is experiencing significant growth due to the increasing trend of urbanization and the demand for aesthetic appeal in both residential and commercial spaces. 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 construction sector professionals are recognizing the importance of bathroom hardware that adheres to hygiene standards and offers smart functionalities.

Customized faucet designs, sensor-based controls, and touchless technology are key features that are in high demand. Eco-friendly faucets with water-saving mechanisms are also gaining popularity as the world moves towards sustainability. Designers and architects are incorporating Residential Digital Faucets and other smart faucets into their projects to enhance the overall design and functionality of kitchens and bathrooms.

Market Research Overview

The Faucet Market encompasses a wide range of products and services, primarily focused on the distribution and installation of faucets in various sectors. These sectors include residential, commercial, and industrial applications. Faucets are essential fixtures in buildings, serving both functional and aesthetic purposes. They come in various types, such as compression, ceramic disc, ball, and cartridge faucets.

Features like water savings, ease of use, and design aesthetics are key considerations in the Faucet Market. Additionally, advancements in technology have led to the development of smart faucets, offering features like touchless operation and water temperature control.

The Faucet Market is driven by factors like increasing construction activities, growing demand for water conservation, and consumer preferences for modern and functional fixtures. As a crucial component of Bathroom Accessories, faucets play a significant role in enhancing the overall user experience and bathroom functionality.

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 consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 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.

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SOURCE Technavio