The Faucet Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Faucet Global Market Report 2024, The faucet market size has grown strongly in recent years. It will grow from $39.25 billion in 2023 to $43 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to housing boom, water conservation measures, home renovation trends, economic factors, globalization of markets.
The faucet market size is expected to see strong growth in the next few years. It will grow to $62.72 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to smart home integration, sustainability initiatives, changing consumer lifestyles, health and hygiene concerns, urbanization trends. Major trends in the forecast period include technological innovations, technological advancements, smart faucet integration, sustainable and eco-friendly designs, customization and personalization.
The growth in urbanization is driving the growth of the faucet market. The shift in residence of the human population from rural to urban areas is gradually increasing in search of work and a better standard of living, leading to a rise in urbanization globally. One of the most significant impacts of urbanization is an increase in demand for the housing and commercial sectors, which in turn increases the demand for faucets. For instance, according to the United Nations Department of Economic and Social Affairs, the percentage of the world’s population living in urban areas is expected to reach 68% by 2050, with 90% of this increase taking place in the African and Asian regions. Therefore, an increase in urbanization going forward will raise demand for high-end apartments, houses, and skyscrapers in developing countries, which in turn will drive the growth of premium accessories in bathrooms and kitchens, including automated or sensor faucets.
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The faucet market covered in this report is segmented –
1) By Product Type: Electronic, Manual
2) By Material: Metal, Plastics
3) By Technology: Cartridge, Compression, Ceramic Disc, Ball
4) By Application: Bathroom, Kitchen, Other Applications
5) By End User: Residential, Commercial
Major Companies operating in the faucets market are innovating new technologies such as motion control technology to sustain their position in the market. Motion control technology refers to a broad range of systems and techniques used to precisely control the movement of machines and devices. For instance, in January 2022, Moen Inc., a US-based product line of faucets and other fixtures, launches Smart Faucet with Motion Control Technology. This faucet includes voice activation, smartphone control, and an enhanced touchless sensor. Motion Control technology enables users to select water temperatures with hand swipes, and the Moen Smart Water App offers customization options. The faucet integrates voice-activated features, metered dispensing, user presets, and remote management. Moen offers diverse styles, including handle-less designs, maintaining a balance of functionality and high-design aesthetics.
The faucet market report table of contents includes:
1. Executive Summary
2. Faucet Market Characteristics
3. Faucet Market Trends And Strategies
4. Faucet Market – Macro Economic Scenario
5. Global Faucet Market Size and Growth
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26. South America Faucet Market
27. Brazil Faucet Market
28. Middle East Faucet Market
29. Africa Faucet Market
30. Faucet Market Competitive Landscape And Company Profiles
Top Major Players:
- Kyocera Corporation
- Colston Bath Ltd
- LIXIL Group Corporation
- Seiko Epson Corporation
- Fortune Brands Home & Security Inc
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