Faucet Market Size to grow by USD 15.58 billion between 2024-2028
According to a research report “ Faucet Market” by Technology (Cartridge, Compression, Ceramic disc, Ball) End-user (Residential, Non-residential) Geography (North America, APAC, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 15.58 billion, at a CAGR of almost 9.03% during the forecast period. In the luxury real estate market, the demand for high-end residential properties has surged due to rising disposable income and the desire for larger, more open living spaces post-COVID-19. According to recent reports, sales of luxury houses in India increased by approximately 20% in February 2021, reaching 8,200 units compared to 6,700 units in 2020. This trend is driven by consumers' focus on advanced amenities and meticulous attention to detail, particularly in bathroom fixtures and fittings. The interiors of these homes serve as a reflection of their social status and lifestyle.
Browse market data tables, figures, and in-depth TOC on “Faucet Market” by Technology (Cartridge, Compression, Ceramic disc, Ball) End-user (Residential, Non-residential) Geography (North America, APAC, Europe, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample
By Technology, the Cartridge segment is projected to dominate the market size in 2024
The global urban population continues to grow, with an estimated 56.15% residing in urban areas as of 2021, equating to over 4.3 billion people. This expanding urban population drives the demand for infrastructure development, including new residential construction and home renovations. Consequently, the demand for plumbing fixtures, such as faucets, increases. New construction projects and renovations in both established and expanding urban centers necessitate the installation of modern plumbing systems, thereby fueling the faucet market's growth.
By End-user, Residential segment is expected to hold the largest market size for the year 2024
Cartridge faucets have gained widespread popularity in various sectors due to their superior performance characteristics. Distinguished by their washer-less design, these faucets ensure uninterrupted water flow and require minimal maintenance. With fewer components compared to compression and ball faucets, cartridge models are highly beneficial in terms of ease of repair. These faucets are adaptable for both single-handle and double-handle applications, making them versatile solutions for residential, commercial, hospital, and hospitality establishments. The increasing infrastructure investment in these sectors is anticipated to fuel the adoption of cartridge faucets throughout the forecast period.
North America is forecasted to hold the largest market size by region in 2024
The faucet market in North America is poised for significant growth, primarily driven by increased spending on construction and infrastructure projects in the region. The housing sector, in particular, is experiencing a resurgence, with Mexico's housing market recording steady growth due to the return of American and Canadian buyers. This trend can be attributed to the current economic conditions, including low oil prices and strong US dollar currency rates. Furthermore, the growth prospects of various industries in North America, such as the burgeoning hotel industry in the US, are fueling the demand for new construction projects, thereby boosting the faucet market.
The Faucet Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The faucet market is witnessing significant growth with the increasing demand for smart and eco-friendly fixtures in both the kitchen and bathroom sectors. Architects and designers are incorporating smart functionalities such as smartphone control, sensor-based controls, and touchless technology into their projects to meet the evolving needs of modern homes and commercial spaces. Smart faucets, including touchless and digital models, are becoming increasingly popular due to their water-saving mechanisms and improved hygiene standards. Ceramic disc and cartridge technologies ensure durability and ease of use, while eco-friendly features such as low-flow rates and recycled materials add to their appeal. The construction sector, real estate, and population growth are driving the demand for bathroom hardware, including smart faucets. Urbanization and the increasing trend towards customized designs have led to the development of hybrid smart faucets, which combine the aesthetic appeal of traditional designs with the functionality of smart technology. The Reflex faucet collection, for instance, offers touch-free operation, sensor-based controls, and customizable colors and finishes. Smart bathroom accessories, such as touchless soap dispensers and mirrors with built-in lighting and temperature control, are also gaining popularity. Overall, the faucet market is expected to continue growing as consumers seek out innovative and sustainable solutions for their homes and businesses.
Market Research Overview
The Faucet Market is witnessing significant growth due to the increasing focus on water conservation and the adoption of water-saving mechanisms in Water Supply Hardware. Urbanization and population growth have led to a higher demand for water-efficient solutions, driving the market for Water conservation technologies such as Touchless technology and Sensor-based controls. Smart Homes and the Hospitality sector are leading the way in adopting Smart functionalities like Voice-activated controls, Smartphone control, and Home automation systems. Manufacturers are focusing on Strategic acquisitions and innovation, introducing Smart faucets, Multi-functionality faucets, and Eco-friendly faucets. Retailers are stocking up on Smart bathroom accessories, including Touch-free faucets and Digital faucets, to cater to the growing demand. Architects and Designers are incorporating high-quality home decor into their designs, with an emphasis on Aesthetic appeal and Hygiene standards. Kitchens and Bathrooms are the primary focus areas for Faucet Market growth, with Kitchen Faucets and Bathroom Faucets leading the way. Installation of these faucets is becoming easier with the use of Ceramic disc, Cartridge, Brass, and other materials. The market for Water Supply Hardware is expected to grow further as Per Capita Income increases and the need for efficient water usage becomes more pressing. The Faucet Market is set to revolutionize the way we use water in our homes and businesses, with innovative designs and smart functionalities that offer convenience, efficiency, and eco-friendliness.
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