Authored By: Sarah
19 Aug 2024

Residential Faucets Market Size to grow by USD 5108.3 million between 2024-2028

Technavio, a leading provider of market research reports, has released its latest study on Residential Faucets Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

  • Market Research Overview: In the broader context of the global construction materials market, this sector encompasses businesses engaged in the production of various materials such as sand, clay, gypsum, lime, aggregates, cement, concrete, bricks, and other construction essentials. The market size encompasses the consolidated revenue generated by providers of chemicals, construction materials, containers and packaging, metals and mining, and paper and forest products. Factors fueling the expansion of this market include the burgeoning building and construction industry. The global construction industry has experienced substantial growth over the past few years and is projected to continue this trend, leading to a heightened demand for construction materials. - The Residential Faucets Market is experiencing significant growth, fueled by the Product premiumization through product innovation and wide product assortment. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

  • Major Findings:
    • Product premiumization through product innovation and wide product assortment
    • Growing home improvement market
    • Increase in raw material and labor costs
    • Longer replacement cycle for metallic products
  • Growth Projections

The market size is estimated to grow by USD 5108.3 million, at a CAGR of 8.12% during the forecast period. Economic advancements in India, Vietnam, Malaysia, China, and Qatar have resulted in significant growth in disposable income for consumers and substantial urbanization. This income growth has increased the purchasing power of individuals, as evidenced by India's per capita Net National Income (NNI) rise of 35.12% from USD871.74 (Rs. 72,805) in 2014-15 to USD1,177.89 (Rs. 98,374) in 2022-23, according to the latest provisional estimate released on May 31, 2023. This enhanced purchasing power will fuel investments in both residential and non-residential infrastructure, thereby bolstering the global construction industry's growth trajectory during the forecast period.

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  • Regional Insights

The Residential Faucets Market represents a significant business opportunity, driven by growing demand for water efficiency and design aesthetics. Manufacturers focus on innovation, with offerings that include touchless and sensor technologies, as well as diverse design options. Market growth is further fueled by increasing home renovation activities and consumer preference for premium faucet brands. Overall, this market is poised for steady expansion in the coming years.

About Technavio                                                                        

Technavio is a global market research company offering comprehensive reports and insights on various industries. Our research helps businesses make informed decisions by providing actionable data and trends. Technavio is based on four simple principles: easy-to-access reports, robust industry coverage, a focus on new and emerging technologies, and competitive pricing. We believe in helping companies and executives become better equipped to make faster, sounder, and more effective decisions. Technavio is one of the most influential market research and advisory firms in the world. We work with business and technology leaders to provide cutting-edge market research and insights to companies. 

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Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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