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:
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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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.
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