What Has Driven the Growth of the Faucet Market in Recent Years?
The faucet market has seen considerable growth due to a variety of factors.
• The market size of faucets has experienced significant growth in the past few years. The prediction is that it will rise from $42.41 billion in 2024 to reach $46.25 billion in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 9.1%.
The historical surge can be credited to factors such as a housing boom, measures for water conservation, trends in home renovation, economic conditions, and market globalization.
What is the Forecasted Market Size and CAGR for the Faucet Market?
The faucet market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of faucets is projected to witness a significant increase over the upcoming years, growing to $69.71 billion by 2029 with a compound annual growth rate (CAGR) of 10.8%.
Factors such as the integration with smart homes, sustainability measures, changes in consumer lifestyle, health and hygiene awareness as well as urbanization trends contribute to this projected upsurge for the forecast period. Key trends within this time frame encompass technological innovation and advancements, integration of smart faucets, sustainable and environmental-friendly designs as well as customization and personalization.
What Are the Critical Driver Fuelling the Faucet Market's Growth?
The swelling rate of urbanization is propelling the expansion of the faucet market. As more individuals migrate from rural areas to cities in search of improved work opportunities and lifestyle, the global urbanization rate is steadily rising. This urban shift significantly accumulates demand within the housing and commercial sectors, subsequently escalating the need for faucets. For example, data from the United Nations Department of Economic and Social Affairs predicts that 68% of the world’s population will be city dwellers by 2050, with most of this growth being concentrated in Africa and Asia. Consequently, this urbanization surge in the future will boost the demand for high-end residences, including apartment buildings and skyscrapers, in emerging nations. This, in turn, will stimulate the expansion of luxury accessories in bathrooms and kitchens, such as automated or sensor faucets.
What Are The Principal Market Segments In The Global Faucet Healthcare Industry?
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
Subsegments:
1) By Electronic: Sensor-Activated Faucets, Touchless Faucets, Digital Faucets
2) By Manual: Single-Handle Faucets, Double-Handle Faucets, Pull-Down Or Pull-Out Faucets, Wall-Mounted Faucets
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Which Emerging Market Trends Are Altering The Faucet
The growing trend of strategic collaborations is making a mark in the faucet market. Faucet manufacturing firms are creating alliances to enhance their products. For example, Jaquar, a maker of brands in faucets, bathroom fittings, showers, spas, bathtubs, and accessories from India, joined forces with Matteo Thun & Antonio Rodrigues, an Italian firm recognized for their design in sanitary, faucets, bathtubs, and accessories. This collaboration in January 2022 aims to introduce the Laguna collection, designed with timeless aesthetics and enduring functionality. The offering includes faucets in eight distinct color choices, with single and dual-tone finishes, providing versatility and an array of applications leading to attractive new directions in interior design. The sophisticated Laguna collection also offers an extensive variety of sanitary ware, wellness products, and shower enclosures.
Who Are the Key Players in the Faucet Market?
Major companies operating in the faucet market include:
• Kyocera Corporation
• Colston Bath Ltd.
• LIXIL Group Corporation
• Fortune Brands Home & Security Inc.
• Kohler Co.
• TOTO Ltd.
• American Standard Brands Inc.
• Eczacibasi Holding A.S.
• Danze Inc.
• Hansgrohe SE
• Moen Incorporated
• Villeroy & Boch AG
• Jaquar Group
• Globe Union Industrial Corp.
• Elkay Manufacturing Company
• Delta Faucet Company a Masco Corporation
• Hindware Industries Limited
• Pfister Faucets Inc.
• Sloan Valve Company
• CERA Sanitaryware Ltd.
• Franke Holding AG
• Gerber Plumbing Fixtures LLC
• Kerovit S.A.
• Aqua Source Faucet LLC
• Paini UK Ltd.
• Lota Group
• Roca Sanitario S.A.
• Kraus Inc.
• Waterstone Products Inc.
What are the Regional Insights into the Faucet Market?
North America was the largest region in the faucet market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the faucet market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
