Increase in number of household units across the globe, demand for premium faucets due to surge in investment in luxury homes, and rise in urbanization drive the growth of the global faucet market
PORTLAND, Oregon, April 20, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Faucet Market by Application (Bathroom, Kitchen, and Others), Product Type (Electronic, Manual), and Material (Metal, and Plastic (PTMT)), and End user (Residential, and Commercial): Global Opportunity Analysis and Industry Forecast, 2020–2026."According to the report, the global Faucet industry was estimated at $37.8 billion in 2019, and is anticipated to hit $61.4 billion by 2026, registering a CAGR of 7.45% from 2020 to 2026.
Drivers, restraints, and opportunities-
Increase in number of household units across the globe, demand for premium faucets due to surge in investment in luxury homes, and rise in urbanization drive the growth of the global Faucet market. On the other hand, availability of counterfeit brands, and ready availability of substandard faucets impedes the growth to some extent. However, development of smart faucets by manufacturers and increase in demand for smart/electronic faucets are expected to create lucrative opportunities in the industry.
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The bathroom segment to dominate by 2026-
Based on application, the bathroom segment accounted for nearly half of the global faucet market share in 2020, and is expected to maintain its dominance throughout the forecast period. Furthermore, the segment is anticipated to dominate throughout the forecasting period. In addition, the same segment is expected to portray the fastest CAGR of 8.2% from 2020 to 2026. The increase in trend of modular bathroom, and rise in application of faucet in modernized bathroom augments the growth of the market. In addition, the prominent application of multiple faucets in the washrooms/bathroom as well fuels the market growth.
The manual segment to retain the dominant share-
Based on product type, the manual segment contributed to more than four-fifths of the global faucet market revenue in 2020, and is anticipated to rule the roost during the study period. On the other hand, the electronic segment would also portray the fastest CAGR of 10.3% from 2020 to 2026. Rapid increase in the residential and commercial sectors such as IT parks, special economic zones, and other commercial spaces in various emerging nations, along with consumer demand for advanced technology are expected to drive the growth of the segment. The rise in new construction of residential apartment, development in commercial spaces, renovation of houses, and replacement of old faucets have augmented the growth of the segment. In addition, rise in popularity of modernized washrooms and coordinated sanitary-ware, fittings and accessories as well fuels the market growth.
Asia-Pacific to dominate the market in 2020, North America to grow significantly –
Based on region, Asia-Pacific generated the major share, holding more than half of the global faucet market in 2020. Furthermore, the region would manifest the fastest CAGR of 8.1% during the estimated period. Rise in residential and commercial construction and rise in government support for building homes in this region have propelled the growth of the market. On the other hand, the North America region is expected to manifest the CAGR of 5.0% during the forecast period.
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Key players in the industry-
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