Faucet Market Size Worth $36.7 Billion by 2030 at CAGR of 7.4%: Grand View Research, Inc.

SAN FRANCISCO, May 16, 2022 /PRNewswire/ -- The global faucet market is expected to reach USD 36.7 billion by 2030 and expand at a CAGR of 7.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. The faucet market is gaining high popularity due to growth in the real estate industry eventually increasing the construction of residential and commercial buildings that require faucet installations.

Key Insights & Findings from the report:

• In terms of revenue, the commercial segment has dominated the global market by accounting for the largest revenue share in 2021. This is attributed for top-notch restroom related facilities in malls and shopping complexes. Faucets enabled with touch technology are highly popular in commercial places which help in water conservation as well as in enhancing the aesthetics. Therefore, expansion of commercial sector is anticipated to drive the market in the near future.
• The kitchen segment is estimated to be the fastest-growing segment during the forecast period, accounting for around 8% CAGR. The growing adoption of pull-out and pull-down faucets due to water efficient technologies are driving the demand for kitchen faucets among millennials. Asia Pacific is anticipated to experience a high pull-out and pull-down kitchen faucet market due to increasing population.
• The introduction of sensor-based faucet is anticipated to fuel the growth of global market during the forecast period. This faucet ensures superior hygiene standards and water conservation. For instance, Daniel Rubinetterie, a Europe based creative faucet manufacturer has launched a range of sensor technology solutions dedicated to public environments.

Request a free sample copy or view report summary, "Faucet Market Size, Share & Trends Analysis Report By End User (Residential, Commercial), By Application (Bathroom, Kitchen), By Distribution Channel (Online, Offline), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Faucet Market Growth & Trends

Due to urbanization, rapidly rising costs of houses and mortgage rates are influencing people to invest more in home remodeling projects. This has led to an increase in trendy and smart bathroom accessories and further enhanced the market growth. According to the American Housing Survey studied by Harvard's Joint Center for Housing Studies, the home improvement industry was estimated at USD 385 million in 2018.

The e-commerce distribution channel is witnessing momentum as the market players are focusing on the marketing of their products through different digital media platforms. The most commonly used digital mediums are social media accounts or pages and brand websites. Some of the major e-commerce sellers of faucets for kitchens, bathrooms, and other applications are Wayfair LLC, Hausera, Faucet Depot, and Amazon.

The prominent market players are offering pull-out and pull-down kitchen faucet technologies to gain substantial market share. These faucets in the market offer hand wave technologies, clap technology, Wi-Fi technology, etc. for the convenience of the consumers and efficient water conservation technologies. The pull-out and pull-down kitchen faucets operate at restricted flow rates in an effort to save water as per government regulations.

Faucet Market Segmentation

Grand View Research has segmented the global faucet market on the basis of type, product, end user, distribution channel, and region:

Faucet Market End-user Outlook (Revenue, USD Million, 2017 - 2030)

• Residential
• Commercial

Faucet Market - Product Outlook (Revenue, USD Million, 2017 - 2030)

• Bathroom
• Kitchen
• Other

Faucet Market - Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

• Online
• Offline

Faucet Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Europe
• Germany
• U.K
• Asia Pacific
• China
• India
• Central & South America
• Brazil
• Middle East and Africa

List of Key Players in the Faucet Market

• Kohler Co.
• Kraus, USA
• American Standard Brands
• Grohe America Inc.
• Pfister
• Delta Faucet Company
• Moen Incorporated
• Aqua Source Faucet

Check out more related studies published by Grand View Research:

• Thermostatic Faucet Market - The global thermostatic faucet market size is expected to reach USD 11.59 billion by 2028, registering a CAGR of 5.29% over the forecast period, according to a new report by Grand View Research, Inc. The COVID-19 pandemic has affected nearly every industry sector. The focus of the consumer has shifted towards daily essentials thereby impacting the non-essential industry like plumbing. Several home renovation activities were put on hold in 2020.
• Smart Faucets Market https://www.grandviewresearch.com/industry-analysis/broadcast-scheduling-software-market?utm_source=prnewswire&utm_medium=referral&utm_campaign=ict_29-Apr-22&utm_term=electronic-design-automation-eda-software-market&utm_content=rl1- The global smart faucets market size is expected to reach USD 667.3 million by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 12.0% over the forecast period. Rising spending on smart home technology on account of increasing living standards and luxury among middle-class household population is expected to be a key factor for the market growth. Moreover, increasing number of luxury hotels as a result of growth of the tourism sector in countries including Germany, France, China, and India is projected to expand the scope of smart bathroom accessories, such as faucets.
• Plumbing Fixtures Market - The global plumbing fixtures market size is expected to reach USD 121.9 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 4.8% over the forecast period. Increasing preference for washrooms and kitchens that are not only functional but also have an aesthetic appeal is expected to promote demand for plumbing fixtures. Furthermore, growing popularity of ceramic has propelled the working-class population to spend on beautifying one's washrooms and kitchens.

Browse through Grand View Research's Homecare & Decor Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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