Faucet Market by Product (Bar Faucets, Faucet with Side Spray, Hands-Free), Installation (DeckMount, WallMount), Material, Distribution Channel, End-User - Global Forecast 2024-2030

Faucet Market by Product (Bar Faucets, Faucet with Side Spray, Hands-Free), Installation (DeckMount, WallMount), Material, Distribution Channel, End-User - Global Forecast 2024-2030

The Faucet Market size was estimated at USD 2.10 billion in 2023 and expected to reach USD 2.25 billion in 2024, at a CAGR 7.32% to reach USD 3.45 billion by 2030.

Faucets and plumbing fixtures are essential in buildings to provide access to water and drainage systems attached to sinks, toilets, showers, bathtubs, and other building plumbing systems. Faucets are essential to any bathroom or kitchen as they provide a convenient and efficient way to access water for various tasks, such as washing hands, brushing teeth, washing dishes, and preparing food. The number of remodeling and renovation projects in the residential sector has significantly increased, and homeowners frequently upgrade their plumbing fixtures as part of efforts to modernize and functionally enhance their residences. Manufacturers emphasize producing aesthetically pleasing and functional faucets with various finishes, designs, and materials owing to their popularity in recent times. Compared to conventional faucets, sensor-based faucets, which employ infrared technology to feel the user's presence and switch automatically, are expensive and out of reach for some customers. In addition, many low-quality faucets are available in the market, which might result in subpar performance and a shorter lifespan. Conventional faucets are prone to malfunctions with leaks, blockages, and corrosion, which can be expensive to fix and inconvenient for the user. With the rise of technology, there has been a recent trend toward introducing digital and electronic faucets. Moreover, manufacturers provide cutting-edge and opulent styles that cater to various preferences and tastes, including minimalist and vintage designs and finishes with matte black and rose gold. With more alternatives available to customers, these designs improve the aesthetic appeal of kitchens and bathrooms; thus, these trends are assisting the faucet market in growing in the coming years.

Regional Insights

The faucet market in the Americas, APAC, and Europe is experiencing a developing landscape owing to the number of introductions of innovative products developments and their commercialization. The growing number of home renovation and remolding projects are witnessed in the U.S., Canada, the UK, India, Australia, China, South Korea, and Japan to develop advanced faucets. High-end faucets with innovative, technologically advanced designs are majorly made in Italy. German faucets are renowned for their high quality, functionality, and detailed design, with a focus on precision engineering and attention to detail. Additionally, the investments in the building and construction activities of the Americas and APAC region foster the demand for luxurious faucets for smart kitchens and bathrooms. Several regional architectural and interior working firms are advancing their materials and designs for faucets that can withstand high water pressure, temperature change, and durability of the material.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Faucet Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Increasing number of renovation and remodeling activities in residential sector
    • Development in the style and design of the faucet for improved bathroom and kitchen aesthetics
    • Market Restraints
      • High cost of sensor-based faucets and presence of substandard faucets
      • Market Opportunities
        • Introduction of digital and electronic faucets
        • Emergence of innovative and luxurious faucet designs
        • Market Challenges
          • Operational issues associated with the use of faucets
          • Market Segmentation Analysis
            • Product: Growing demand for hands-free faucets due to their water-saving potential
            • Distribution Channel: Growing preference towards online channels due to its convenience in shopping
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Faucet Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Faucet Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Truflo by Hindware forays into PTMT faucets, accessories
              
              The global faucet market is a highly competitive landscape, but Hindware's Truflo is intent on making waves as it moves into the PTMT (Plumbing, Tiles & Modular) faucets and accessories marketplace. Known for its quality, innovation and superior design capabilities in these areas, the brand hopes to break into more corners of this sector with its launch. Truflo offers a comprehensive range of products with attractive pricing and impressive durability - two factors essential to success within this industry. By combining modern technologies with cutting-edge product engineering and design, customers will be able to enjoy long-lasting solutions that are also visually appealing. With this foray into the PTMT products sphere, Truflo aims to redefine the customer experience by offering unmatched value-for-money products that provide unparalleled performance.
              
              GROHE expands Saudi footprint with a largest-ever showroom of its kind in partnership with Bayt Alebaa, Jeddah
              
              The global faucet market is growing exponentially as consumers continue to search for more innovative and well-made products. Grohe, one of the world’s leading providers of premium bathroom and kitchen fittings, has been at the forefront of this trend with its expanding presence throughout the Middle East. Their recent partnership with Bayt Alebaa in Jeddah marks a major milestone in their efforts to serve customers in the region, offering them the largest-ever showroom. The new store exemplifies Grohe's commitment to providing its customers with high-quality products and great service, creating a unique shopping experience and delivering on promises. With this move, Grohe is certain to solidify its position further as an industry leader committed to providing top-of-the-line solutions for all bathroom and kitchen needs.
              
              Moen Launches World's First-Ever Totally Touchless Smart Faucet With New King Midas Campaign
              
              The global faucet market is set to make a splash with the launch of Moen's innovative new Touchless Smart Faucet. This cutting-edge product is designed for modern households and offers unparalleled convenience and unbeatable efficiency. With just one touch of the hands, this high-tech faucet turns on and off, responding accurately to even the slightest motion all without ever having to come into contact with oils and dirt from our hands. To accompany its world-first product launch, Moen has also unveiled its King Midas campaign to spread awareness about their new touchless technology. From professional athletes endorsing the product on Instagram to lifestyle influencers using it in their homes, Moen's exciting new campaign looks set to revolutionize the faucet market and the whole plumbing industry. With staggering success already achieved across multiple markets, one thing is certain there has never been a better time than now to go touchless.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Faucet Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Faucet Market, highlighting leading vendors and their innovative profiles. These include Acquaviva India Pvt. Ltd., Aquant, Boyel Living, Brondell, Inc., CERA, Dornbracht AG & Co. KG, Duravit AG, Fortune Brands Innovations, Inc., Franke Holding AG, Geberit International Sales AG, GWA Group Limited, Hindware Home Innovation Limited, Jacuzzi Inc., Jaquar Group, KEUCO GmbH & Co. KG, Kohler Co., Kraus USA Plumbing LLC, Lecico PLC, LIXIL Corporation, Masco Corporation, Neoperl Group AG, Paini (UK) Ltd., Roca Sanitario, S.A, ROHL LLC, Sloan Valve Company, Spectrum Brands Holdings, Inc., TOTO Ltd., Vitra, Waterstone Faucets LLC, and Zurn Elkay Water Solutions Corporation.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Faucet Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Product
              • Bar Faucets
              • Faucet with Side Spray
              • Hands-Free
              • PotFilters
              • Pull-Down Faucet
              • Installation
                • DeckMount
                • WallMount
                • Material
                  • Bronze
                  • Chrome
                  • Plastic
                  • Stainless Steel
                  • Distribution Channel
                    • Offline
                    • Online
                    • End-User
                      • Commercial
                      • Residential
                      • Region
                        • Americas
                          • Argentina
                          • Brazil
                          • Canada
                          • Mexico
                          • United States
                            • California
                            • Florida
                            • Illinois
                            • New York
                            • Ohio
                            • Pennsylvania
                            • Texas
                            • Asia-Pacific
                              • Australia
                              • China
                              • India
                              • Indonesia
                              • Japan
                              • Malaysia
                              • Philippines
                              • Singapore
                              • South Korea
                              • Taiwan
                              • Thailand
                              • Vietnam
                              • Europe, Middle East & Africa
                                • Denmark
                                • Egypt
                                • Finland
                                • France
                                • Germany
                                • Israel
                                • Italy
                                • Netherlands
                                • Nigeria
                                • Norway
                                • Poland
                                • Qatar
                                • Russia
                                • Saudi Arabia
                                • South Africa
                                • Spain
                                • Sweden
                                • Switzerland
                                • Turkey
                                • United Arab Emirates
                                • United Kingdom
                                
                                
                                Please Note: PDF & Excel + Online Access - 1 Year