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, 2023 - 2030

Faucet Market Growth & Trends

The global faucet market size is expected to reach USD 36.69 billion by 2030, growing at a CAGR of 7.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. The growth in the real estate industry eventually increasing the construction of residential and commercial buildings that require faucet installations is anticipated to fuel the growth of the market.

Due to urbanization, rapidly rising costs of houses and mortgage rates are influencing people to invest more in home-remodeling projects. Hence, this led to an increase in trendy and smart bathroom accessories and further drive the growth of the market for faucets. 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 2019.

The e-commerce distribution channel is witnessing momentum as the market players are focusing on marketing 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.

Prominent market players like Moen, Delta, and Kohler are offering pull-out and pull-down kitchen faucet technologies to gain substantial market share. These faucets 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 down kitchen faucets operate at restricted flow rates in an effort to save water as per government regulations.

The faucet industry is fragmented in nature with the presence of a large number of international players and a few regional players such as Kohler Co.; Kraus USA; American Standard Brands; GROHE America Inc.; Pfister; Delta Faucet Company; Moen Incorporated; Aqua Source Faucet.

Faucet Market Report Highlights

• In terms of revenue, the commercial segment held the largest revenue share in 2022, attributed to installations of 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
• The kitchen segment is estimated to witness the fastest growth over the forecast period. The growing adoption of pull-out and pull-down faucets due to water-efficient technologies is driving the demand for kitchen faucets among millennials. Asia Pacific is anticipated to experience a high demand for pull-out and pull-down kitchen faucets due to the increasing population
• The introduction of sensor-based faucets is anticipated to fuel the growth of the global faucet industry during the forecast period. These faucets ensure superior hygiene standards and water conservation technology. For instance, Daniel Rubinetterie, a Europe-based creative faucet manufacturer has launched a range of sensor technology solutions dedicated to public environments

Please note The report will be delivered in 4-8 business days upon order notification.