Global Faucet Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Faucet Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Faucet is a fixture for drawing or regulating the flow of liquid especially from a pipe.

Market Overview:

The latest research study on the global Faucet market finds that the global Faucet market reached a value of USD 27384.37 million in 2022. It’s expected that the market will achieve USD 36760.63 million by 2028, exhibiting a CAGR of 5.03% during the forecast period.

Affect the normal operation of the industry

The raging COVID-19 has plunged the global economic environment into depression. The influence of COVID-19 on faucet industry will involve all major links and entities in the industrial chain. The management efficiency of the company declined, commuting was hindered, production plans were hindered, and the company's development strategy and marketing methods were forced to adjust. In addition, during the COVID-19 period, the logistics speed slowed down or even stopped, and the supply of raw materials for faucet production was tight. The company's production is limited to some extent, and the production of related enterprises in the hardest hit areas is greatly affected. After the epidemic is over, it will also face the financial pressure of rising costs caused by the shortage of raw materials.

Impact on Industry Channels

Marketing channel sales will be affected differently. The COVID-19 epidemic has led to a decline in offline passenger flow, highlighting the advantages of e-commerce companies. The offline retail channel encountered great challenges during the COVID-19 outbreak. Passenger flow dropped sharply, and sales volume was also affected. At the same time, the sales of official website sales and e-commerce will increase during this period.

Demand for touchless faucets has increased

The epidemic situation has made people pay more attention to health, and their expectations for a non-contact and clean environment have been raised.

Touchless faucets are excellent choices to reduce hand-to-door contact in high contact public areas such as healthcare facilities, restaurants, schools, offices and restrooms. In the post-epidemic era, the demand for touchless faucets is expected to increase further.

Strength

Downstream market demand growth

Increasing the expenditure on home decoration projects or home renovation also promotes Faucet demand. The demand for water-saving measures also leads to higher penetration rate of new high-efficiency faucets in various applications. In addition, with the improvement of economic level, the number of toilets in each house of residents in developed countries such as Europe and the United States often exceeds the normal number; Most rooms have connecting bathrooms. This trend is expected to increase the demand for faucets.

Weakness

Homogeneous commodity competition

Homogenization of products has always been one of the difficult problems for faucet enterprises. Some small and medium-sized enterprises in the industry have invested less in product and technology research and development, and mainly seized the market at a relatively low price. Therefore, the faucet industry in some areas with lax supervision presents some disorderly competition and homogenization of products. These problems not only affect the profitability of faucet enterprises, but also are not conducive to the healthy and sustainable development of faucet industry.

Opportunities

Diversified sales channels

The development of global e-commerce provides faucet manufacturers with more diversified sales models. More and more companies are adopting online and offline integration, strengthening the construction of sales channels and expanding the marketing network. Faucet manufacturers build brand influence through diversified distribution channels, and achieve scale expansion through distributors covering large circulation channels. With the further development of faucet online sales, diversified and perfect sales channels in the industry will further promote the sales of the whole market.

Region Overview:

In 2021, the share of the Faucet market in Asia Pacific stood at 38.81%.

Company Overview:

Lixil Group is one of the major players operating in the Faucet market, holding a share of 4.68% in 2022.

Lixil Group

LIXIL Group Corporation is a building materials company. It mainly produces building materials, sanitary equipment and interior decoration materials.

Kohler

Kohler offers a wide range of designer bathroom and kitchen products including luxury toilets, showers, faucets, bathrooms and toilets

Segmentation Overview:

By type, Bathroom Faucets segment accounted for the largest share of market in 2021.

Application Overview:

By application, the Residential segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Faucet market covered in Chapter 3:

Roca
Toto Ltd.
Franke Group
Fortune Brands
Jaquar Group
Lixil Group
Globe Union Industrial Corp.
Masco Corporation
Colston Bath
Kohler
Geberit
Villeroy & Boch

In Chapter 4 and Chapter 14.2, on the basis of types, the Faucet market from 2018 to 2029 is primarily split into:

Kitchen Faucets
Bathroom Faucets

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Faucet market from 2018 to 2029 covers:

Commercial
Residential

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)