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

Report Overview

The global faucet market size was valued at USD 19.3 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 7.4% from 2022 to 2030. The increasing prominence of multi-functionality faucets and the focus on aesthetic appeal are enhancing the demand for faucets in the market. The increase in investment in the industrial sector and rapid urbanization is expected to make way for market growth during the forecast period.

COVID-19 is still a significant issue for economies around the world, due to a year-on-year decline in exports and an increase in imports over the same period of time. The faucets market is trying to recover. Despite this, it means there is a direct impact on the ICT/ Healthcare/ chemical industries, resulting in a large market for the faucet market.

The increase in the disposable income of consumers is one of the primary factors that drive the growth of the global market. A rise in the trend of remodeling and thereby the use of trendy and smart bathroom accessories is anticipated to increase the demand in the market. According to iProperty Management, in 2019, most homeowners spent USD 5.000-10,000 upgrading their homes.

Bathroom accessories are the essential smart products that are gaining increasing focus among consumers as well as manufacturers. With the introduction of modern innovative technologies, manufacturers are providing a wide range of digital and electronic faucets for the domestic and commercial sectors. For instance, in January 2022, Daniel Rubinetterie, a creative manufacturer in Europe, launched ‘Reflex’ a new faucet collection for kitchen and bathroom applications.

Additionally, various product innovations, such as the development of touch-free, digital and hybrid smart faucets that are equipped with efficiency sensors and temperature gauges, are acting as other growth-inducing factors. For instance, GROHE Plus digital faucet comes with a LED temperature display. It redefines the notion of versatility.

The ongoing demand for creating a modern and luxurious home is also paving way for renovated kitchen settings, hence, fueling the demand for kitchen products. For instance, the Franke 3-in-1 faucet offered by Franke Kitchen Systems is designed to provide hot, cold, and distilled water to ensure the usage of pure and appropriate temperatures for various kitchen purposes.

End-user Insights

The commercial segment led the market and accounted for a 57% share of the global revenue in 2021. By the end of 2030, this segment is expected to witness the fastest CAGR of 7.5% during the forecast period. Significant expansion in the commercial sector including hotels, restaurants, hospitals railways, and others is expected to drive the market demand in the future.

The residential segment is anticipated to expand at the fastest CAGR of 7.2% from 2022 to 2030. The residential segment of the market has the highest spending potential from young house owners in affordable markets. The increasing number of millennials buying houses is fueling the demand for plumbing fixtures. The tech-savvy generation is driving the need for an advanced faucet market, resulting in higher application penetration in residential households.

Application Insights

The bathroom segment led the market and accounted for a 42.2% share of the global revenue in 2021. The demand for faucets for bathroom applications is driven by the growing hospitality industry along with the rising real estate sector at the global level. The growing leisure and hospitality sector is the primary factor fueling the demand for bathroom accessories globally.

The kitchen segment is anticipated to expand at the fastest CAGR of 7.7% from 2022 to 2030. Increasing spending on home remodeling is driving the demand for advanced kitchen faucets. The growth is attributed to the rising demand for elegant, multifunctional, and sophisticated kitchen faucets. The growing trend of touch-free faucets is supporting the demand for kitchen faucets among customers.

Distribution Channel Insights

The online distribution channel is anticipated to make the largest contribution to the global market of over 7.7% of CAGR in 2022. Eventually, aggressive promotional activities by the manufacturers and the proliferation of online retail channels provide users with a wide variety of products to choose from, hence contributing to market growth. Moreover, many retailers are focusing on revamping the product portfolio in the stores owing to the popularity of eco-friendly and sustainable products.

In terms of distribution channels, the offline segment dominated the market and accounted for the largest revenue share of 88.6% in 2021. Also, the segment is projected to witness a CAGR of 7.4% from 2022 to 2030.

Regional Insights

North America held the largest revenue share of 7.4% in 2022. The market growth is mainly attributed to the increased spending on residential renovations and repairs by people across North America. Asia Pacific is expected to witness a CAGR of 8.0% during the forecast period. The growth of the market is mainly attributed to the increased spending on residential renovations and repairs by people across North America. A rise in the construction of commercial buildings has fueled the market for smart and multifunctional faucets. The remodeling of bathrooms in the residential sector is also fueling the demand for smart faucets in the region.

Key Companies & Market Share Insights

The market includes both international and domestic participants. Key market players focus on strategies such as innovation and new product launches in retail, to enhance their portfolio offering in the market.

• In March 2022, Blanco the kitchen Offline solutions brand backed by industry-leading German engineering, introduced new productive accessories and faucet finishes. They have also expanded their metal faucet finish with bold black and luxurious Satin Gold

• In January 2022, Moen revealed its smart faucet. The new feature has a completely hands-free operation, using gestures to control the temperature as well as flow

• In August 2021, Astral Limited entered the new business vertical of faucets and sanitary ware. The company has 14 manufacturing units spread across India

• In December 2021, Delta faucet expanded its kitchen product by offering a launch of three workstation sinks to utilize the space and maximum personalization possible

Some of the key players operating in the global faucet market include: -

• Kohler Co.

• Kraus, USA

• American Standard Brands

• Grohe America Inc.

• Pfister

• Delta Faucet Company

• Moen Incorporated

• Aqua Source Faucet

Faucet Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the latest trends and opportunities in each of the sub-segment from 2017 to 2030. For this study, Grand View Research has segmented the global faucet market report on the basis of end user, application, distribution channel, and region.

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

  • Residential

  • Commercial

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Bathroom

  • Kitchen

  • Others

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

  • Online

  • Offline

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

  • Europe

    • U.K.

    • Germany

  • Asia Pacific

    • China

    • India

  • Central & South America

    • Brazil

  • Middle East & Africa