Smart Faucets Market Size, Share & Trends Report

Smart Faucets Market Size, Share & Trends Analysis Report By Application (Commercial, Residential), By Distribution Channel (Brick & Mortar, Online), By Region, And Segment Forecasts, 2019 - 2025

  • Published Date: Jul, 2019
  • Base Year for Estimate: 2018
  • Report ID: GVR-3-68038-271-6
  • Format: Electronic (PDF)
  • Historical Data: 2015 - 2017
  • Number of Pages: 80

Report Overview

The global smart faucets market size was valued at USD 301.9 million in 2018. Shifting consumer preferences towards the smart home technology in household on account of its high level of convenience and luxury is expected to play a key role in expanding the market size. Moreover, these advanced technologies offer better monitoring and control over water usage in the households on a daily basis.

U.S. smart faucets market

Consumer preference has shifted towards smart home technologies including smart faucets, bathrooms, electronic appliances, and even clocks. Smart faucets are gradually gaining popularity into smart home portfolios. These products are equipped with various motion sensors, touch sensors, and temperature gauges that allow customers to effectively control and monitor water consumption in the kitchen and bathrooms.

Furthermore, these products offer hands-free technology through various sensors and internet connectivity, which adds more luxury, connectivity, and convenience to the customer’s life. Touchless faucets is a crucial technology for the environment, which helps to save water in homes as well as commercial places. With the conventional faucets, the people waste some amount of water unwillingly during their usage. These technological products help to avoid these small water wastage. Aforementioned factors are expected to promote the utility of smart faucets over the forecast period.

Key manufacturers are incorporating new technologies in order to increase connectivity and convenience of the bathroom as well as kitchen faucets. Moreover, the industry participants are focusing on expansion of their product portfolio by offering innovative products incorporated with artificial intelligence (AI). Key sanitary ware manufacturers including GROHE AG and Kohler Co. have developed a wide range of faucets with multiple color choices, innovative designs, and smart connectivity.

Application Insights

The commercial application segment dominated the smart faucets market, exceeding 60.0% share of global revenue in 2018. Rapid growth of the hospitality sector in developed economies including U.S., Germany, and France on account of increasing number of tourists for business as well as leisure travel is expected to promote the utility of smart bathroom accessories including touchless faucets. Furthermore, improvement in the commercial real estate sector in emerging economies including China and India as a result of supportive government policies for urban development is projected to have a positive impact on the growth.

Over the past few years, UAE has invested a lot in the development of hotels, residential and commercial buildings, and tourist attractions. According to the latest report published by Alpen Capital, the hospitality market of UAE is anticipated to reach around USD 7.6 billion by 2022, with a CAGR of 8.5%. This significant growth in the hospitality industry is anticipated to promote the utility of faucets in the commercial sector.

Distribution Channel Insights

Brick and mortar sales channel was the largest channel, accounting for a share of more than 70.0% in 2018. Renovation and inclusion of sanitary-ware experts in the company-owned stores such as Kohler, who provide the product assistance, are expected to attract the buyers over the next few years. Furthermore, in October 2017, Europe-based Villeroy & Boch announced plans to establish the direct sales of bathroom accessories for North America. This plan is expected to expand the product’s access through the direct selling channels over the next few years.

Global smart faucets market

The online segment is expected to be the fastest growing segment, expanding at a CAGR of 12.7% from 2018 to 2025 owing to ease of shopping and convenience associated with the channels. Moreover, increasing penetration of smartphones in the countries including U.S., Germany, U.K., Australia, India, and China acts as a best platform for the product promotion. In addition, e-commerce platforms including social media and Google Ads play an essential role for influencing the consumer preferences.

Regional Insights

North America was the largest market, accounting for a share of more than 30.0% in 2018 on account of increasing smart homes in U.S. and Canada. Additionally, North America was one of the largest travel and tourism markets in the world and U.S., Canada, and Mexico are some of the widely visited countries in North America. Positive outlook towards the hotel industry in U.S. is anticipated to promote the use of smart faucets over the forecast period.

Asia Pacific is projected to be the fastest growing market, expanding at a CAGR of 13.9% of 2019 to 2025. Growth of the residential construction sector in emerging economies including China and India owing to increasing number of real estate projects, along with supportive home loan assistance by banks at a domestic level, is expected to have a positive impact. Furthermore, rising number of specialty stores on sanitary ware in the aforementioned countries is expected to increase the product’s visibility over the next few years.

Key Companies & Market Share Insights

The global market is consolidated in nature owing to the presence of a large number of companies including Kohler Co.,LIXIL Group Corporation, Roca Sanitario, S.A., CERA Sanitaryware Limited, Masco Corporation, and Villeroy & Boch. Furthermore, key manufacturers including Kohler Co. and DELTA Faucet Company are adopting market strategies including new product innovation in order to gain the maximum market share and a large customer base.

For instance, in January 2018, DELTA Faucet Company launched its one of the technologically advanced smart faucets, which is powered by Alexa, an artificial intelligence (AI). The device has capabilities including Wi-Fi connectivity and voice recognition. This allows the customers to adjust the water temperature through a simple voice command. Moreover, the device can turn on or off the water supply and adjust the pressure.

Smart Faucets Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 377.0 million

Revenue forecast in 2025

USD 667.3 million

Growth Rate

CAGR of 12.0% from 2019 to 2025

Base year for estimation

2018

Historical data

2015 - 2017

Forecast period

2019 - 2025

Quantitative units

Revenue in USD million/billion and CAGR from 2019 to 2025

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Application, distribution channel, region

Regional scope

North America; Europe; Asia Pacific; Central & South America; Middle East & Africa

Country scope

U.S.; U.K.; Germany; India; China; Japan; Brazil

Key companies profiled

Kohler Co.; LIXIL Group Corporation; Roca Sanitario, S.A.; CERA Sanitaryware Limited; Masco Corporation; Villeroy & Boch

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2025. For the purpose of this study, Grand View Research has segmented the global smart faucets market report on the basis of application, distribution channel, and region:

  • Application Outlook (Revenue, USD Million, 2015 - 2025)

    • Commercial

    • Residential

  • Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)

    • Brick & Mortar

    • Online

  • Regional Outlook (Revenue, USD Million, 2015 - 2025)

    • North America

      • U.S.

    • Europe

      • U.K.

      • Germany

    • Asia Pacific

      • China

      • India

      • Japan

    • Central & South America

      • Brazil

    • Middle East & Africa

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