LONDON--(BUSINESS WIRE)--The global faucet market size is expected to grow by USD 7.87 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio. Request a free sample report
Changing consumer preference and lifestyle, which is giving rise to the demand for luxury homes is expected to drive the faucet market growth during the forecast period. The rising disposable income is prompting residential end-users to make additional expenditure on home interiors. Consumers are investing heavily in luxury homes that are equipped with advanced amenities and focusing on details such as the color of the bathrooms and kitchens and its fixtures and fittings. Such factors are driving the demand for faucets. The different types of faucet materials used to achieve different end-user requirements are brass, copper, stainless steel, chrome, and nickel-plated metals. To cater to the customer’s wide range of requirements vendors are increasing their product portfolio by providing the maximum possible combination of both materials type and finishing type.
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As per Technavio, the introduction of smart faucets will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Faucet Market: Introduction of Smart Faucets
Smart faucets has been gaining immense popularity over the last few years. There are different types of smart faucets including, touch-free, digital, and combination. The touch-free faucets create a germ-free and healthy environment at the place of installation. The temperature and flow controllers will dispense the exact amount of water required at the set temperature. The smart faucets are digitally enabled systems with an inbuilt digital display. The display offers information regarding the temperature and the flow. Thus, the flow can be adjusted based on the preference of the user. Smart faucets also help to save water. The introduction of such smart faucets is expected to drive the growth of the market during the forecast period.
“Factors such as the increasing construction activities globally, and the growing brand awareness in faucet industry will have a significant impact on the growth of the faucet market value during the forecast period,” says a senior analyst at Technavio.
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Faucet Market: Segmentation Analysis
This market research report segments the faucet market by technology (cartridge, compression, ceramic disc, and ball) and geography (North America, APAC, Europe, MEA, and South America).
The North American region accounted for the faucet market share in 2019, followed by APAC, Europe, MEA, and South America respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increased spending on construction and infrastructural projects, and the rising residential construction.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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