LONDON--(BUSINESS WIRE)--Technavio estimates the global residential digital faucets market to grow by USD 1.88 billion, progressing at a CAGR of almost 7% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.
The market is driven by increasing consumer expenditure on bathroom and kitchen remodeling. However, the high cost of residential digital faucets might challenge growth.
Residential Digital Faucets Market: Type Landscape
Based on the type, the market saw maximum growth in the automated faucets segment. The segment is driven by the growing inclination of consumers for functional products in their homes. The market growth in the segment will be significant over the forecast period.
Residential Digital Faucets Market: Geography Landscape
30% of the market’s growth originated from North America in 2019. The flourishing home remodeling industry in the US and Canada is fueling the growth of the residential digital faucets market in North America.
The US and Canada are the key markets for residential digital faucets in North America.
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Major Three Residential Digital Faucets Market Vendors:
Bela Sanitary Ware Co. Ltd.
Bela Sanitary Ware Co. Ltd. operates its business through the Unified segment. The company offers several bathroom products, faucet series, shower series, bathroom accessories, bathroom mirrors, and others.
CERA Sanitaryware Ltd.
CERA Sanitaryware Ltd. operates its business through the Unified segment. The company offers bathroom products. The Company offers showers, faucets, flushing systems, bath-tubs, shower panels, saunas, and other accessories.
Jaquar Group operates its business through the Unified segment. The company offers bathroom products such as showers, faucets, flushing systems, bath-tubs, shower panels, saunas, and other accessories.
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Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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