Faucet Market Size Worth $31.1 Billion By 2028 | CAGR: 6.8%: Grand View Research, Inc. – PRNewswire
SAN FRANCISCO, Dec. 9, 2021 /PRNewswire/ — The global faucet market size is anticipated to reach USD 31.1 billion in 2020, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 6.8% from 2021 to 2028. The rapid growth of the bathroom fittings industry is presenting lucrative opportunities for faucets as a result of the rising demand for modernized bathrooms and kitchens.
Key Insights & Findings from the report:
- In terms of value, the commercial segment dominated the market and accounted for the largest revenue share globally. The segment is estimated to witness fastest growth over the forecast period
- In terms of application, bathrooms are estimated to have the largest share in the market. Demand for faucets for bathroom applications is driven by the growing hospitality industry along with the rising real estate sector on a global level. The growing leisure and hospitality sector is the primary factor to fuel the demand for bathroom accessories worldwide
- In terms of distribution channel, the offline segment is estimated to have the largest share in the market. Brick and mortar are the most preferred distribution channel due to their provision of detailed instructions about installation by the product specialists
- North America held the largest revenue share in 2020. The market growth is mainly attributed to the increased spending on residential renovations and repairs by people across North America
Read 80 page market research report, “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, 2021 – 2028“, by Grand View Research
Additionally, the increasing prominence of multi-functionality features on plumbing fixtures, with due importance given to aesthetic appeal is boosting demand for a variety of faucets in the market. Increasing spending on home improvement projects or home remodeling is also boosting the product demand. The need for water conservation measures is also resulting in the greater penetration of new and efficient faucets across applications.
The worldwide impacts of COVID-19 have already been felt and have significantly affected the market. The coronavirus pandemic has brought implications on many aspects, like travel bans, flight cancellations, the closing of restaurants and hotels, restriction on indoor events, significant slowing of the supply chain.
In terms of value, the commercial segment dominated the market and accounted for the largest revenue share globally. By 2028, this segment is expected to account for the highest market share and is also expected to witness the fastest growth over the forecast period. Significant expansion in the commercial sector, including hotels, restaurants, hospitals, public washrooms and toilets, malls and shopping complexes, airports, railway stations, and others is expected to drive the market demand in the near future.
North America was estimated to be the largest shareholder in 2020 and is estimated to be the same over the forecast period. The market growth 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.
Leave a Comment