Faucet Market size was over USD 23 Billion in 2023 and is projected to reach USD 70 Billion by the end of 2036, growing at around 7.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of faucet is assessed at USD 26 Billion.
The faucet market is expected to see a surge in demand due to the growing trend of renovating and the ensuing use of fashionable and intelligent bathroom accessories. The Joint Center for Housing Centers of Harvard University reports that expenditure on home repair projects climbed from USD 328 billion in 2019 to USD 472 billion in 2022, with an anticipated USD 485 billion in spending in 2024.
Challenges
Base Year |
2023 |
Forecast Year |
2024-2036 |
CAGR |
7.9% |
Base Year Market Size |
USD 23 billion |
Forecast Year Market Size |
USD 70 billion |
Regional Scope |
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End User (Residential, Commercial)
Commercial segment is predicted to dominate over 59% faucet market share by 2036. Over the past decade, demand for faucets in these areas has increased as a result of an increasing hospitality sector that includes hotels, resorts, and hospitals.
The hospitality sector is one of the most important faucet market in Europe, with major US hotel chains increasing their presence significantly. For instance, in Q4 2022, there were 14,267 undertakings ready to go all through the world, adding up to 2,298,846 rooms, an ascent of 4% year over year recorded as per the Global Construction Pipeline Trend report.
Technology (Manual, Automatic)
By the end of 2036, manual segment is likely to capture around 60% faucet market share. The market is expanding as a result of an increase in newly built residential units, commercial space development, home renovations, and faucet replacements.
According to research that examines the worldwide housing market, 62.0 million new homes will be built by 2028 across the globe, representing an annual growth rate of 2.1%.
Application (Bathroom, Kitchen)
In faucet market, application segment is poised to capture over 55% revenue share by 2036. The rising worldwide real estate commercial sector and the burgeoning hotel industry are the main drivers of the increased demand for faucets in bathroom applications.
Globally, the expanding tourism and hospitality sectors are the primary drivers of demand for bathroom accessories. According to the survey, 71% of respondents think homeowners will be more willing to spend on bathroom renovations in 2023 than they were in previous years.
Our in-depth analysis of the global market includes the following segments:
Product |
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Type |
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Technology |
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Application |
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End User |
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Material |
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Finish Outlook |
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Distribution Channel |
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North American Market Forecasts
North America in faucet market is anticipated to dominate over 33% revenue share by 2036. The increase is mainly due to the increased spending by people in North America on residential renovation and repair.
In 2020, the US spent USD 363 billion on home improvement, renovations, and repair work while in the next year, it was USD 406 billion. The higher the number of rooms, the more bathrooms there are which leads to an increase in demand for taps that require the use of faucets.
Almost all the bedrooms have an attached bathroom, according to the housing patterns in the United States. In 2021, according to the U.S. Census Bureau, 160,000 of the 371,000 multifamily dwellings had only one bedroom, and 35,000 had three or more bedrooms.
The growth of the faucet industry in the Canadian region is driven by the increasing innovation in bathroom sanitary appliances and demand for the renovation of houses into advanced and modern designs.
APAC Market Statistics
Asia Pacific faucet market size is poised to exceed USD 15 Billion by 2036. Due to a large range of products on the regional and global market, e.g. motion faucets, smart faucets, or water-efficient ones, Asia Pacific is expected to grow significantly in the region. The construction sector in the region is growing rapidly, with almost half of all new buildings worldwide assessed to be built there by 2040 according to data from UNEP published in 2021.
Growth in India can be attributed to a range of factors, including the rise in household incomes, an increase in urbanization, changes in consumer preferences, and increased demand for luxury housing.
Rising urbanization in China is expected to drive the growth in the faucet market
The commitment of the industry to sustainability in Japan is why these faucets are used in construction projects.
The faucet market is evaluated to grow rapidly and the top 10 companies listed down are assessed to offer lucrative growth opportunities for the market in the future. Since some of them are among the leading textile manufacturers with a wide range of product portfolios for Faucet, market players have been facing strong competition from one another. To be able to reach both local and international consumers, these companies have a strong customer base due to the presence of an extensive distribution network.
Author Credits: Parul Atri
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