SAN FRANCISCO, December 9, 2021 / PRNewswire / – The World tap market the size should reach $ 31.1 billion in 2020, according to a new report from Grand View Research, Inc. The market is expected increase at a CAGR of 6.8% from 2021 to 2028. The rapid growth of the bathroom accessories industry presents lucrative opportunities for faucets due to the increasing demand for modernized bathrooms and kitchens.
Main lessons and conclusions of the report:
- In terms of value, the commercial segment dominated the market and accounted for the largest share of revenue globally. Segment is expected to experience fastest growth during the forecast period
- In terms of application, bathrooms are estimated to have the largest share of the market. The demand for faucets for bathroom applications is driven by the growing hospitality industry as well as the booming real estate sector globally. The growing leisure and hospitality sector is the main factor fueling the demand for bathroom accessories around the world
- In terms of distribution channel, the offline segment is estimated to have the largest share of the market. Brick and Mortar is the preferred distribution channel due to the provision of detailed installation instructions by product specialists
- North America held the largest share of revenue in 2020. The growth of the market is mainly attributed to the increase in spending on home renovations and repairs by people through North America
Read the 80-page market research report, “Analysis report of faucet market size, share and trend by end user (residential, commercial), by application (bathroom, kitchen), by distribution channel (online, offline), by region and segment forecast, 2021-2028“, by Grand View Research
In addition, the growing importance of multifunctional functions on plumbing fixtures, the emphasis on aesthetics is increasing the demand for a variety of faucets in the market. The increase in spending on home improvement or home improvement projects is also driving demand for products. The need for water conservation measures also translates into greater penetration of new efficient valves in all applications.
The global impacts of COVID-19 have already been felt and have significantly affected the market. The coronavirus pandemic has had implications on many aspects, such as travel bans, flight cancellations, restaurant and hotel closures, restriction of indoor events, significant supply chain slowdown.
In terms of value, the commercial segment dominated the market and accounted for the largest share of revenue globally. By 2028, this segment is expected to represent the highest market share and is also expected to experience the fastest growth during the forecast period. Significant expansion of the commercial sector, including hotels, restaurants, hospitals, public toilets, shopping malls and shopping complexes, airports, railway stations and others, is expected to drive 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 growth of the market is mainly due to the increase in spending on home renovations and repairs by people across North America. An increase in commercial building construction has fueled the market for smart and multi-functional faucets. Residential bathroom remodeling is also fueling demand for smart faucets in the region.
The market is characterized by the presence of several well established players such as Kohler Co.; Pfister; Delta Faucet Company; Moen incorporated; and American standard brands. These players represent a significant market share and have a strong presence across the country. In addition, the market includes small and medium-sized players, who offer a selected range of faucets and mainly serve local customers.
Grand View Research has segmented the global faucet market on the basis of end user, application, distribution channel, and region:
- Tap End User Outlook (Revenue, USD Million, 2016 – 2028)
- Valve Applications Outlook (Revenue, USD Million, 2016 – 2028)
- Faucet Distribution Channel Outlook (Revenue, USD Million, 2016 – 2028)
- Faucet Regional Outlook (Revenue, USD Million, 2016 – 2028)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa (AEM)
List of key players in the faucet market
- Kohler Co.
- Kraus, United States
- American standard brands
- GROHE America Inc.
- Delta Faucet Company
- Moen Incorporated
- Aqua Source faucet
Check out other studies on plumbing fixtures published by Grand View Research:
- Thermostatic Valves Market – The global thermostatic valve market size is expected to reach $ 11.59 billion by 2028. It is expected to grow at a CAGR of 5.29% from 2021 to 2028.
- Smart Faucets Market – The global smart faucet market size is expected to reach $ 667.3 million by 2025. The increase in spending on smart home technology due to the rising standard of living and luxury among the middle class household population is expected to be a key factor in the growth of the market .
- Plumbing Fixture Market – The global plumbing fixtures market size is expected to reach $ 121.9 billion by 2025. The growing use of modern bathrooms and kitchens globally is expected to drive demand for plumbing fixtures.
Browse Grand View Research’s coverage on Global home care and decoration industry.
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About Grand View Research
Grand View Research, a United States-based market research and consulting company, provides syndicated and personalized research reports and consulting services. Checked in California and headquartered at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports provide in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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