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, 2023 - 2030

Report Overview

The global faucet market size was estimated at USD 20.4 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.6% from 2023 to 2030. The increasing prominence of multi-functionality faucets and the focus on aesthetic appeal is enhancing the demand for faucets in the market. The increase in investment in the industrial sector and urbanization is expected to make way for market growth. The increase in the disposable income of consumers is one of the primary factors that drive the growth of the global market. A rise in the trend of remodeling and thereby the use of trendy and smart bathroom accessories is anticipated to increase the demand in the market. According to iProperty Management, in 2019, most homeowners spent USD 5.000-10,000 upgrading their homes.

Bathroom accessories are essential smart products that are gaining increasing focus among consumers as well as manufacturers. With the introduction of modern innovative technologies, manufacturers are providing a wide range of digital and electronic faucets for the domestic and commercial sectors. For instance, in January 2022, Daniel Rubinetterie, a creative manufacturer in Europe, launched ‘Reflex’ a new faucet collection for kitchen and bathroom applications.

Additionally, various product innovations, such as the development of touch-free, digital, and hybrid smart faucets that are equipped with efficiency sensors and temperature gauges, are acting as other growth-inducing factors. For instance, GROHE Plus digital faucet comes with a LED temperature display. It redefines the notion of versatility.

The ongoing demand for creating a modern and luxurious home is also paving the way for renovated kitchen settings, hence, fueling the demand for kitchen products. For instance, the Franke 3-in-1 faucet offered by Franke Kitchen Systems is designed to provide hot, cold, and distilled water to ensure the usage of pure and appropriate temperatures for various kitchen purposes.

End-user Insights

The commercial segment led the market and accounted for a revenue share of 50.8% in 2022. The expansion of the hospitality sector, including hotels, resorts, and hospitals, over the last decade, has propelled the demand for faucets in these segments. Europe is one of the largest markets for the hospitality sector, followed by the U.S. Major hotel chains are expanding their operations at a significant rate. For instance, according to the Global Construction Pipeline Trend Report published by Lodging Econometrics (LE), in Q4 2022, there were 14,267 projects in the pipeline throughout the world, totaling 2,298,846 rooms, a rise of 4% year over year (YOY). These trends are anticipated to boost the demand for various faucets over the forecast period.

The residential segment is anticipated to expand at the fastest CAGR of 7.2% from 2023 to 2030. Increasing construction activities in the residential sector across developing economies such as China, India, and Indonesia are opening new growth avenues for the market. According to the World Economic Forum, approximately 200,000 people migrate to urban areas daily for affordable housing and infrastructure. In addition, according to International Organization for Migration (IOM), over 281 million people from other countries migrated internationally in 2020, making up 3.6% of the world's population. This scenario is anticipated to boost the construction of new homes and residential spaces globally, thereby offering immense scope for the faucet market over the forecast period.

Application Insights

The bathroom application led the market and accounted for a 44.6% share of the global revenue in 2022. The demand for faucets for bathroom applications is driven by the growing hospitality industry along with the rising real estate sector at the global level. The growing leisure and hospitality sector is the primary factor to fuel the demand for bathroom accessories globally.

The kitchen application segment of the faucet industry is anticipated to expand at the fastest CAGR of 8.1% from 2023 to 2030. Increasing spending on home remodeling is driving the demand for advanced kitchen faucets. The growth is attributed to the rising demand for elegant, multifunctional, and sophisticated kitchen faucets. The growing trend of touch-free faucets is supporting the demand for kitchen faucets among customers.

Distribution Channel Insights

The online distribution channel is anticipated to grow at a CAGR of 9.2% over the forecast period. Eventually, aggressive promotional activities by the manufacturers and the proliferation of online retail channels provide users with a wide variety of products to choose from, hence contributing to market growth. Moreover, many retailers are focusing on revamping their product portfolio in the stores owing to the popularity of eco-friendly and sustainable products.

The offline segment dominated the market and accounted for a revenue share of 82.3% in 2022. Corporate firms, government organizations, and large builders prefer direct association with faucet manufacturers. For this purpose, annual contracts and tenders are released for a continuous supply of faucets. As these B2B sales require proper interaction for a better understanding of minute details, offline sales in commercial applications have been dominating the market.

Regional Insights

North America dominated the market and accounted for a revenue share of 26.6% in 2022. The growth is mainly attributed to the increased spending on residential renovations and repairs by people across North America. As per the housing layout patterns in America, almost all the bedrooms have an attached washroom. According to the U.S. Census Bureau, in 2021, out of 371,000 multi-family units, 160,000 had only one bedroom, and 35,000 had three or more bedrooms. The higher the number of bedrooms, the greater the number of bathrooms, leading to increased demand for faucets in the region.

Asia Pacific is expected to witness a CAGR of 8.7% over the forecast period. Asia Pacific is expected to gain substantial growth during the forecast years because of the wide range of products offered by various regional and international market players such as motion faucets, smart faucets, and water-efficient faucets. According to data released by the United Nations Environment Programme (UNEP) in 2021, construction in the Asia Pacific is booming, and by 2040, the region will be home to nearly half of all new construction in the world.

Key Companies & Market Share Insights

The market includes both international and domestic participants. Key market players focus on strategies such as innovation and new product launches in retail, to enhance their portfolio offering in the market.

• In March 2022, Blanco, the kitchen offline solutions brand backed by industry-leading German engineering, introduced new productive accessories and faucet finishes. They have also expanded their metal faucet finish with bold black and luxurious satin gold.

• In January 2022, Moen unveiled its smart faucet. The new feature has a completely hands-free operation, using gestures to control the temperature as well as flow.

• In August 2021, Astral Limited entered the new business vertical of faucets and sanitary ware. The company has 14 manufacturing units spread across India.

• In December 2021, Delta Faucet expanded its kitchen product by launching three workstation sinks to utilize the space and offer maximum personalization

Some prominent players in the global faucet market include:

• Kohler Co.

• Kraus, USA

• American Standard Brands

• Grohe America Inc.

• Pfister

• Delta Faucet Company

• Moen Incorporated

• Aqua Source Faucet

• Danze Inc.

• Masko Corporation

Faucet Market Report Scope

Global Faucet Market Report Segmentation

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the faucet market report based on end-user, application, distribution channel, and region:

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Bathroom

  • Kitchen

  • Others

• End-user Outlook (Revenue, USD Million, 2017 - 2030)

  • Residential

  • Commercial

• Distribution Channel Outlook (Revenue, USD Million, 2017 - 2030)

  • Online

  • Offline

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • UK

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa

    • Saudi Arabia