Residential Digital Faucets Market to grow by USD 2,198.09 million from 2022 to 2027

NEW YORK, July 10, 2023 /PRNewswire/ -- The residential digital faucets market size is set to grow by USD 2,198.09 million from 2022 to 2027 and register a CAGR of 6.73%, according to Technavio's latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Technavio offers an up-to-date analysis of the current global market scenario and the overall market environment. View Sample Report

The report also covers the following areas:

Residential Digital Faucets Market size

Residential Digital Faucets Market Trends

Residential Digital Faucets Market industry analysis

Residential Digital Faucets Market 2023-2027: Segmentation

Type

Distribution Channel

Geography

The offline segment will contribute to the largest share of this segment. For digital faucets, speciality stores can be highly effective offline sales channels. Speciality stores draw the attention of customers who are particularly looking for products related to their niche. These stores can capture attract customers who are interested in upgrading their bathroom or kitchen with new and advanced fixtures, by emphasising digital faucets. Speciality stores tend to deliver a broad range of digital faucets, including various brands, styles, and price points. However, this variety enables customers to compare options and find the faucet that best matches their priorities and budget. Moreover, physical stores deliver an option for customers to experience and interact with digital faucets firsthand. Speciality stores can have working models or displays that showcase the features and functionalities of these faucets and such factors will boost segment growth during the forecast period.

Residential Digital Faucets Market 2023-2027: Vendor Analysis and Scope

Some of the major vendors of the residential digital faucets market include Acquaviva India Pvt. Ltd., BRIZO KITCHEN and BATH CO, CERA Sanitaryware Ltd., Danube Group, Elkay Manufacturing Co., Euronics Industries Pvt. Ltd., Jaquar Group, Kajaria Ceramics Ltd., Kohler Co., Kraus USA Inc., LIXIL Corp., Masco Corp., Moen Inc., Oras Ltd., Prism Johnson Ltd., RN Valves and Faucets, Roca Sanitario SA, Stanley Black and Decker Inc., Taiwan Kingbird Enterprises Inc., and Toto Ltd. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ vendors operating in the market. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the residential digital faucets market are designed to provide entry support, customer profile & M&As as well as go-to-market strategy support.

Vendor Offerings

Aqua Viva India Pvt. Ltd. - The company offers residential digital faucets such as deck-mounted and wall mounted.

Danube Group - The company offers residential digital faucets under the brand Milano.

Elkay Manufacturing Co. - The company offers residential digital faucets such as Chrome, deck mount, wall mount.

What's New?

Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession

Global competitiveness and key competitor positions

Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - buy the report!

Residential Digital Faucets Market – Market DynamicsKey factor driving market growth

The increasing consumer expenditure on bathroom and kitchen remodeling is notably driving market growth. Generally, residential digital faucets are used in bathroom and kitchen applications, such as sinks, washbasins, bidets, and sanitary wares. Customers are expanding their expenses more on modern bathroom applications, like digital faucets. Home digital faucets make up a substantial part of this expenditure. Moreover, in the United States, customers are motivated to pay more for these products owing to recent technological developments like flow monitoring, temperature control, and better designs of homes' Digital Faucets. There has been an increase in the amount of money spent on luxury bathrooms in developing economies like India since 2014. Consumer spending on luxury bathroom services in India was increasing at a more rapid rate than that for smaller and midsized bathrooms in 2012. Customer expenditure on luxury bathroom products in India is predicted to grow at a substantial rate. The increasing consumer expenditure overall on bathroom and kitchen remodeling globally will be a significant factor in driving the growth of the global residential faucets market during the forecast period.

Major Trend

The strong distribution network between manufacturers and retailers is an emerging trend shaping the residential digital faucets market. The increase of focus to improve their distribution network with retailers and online channel partners is being put by the vendors in the worldwide digital home faucets market as they strive to better establish themselves globally. In India, CERA is one of the primary residential digital faucet manufacturers. However, brand presence in retail outlets is necessary for significant vendors in developing countries such as China and India, where unorganized players still play a dominant role in the market. Moreover, the vendors emphasize on supporting their presence on e-commerce platforms through partnerships with online vendors, such as Amazon, Alibaba, and The Home Depot. It motivated established retailers to take on e-commerce because of the challenge posed by unorganized players in these portals. Therefore, major vendors in the global residential digital faucets market will adopt further strategies to support their distribution network with both online and offline partners during the forecast period.

Significant Challenge

The high cost of residential digital faucets is a major challenge hindering market growth. In the global market, the major factor affecting their adoption is the high cost of installing these Digital Household Faucets. In general, brass is the main material used to make faucets. Electronic components, e.g., sensors, are also part of the Digital Faucets at home. Thus, the manufacturing cost of these digital faucets is high, and it became one of the main reasons underlying the lower adoption of these products in emerging markets. However, the constant growth in raw material prices will add to the overall manufacturing cost of residential digital faucets. Prices are set to rise as a result of increased demand from different end-user industries for brass and copper. The growth in raw material prices will have a significant impact on the manufacturing cost of residential digital faucets. Therefore, the prices of residential digital faucets may rise, which may impede their adoption during the forecast period.

Residential Digital Faucets Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027

Detailed information on factors that will assist residential digital faucets market growth during the next five years

Estimation of the residential digital faucets market size and its contribution to the parent market

Predictions on upcoming trends and changes in consumer behaviour

The growth of the residential digital faucets market

Analysis of the market's competitive landscape and detailed information on vendors

Comprehensive details of factors that will challenge the growth of residential digital faucets market vendors

Gain instant access to 17,000+ market research reports.

Technavio's SUBSCRIPTION platform

Related Reports:

The bathroom sinks market is estimated to grow at a CAGR of 4.3% and the size of the market is forecast to increase by USD 2,143.25 million between 2022 and 2027. This report extensively covers market segmentation by application (residential and non-residential), distribution channel (offline and online), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The global bathroom sink market is driven by the increase in building refurbishment activities.

The residential faucets market is projected to grow by USD 5.84 billion with a CAGR of 9.1% during the forecast period 2021 to 2026. This report extensively covers the residential faucets market segmentation by application (bathroom faucets and kitchen faucets) and geography (North America, APAC, Europe, the Middle East and Africa, and South America). Product premiumization through product innovation and wide product assortment is one of the key drivers fueling the residential faucets market growth.

Residential Digital Faucets Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 6.73%

Market growth 2023-2027

USD 2,198.09 million

Market structure

Fragmented

YoY growth 2022-2023(%)

6.11

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

APAC at 29%

Key countries

US, Canada, China, Japan, and UK

Competitive landscape

Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks

Key companies profiled

Acquaviva India Pvt. Ltd., BRIZO KITCHEN and BATH CO, CERA Sanitaryware Ltd., Danube Group, Elkay Manufacturing Co., Euronics Industries Pvt. Ltd., Jaquar Group, Kajaria Ceramics Ltd., Kohler Co., Kraus USA Inc., LIXIL Corp., Masco Corp., Moen Inc., Oras Ltd., Prism Johnson Ltd., RN Valves and Faucets, Roca Sanitario SA, Stanley Black and Decker Inc., Taiwan Kingbird Enterprises Inc., and Toto Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global residential digital faucets market 2017 - 2021

4.2 Type Segment Analysis 2017 - 2021

4.3 Distribution Channel Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Type

6.1 Market segments

6.2 Comparison by Type

6.3 Automated - Market size and forecast 2022-2027

6.4 Manual - Market size and forecast 2022-2027

6.5 Market opportunity by Type

7 Market Segmentation by Distribution Channel

7.1 Market segments

7.2 Comparison by Distribution Channel

7.3 Offline - Market size and forecast 2022-2027

7.4 Online - Market size and forecast 2022-2027

7.5 Market opportunity by Distribution Channel

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 North America - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 APAC - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 US - Market size and forecast 2022-2027

9.9 China - Market size and forecast 2022-2027

9.10 UK - Market size and forecast 2022-2027

9.11 Japan - Market size and forecast 2022-2027

9.12 Canada - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 Acquaviva India Pvt. Ltd.

12.4 CERA Sanitaryware Ltd.

12.5 Danube Group

12.6 Elkay Manufacturing Co.

12.7 Jaquar Group

12.8 Kajaria Ceramics Ltd.

12.9 Kohler Co.

12.10 Kraus USA Inc.

12.11 LIXIL Corp.

12.12 Masco Corp.

12.13 Moen Inc.

12.14 Oras Ltd.

12.15 Roca Sanitario SA

12.16 Stanley Black and Decker Inc.

12.17 Toto Ltd.

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/residential-digital-faucets-market-to-grow-by-usd-2-198-09-million-from-2022-to-2027increasing-consumer-expenditure-on-bathroom-and-kitchen-remodelling-drives-the-market---technavio-301872022.html

SOURCE Technavio