Faucet Market Share, Size, Trends

According to the latest report by IMARC Group, titled “Faucet Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global faucet market size reached US$ 26.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 42.7 Billion by 2028, exhibiting a growth rate (CAGR) of 7.85% during 2023-2028.

Faucet Industry Definition and Application:

Faucets are plumbing fixtures that are used for controlling the flow of fluids. They are commonly installed in kitchens, washrooms and other areas that require a steady supply of water at regular intervals. These devices consist of a spout, handle, cartridge, mixing chamber, aerator and an inlet source. Widely available in a vast array of colors, styles, metals and finishes, they can be customized as per the requirements of the end users. These fixtures are usually manufactured using steel, brass, die-cast zinc and chrome-plated plastic that can be available in the pull-down, pull-out, hands-free, bar, pot and side spray variants.

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Faucet Market Trends and Drivers:

The global market is majorly driven by the rapid expansion of the residential sector. With rapid urbanization and the inflating disposable income levels of the masses, there has been a considerable rise in the demand for good-quality and aesthetically appealing faucets across the globe. This is also supported by the increasing demand for renovating and refurbishing activities in the residential and commercial segments. Moreover, the shifting lifestyle preferences of the masses have also led to considerable growth in the hospitality sector. This is contributing to the widespread requirement for luxurious and ergonomically-designed bathrooms, which is acting as a major growth-inducing factor.

The market is further driven by the introduction of touch-free, digital, and hybrid smart faucets in the market that are integrated with sensors and temperature gauges to enhance the experience of the users. Some of the other factors contributing to the market growth include easy product availability through online retail channels and aggressive promotional activities by numerous vendors.

Faucet Market Segmentation:

The report has segmented the market on the basis on type, application, technology, materials, distribution channel and end user.

Breakup by Type:

Breakup by Application:

Breakup by Technology:

Breakup by Materials:

Breakup by Distribution Channel:

Breakup by End User:

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Breakup by Region:

Competitive Landscape:

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