Faucet Market Size, Share & Trends Analysis Report By Product, By Technology, By End-user, By Application, By Material, By Finish, By Distribution Channel, By Region, And Segment Forecasts, 2024 - 2030

Faucet Market Size & Trends

The global faucet market size was estimated at USD 21.78 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.9% from 2024 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 automatic 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.

Market Concentration & Characteristics

The growth of the faucet market can be attributed to increasing consumer spending on faucets owing to the growing preference for high-quality home decor and for making a style statement. This trend is fueled by the increasing preference for high-quality home decor and the desire to make a style statement. Additionally, the dynamic nature of consumer preferences and needs is compelling manufacturers to innovate, enhance, and diversify their product offerings to cater to the evolving demands of consumers worldwide.

Companies focus on strategic acquisitions to expand their presence overseas and reinforce their position in the market. Over the next few years, internationally reputed companies are likely to acquire small-and medium-sized companies operating in the industry in a bid to facilitate regional expansion.

End-user Insights

The commercial faucet segment led the market and accounted for a revenue share of 52.53% in 2023. 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 7.6% 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. This in turn, has led to rise in faucet installations for households both for bathrooms and kitchens. 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..

Distribution Channel Insights

The online distribution channel is anticipated to grow at a CAGR of 9.5% from 2024 to 2030. 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 83.09% in 2023. 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

The North America faucet market accounted for 26.6% of the global revenues 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 the U.S., 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.

U.S. faucet market

The faucet market in the U.S. is projected to grow at a CAGR of 6.6% during the forecast period. The increased expenditure on repairs and renovations by consumers in the U.S. is anticipated to drive the demand for faucets in the country.

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.

India faucet market

The faucet market in India is expected to grow at a CAGR of 9.0% during the forecast period, as a result of factors such as rise in disposable income, increasing urbanization, changes in consumer preferences, and the surge in luxury real estate demand.

Key Faucet Company Insights

The global faucet market is characterized by the presence of a few well-established players such as Kohler Co., Kraus, USA, American Standard Brands, Grohe America Inc., Pfister, Delta Faucet Company, Moen Incorporated, Aqua Source Faucet, Danze Inc., and Masko Corporation. The market players face intense competition from each other as some of them are among the top apparel manufacturers with diverse product portfolios for Faucet . These companies have a large customer base due to the presence of established and vast distribution networks to reach out to both, regional and international consumers.

Recent Developments

• 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.

Faucet Market Report Scope

Global Faucet Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2018 to 2030. For the purpose of this study, Grand View Research has segmented the global faucet market report on the basis of product, technology, application, material, finish, end user, distribution channel, and region.

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Ball

  • Disc

  • Cartridge

  • Compression

• Technology Outlook (Revenue, USD Million, 2018 - 2030)

  • Manual

  • Automatic

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Bathroom

  • Kitchen

  • Others

• End User Outlook (Revenue, USD Million, 2018 - 2030)

  • Residential

  • Commercial

• Material Outlook (Revenue, USD Million, 2018 - 2030)

  • Stainless Steel

  • Copper

  • Brass & Bronze

  • Zinc & Zinc Alloys

  • Plastic

  • Others

• Finish Outlook (Revenue, USD Million, 2018 - 2030)

  • Nickel

  • Chrome

  • Stainless Steel

  • Matte Black

  • Others

• Distribution Channel Outlook (Revenue, USD Million, 2018 - 2030)

  • Online

  • Offline

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • Spain

    • Italy

    • France

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia & New Zealand

    • South Korea

  • Central & South America

    • Brazil

    • Argentina

  • Middle East & Africa

    • Saudi Arabia

    • South Africa