Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Faucet Market size was valued at USD 23.86 billion in 2024 and is expected to reach USD 63.35 billion by 2037, expanding at around 7.8% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of faucet is assessed at USD 25.35 billion.
The faucet market is expected to see a surge in demand due to the growing trend of renovating and the ensuing use of fashionable and intelligent bathroom accessories. The Joint Center for Housing Centers of Harvard University reports that expenditure on home repair projects climbed from USD 328 billion in 2019 to USD 472 billion in 2022, with an anticipated USD 485 billion in spending in 2024.
Faucet Sector: Growth Drivers and Challenges
- Escalating advancement - Other reasons driving faucet industry growth include a variety of product advancements, such as the creation of digital, hybrid, and touch-free smart faucets with temperature gauges and efficiency sensors built in. An LED temperature display, for example, is included with the GROHE Plus smart faucet, as it reinterprets what variety means.
- Government aiding the population to build their home in a few regions - Various schemes have been put in place by governments of different countries around the world to ensure that there are concrete homes for people with a middle class or lower income.
For example, to overcome the current shortage of about 6 million housing units, India's Government is planning to build around 11 billion houses and developments. Moreover, by 2022, the Government intends to provide housing for all India's citizens. In the range of 5 to 6 million units, the need for housing is almost equally distributed in urban and rural areas, with the majority of these dwellings being affordable.
In addition, the Smart Cities Mission announced by the Indian Government calls for a spending of USD 7.75 billion over the next five years to build 100 such smart cities in India. As a result, with the advent of new residential and commercial buildings, demand for faucets and other products is expected to increase substantially. - Demand for modern bathroom accessories - The increasing popularity of modular bathrooms has led to increased customer demand for modern, ceramic sanitary ware, and high-quality built-in bathroom appliances.
The is therefore expected to grow over the forecast period, driven by an increase in faucet usage in modern bathrooms. Out of the 970,000 single-family houses finished in 2021, 27,000 had one and a half baths or less, and 320,000 had three or more bathrooms, according to the U.S. Census Bureau.
Challenges
- Price sensitivity issues - Especially in developing economies price is a major factor for many faucet buyers. This can put pressure on manufacturers to keep costs down which might impact quality or innovation.
- Shifting consumer preferences is a notable factor hindering market growth in the upcoming period.
- Competition from alternatives is another factor hampering the faucet market growth.
Faucet Segmentation
End User (Residential, Commercial)
Commercial segment is predicted to dominate over 59% faucet market share by 2037. Over the past decade, demand for faucets in these areas has increased as a result of an increasing hospitality sector that includes hotels, resorts, and hospitals.
The hospitality sector is one of the most important faucet market in Europe, with major US hotel chains increasing their presence significantly. For instance, in Q4 2022, there were 14,267 undertakings ready to go all through the world, adding up to 2,298,846 rooms, an ascent of 4% year over year recorded as per the Global Construction Pipeline Trend report.
Technology (Manual, Automatic)
By the end of 2037, manual segment is likely to capture around 60% faucet market share. The market is expanding as a result of an increase in newly built residential units, commercial space development, home renovations, and faucet replacements.
According to research that examines the worldwide housing market, 62.0 million new homes will be built by 2028 across the globe, representing an annual growth rate of 2.1%.
Application (Bathroom, Kitchen)
In faucet market, application segment is poised to capture over 55% revenue share by 2037. The rising worldwide real estate commercial sector and the burgeoning hotel industry are the main drivers of the increased demand for faucets in bathroom applications.
Globally, the expanding tourism and hospitality sectors are the primary drivers of demand for bathroom accessories. According to the survey, 71% of respondents think homeowners will be more willing to spend on bathroom renovations in 2023 than they were in previous years.
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Customize this ReportFaucet Industry - Regional Synopsis
North American Market Forecasts
North America in faucet market is anticipated to dominate over 33% revenue share by 2037. The increase is mainly due to the increased spending by people in North America on residential renovation and repair.
In 2020, the US spent USD 363 billion on home improvement, renovations, and repair work while in the next year, it was USD 406 billion. The higher the number of rooms, the more bathrooms there are which leads to an increase in demand for taps that require the use of faucets.
Almost all the bedrooms have an attached bathroom, according to the housing patterns in the United States. In 2021, according to the U.S. Census Bureau, 160,000 of the 371,000 multifamily dwellings had only one bedroom, and 35,000 had three or more bedrooms.
The growth of the faucet industry in the Canadian region is driven by the increasing innovation in bathroom sanitary appliances and demand for the renovation of houses into advanced and modern designs.
APAC Market Statistics
Asia Pacific faucet market size is projected to generate the highest market revenue by the end of 2037. Due to a large range of products on the regional and global market, e.g. motion faucets, smart faucets, or water-efficient ones, Asia Pacific is expected to grow significantly in the region. The construction sector in the region is growing rapidly, with almost half of all new buildings worldwide assessed to be built there by 2040 according to data from UNEP published in 2021.
Growth in India can be attributed to a range of factors, including the rise in household incomes, an increase in urbanization, changes in consumer preferences, and increased demand for luxury housing.
Rising urbanization in China is expected to drive the growth in the faucet market
The commitment of the industry to sustainability in Japan is why these faucets are used in construction projects.
Companies Dominating the Faucet Landscape
- Kohler Co.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Kraus, USA Plumbing LLC
- American Standard Brands
- Grohe America Inc.
- Pfister
- Delta Faucet Company
- Moen Incorporated
- Aqua Source Inc.
- Danze Inc.
- BLANCO America, Inc.
- TOTO Ltd
- Fortune Brand Home & Security Inc
The faucet market is evaluated to grow rapidly and the top 10 companies listed down are assessed to offer lucrative growth opportunities for the market in the future. Since some of them are among the leading textile manufacturers with a wide range of product portfolios for Faucet, market players have been facing strong competition from one another. To be able to reach both local and international consumers, these companies have a strong customer base due to the presence of an extensive distribution network.
In the News
- Blanco launched new productive accessories and faucet finishes, the kitchen offline solutions brand supported by industrial excellence in Germany. Bold black and luxurious satin gold have also been added to the finish of their metal sinks.
- Moen's Smart Faucets have been put on display. Using gestures to control temperature and flow, the new feature has a completely hands-free operation.
Author Credits: Parul Atri
- Report ID: 6049
- Published Date: Nov 08, 2024
- Report Format: PDF, PPT
