Faucet Market Regional Analysis:
North American Market Insights
North America in faucet market is anticipated to dominate over 33% revenue share by 2035. 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 Insights
Asia Pacific faucet market size is projected to generate the highest market revenue by the end of 2035. 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.
