“Global Faucet Market to reach a market value of USD 60.3 Billion by 2031 growing at a CAGR of 7.3%”
The Global Faucet Market size is expected to reach $60.3 billion by 2031, rising at a market growth of 7.3% CAGR during the forecast period. In the year 2023, the market attained a volume of 551.74 million units, experiencing a growth of 23.9% (2020-2023).
According to the World Bank, urban population growth in Asia is projected to continue, with an estimated 1.2 billion people expected to move to urban areas by 2050. This urban expansion fuels the demand for new residential and commercial buildings, consequently boosting the faucet market. Thus, the Asia Pacific region acquired 36% revenue share in the market 2023. In terms of volume, the Asia Pacific region is expected to utilize 419.34 million units of Faucet by 2031.
Particularly in emerging economies, the market is substantially stimulated by the rapid rate of urbanization and infrastructure development. This urban growth significantly impacts the demand for various building components, including plumbing fixtures like faucets.
Additionally, the willingness to invest in quality products extends beyond mere functionality, as homeowners seek to create comfortable and visually appealing environments. Therefore, the rise in disposable income is a key driver of the market.
However, the prices of raw materials used in faucet manufacturing, such as brass, copper, and stainless steel, are subject to considerable fluctuations. Various factors, including market dynamics, supply chain disruptions, and geopolitical influences, drive these price changes. Thus, the aforementioned factors may impede the growth of the market.
On the basis of product type, the market is classified into electronic and manual. The manual segment acquired 60% revenue share in the market in 2023. In terms of volume 796.02 million units of manual faucets are expected to be utilized by 2031. Manual faucets are generally more affordable than their electric counterparts, making them accessible to a broader range of consumers, especially in price-sensitive markets.
By application, the market is divided into bathroom, kitchen, and others. The kitchen segment garnered 32% revenue share in the market in 2023. In terms of volume 357.57 million units of kitchen faucet are expected to be utilized by 2031. Kitchen faucets are central to daily cooking, cleaning, and food preparation, making them indispensable fixtures in any home.
Based on end user, the market is bifurcated into residential and commercial. The residential segment garnered 52.9% revenue share in the market in 2023. In terms of volume 534.65 million units of faucet are expected to be utilized for residential uses by 2031. Homeowners are investing more in upgrading their living spaces, including kitchens and bathrooms, with modern, aesthetically pleasing, and technologically advanced faucets.
Free Valuable Insights: Global Faucet Market size to reach USD 60.3 Billion by 2031
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America segment acquired 30 % revenue share in the market in 2023. In terms of volume, the North America region is expected to utilize 295.80 million units of faucets by 2031. This can be attributed to the region's strong emphasis on home improvement and renovation activities, coupled with a high standard of living.
| Report Attribute | Details |
|---|---|
| Market size value in 2023 | USD 34.7 Billion |
| Market size forecast in 2031 | USD 60.3 Billion |
| Base Year | 2023 |
| Historical Period | 2020 to 2022 |
| Forecast Period | 2024 to 2031 |
| Revenue Growth Rate | CAGR of 7.3% from 2024 to 2031 |
| Quantitative Data | Volume in Million units, Revenue in USD Billion, and CAGR from 2024 to 2031 | Number of Pages | 276 |
| Tables | 650 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Product Type, Application, End User, Region |
| Country scope |
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| Companies Included | Lixil Corporation, Jaquar Group, Masco Corporation (Delta Faucet Company), Roca Sanitario, SA (Roca Corporacion Empresarial, SA), Fortune Brands Innovations, Inc., Toto Ltd., Spectrum Brands Holdings, Inc., Villeroy & Boch AG, Paini S.p.A. Rubinetterie, Kohler Co. |
By Product Type (Volume, Million Units, USD Billion, 2020-2031)
By Application (Volume, Million Units, USD Billion, 2020-2031)
By End User (Volume, Million Units, USD Billion, 2020-2031)
By Geography (Volume, Million Units, USD Billion, 2020-2031)
This Market size is expected to reach $60.3 billion by 2031.
Rising urbanization and infrastructure development are driving the Market in coming years, however, High level of competition in the market restraints the growth of the Market.
Lixil Corporation, Jaquar Group, Masco Corporation (Delta Faucet Company), Roca Sanitario, SA (Roca Corporacion Empresarial, SA), Fortune Brands Innovations, Inc., Toto Ltd., Spectrum Brands Holdings, Inc., Villeroy & Boch AG, Paini S.p.A. Rubinetterie, Kohler Co.
In the year 2023, the market attained a volume of 551.74 million units, experiencing a growth of 23.9% (2020-2023).
The Bathroom segment is leading the Market by Application in 2023; thereby, achieving a market value of $27 billion by 2031.
The Asia Pacific region dominated the Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $22.7 billion by 2031.
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