The North America Faucet Market would witness market growth of 6.7% CAGR during the forecast period (2024-2031). In the year 2020, the North America market's volume surged to 85.03 million units, showcasing a growth of 23.3% (2020-2023).
Manual faucets remain a staple in both residential and commercial settings, offering reliability, affordability, and versatility. These faucets operate with traditional handles or levers to control water flow and temperature manually, providing users with tactile feedback and precise control over water usage. Thus, the Canada market is expected to utilize 31.14 million units of manual faucets by 2031.
The US market dominated the North America Faucet Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $12,384.2 Million by 2031. The Canada market is experiencing a CAGR of 9% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 8% during (2024 - 2031).
The market, an integral segment of the broader plumbing fixtures industry, is characterized by its diversity, dynamism, and continuous evolution. This market encompasses various products designed for various applications, ranging from residential to commercial settings.
Additionally, Faucets, essential components of everyday life, are crucial in ensuring effective and efficient water delivery for numerous uses, including drinking, cooking, cleaning, and bathing.
Homeowners in North America are increasingly investing in renovation and remodeling projects. This trend translates to a demand for new and upgraded faucets for kitchens and bathrooms, propelling market growth. In the United States, home renovation trends, technological advancements, and heightened awareness of water conservation drive the increasing demand for faucets. The National Association of Home Builders (NAHB) estimates that the average buyer of an existing home will spend an additional $5,238 on remodeling, furnishings, and appliances in comparison to householders who do not relocate.
Free Valuable Insights: The Faucet Market is Predict to reach USD 60.3 Billion by 2031, at a CAGR of 7.3%
Based on Product Type, the market is segmented into Manual and Electronic Based on Application, the market is segmented into Bathroom, Kitchen, and Others. Based on End User, the market is segmented into Residential and Commercial. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
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 Country (Volume, Million Units, USD Billion, 2020-2031)
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