The U.S. Faucet Market size is anticipated to reach
USD 4.7 billion by 2028, according to a new report by Grand View Research, Inc.
The market is expected to expand at a CAGR of 4.8% from 2021 to 2028. Rising
demand for home furnishings and fittings is driving the market. According to
the Leading Indicator for Remodeling Activity (LIRA), home improvement spending
grew at 6.0% annually in 2019.
The growing construction of smart homes and smart
bathrooms can be attributed to an increasing number of consumers showing a
preference for a spa-like experience at home. Digital faucets that operate on
sensors serve as a means of conserving water and energy through different
features such as reduced tap flow, digital temperature control settings,
touchless technology, infrared tap technology, and timed settings.
The U.S. EPA WaterSense label on sink faucets and
accessories indicates that they use a maximum of 1.5 gallons of water per
minute, which reduces a sink’s water flow by 30.0% compared to a standard flow
of 2.2 gallons per minute. Thus, rising consciousness among consumers to save
water is driving the demand for smart bathroom fittings and digital taps.
The COVID-19 pandemic has shaken every sector across
the globe, and the hotel industry is among the hardest hit. The market in the
commercial sector has been impacted on account of travel bans and lockdowns.
The overall travel business has witnessed a considerable decline as a result of
continued health concerns from the prolonged pandemic and a weakened economy,
which hits many small companies. As the disease prevails and economic
uncertainty remains, there is a significant reduction in business travel (in
terms of both trips and expenditure) as compared to pre-COVID-19 times. Reduced
travels have affected the travel and hospitality industry immensely, thereby
affecting the market.
The commercial segment is estimated to be the largest
and fastest-growing segment in the coming years. Many players are offering
premium and luxury taps, specially designed for the commercial sector. Moen
Incorporated offers a wide variety of taps for the commercial sector and some
of the latest innovations include M-Power, M-Dura, M-Press, and M-Bition.
Similarly, Delta Faucet Company offers innovative commercial faucets for the
hospitality sector.
The kitchen segment is estimated to be the
fastest-growing segment. The increasing adoption of high-tech faucets is
supporting the growth of the segment. According to Houzz, 57.0% of the
homeowners had updated kitchen taps as part of a completed, current, or planned
2018-19 kitchen renovation. Out of these, 30.0% opted for water-efficient
faucets, 24.0% opted for no fingerprint coatings faucets, and 22.0% preferred
touch-only taps. The growing adoption of pull-out and pull-down faucets in
order to achieve maximum reach and increase flexibility drives the demand for
kitchen taps among millennials.
Companies such as Franke Kitchen Systems provide
faucets that are outfitted and can be switched between the needle and full
water spray, and swivel 360 degrees. The Franke 3-in-1 faucet is created to
provide cold, hot, and distilled water for ensuring the use of pure and suitable
temperature water in the kitchen.
Multi-brand retailers are the largest shareholder in
the distribution channel segment. 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 taps. As these B2B sales require proper interaction for a better
understanding of minute details, offline sales for commercial applications have
been dominating the market.
Related Press Release@ U.S. Faucet Market Report
U.S. Faucet Market Report
Highlights
- The commercial segment accounted for a revenue share of 67.1% in
2020 and is expected to witness a CAGR of 5.0% over the forecast period
- The kitchen segment is expected to expand at the fastest CAGR of
5.6% from 2021 to 2028 and will be valued at USD 1,551.7 million by 2028
- The multi-brand retailer segment was the largest segment in 2020
and was valued at USD 1,871.9 million, ascending with a CAGR of 4.6% over
the forecast period
- The west region of the U.S. was valued at USD 776.7 million in
2020, ascending with a CAGR of 5.5% over the forecast period, thereby
expected to be valued at USD 1,193.5 million by 2028
About Us:
Grand View Research, Inc. is a U.S. based market research
and consulting company, registered in the State of California and headquartered
in San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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