The Faucet Market is Predict to reach USD 60.3 Billion by 2031, at a CAGR of 7.3%

24-Jul-2024 | Report Format: Electronic (PDF)

Faucet Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, 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).

The Electronic segment is anticipating a CAGR of 8% during (2024 - 2031). Electric faucets, often equipped with touchless operation, temperature control, and digital interfaces, cater to the increasing demand for smart home solutions and enhanced hygiene. By integrating sensors that are able to detect the presence of palms, users are able to control these faucets without having to physically touch them. This reduces the transmission of germs and bacteria.

Faucet Market Size - By Region

The Bathroom segment is leading the Global Faucet Market by Application in 2023; thereby, achieving a market value of $27 billion by 2031. Bathroom faucets are essential in any household and are used multiple times daily for washing hands, brushing teeth, and shaving. This high usage rate necessitates durable and reliable faucets, prompting consumers to invest in quality products. Additionally, bathroom remodels are among the most common home improvement projects, driving demand for modern, stylish, and functional faucets.

The Commercial segment is registering a CAGR of 7.9% during (2024 - 2031). The need for durable, high-quality drives the demand in this segment, and often touchless or smart faucets that can withstand heavy use and meet stringent hygiene standards. The hospitality industry, in particular, has shown strong demand for premium and smart faucets as hotels and resorts aim to provide a luxurious and hygienic experience for their guests.

Full Report: https://www.kbvresearch.com/faucet-market/

The Asia Pacific region dominated the Global Faucet 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. The North America region is experiencing a CAGR of 6.7% during (2024 - 2031). Additionally, The Europe region would experience a CAGR of 7.1% during (2024 - 2031).