Published Date: 31-Mar-23
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According to a new report, published by KBV research, The Global Hands-Free Faucet Market size is expected to reach $8.2 billion by 2028, rising at a market growth of 4.8% CAGR during the forecast period.
The Residential segment is showcasing a CAGR of 8.4% during (2022 - 2028). This is owing to the increased demand for single-family homes, which has, in turn, increased the demand for new home sales. Furthermore, there is a significant demand for standard and custom faucets due to increased private home remodeling and improvement projects. The rising smart homes sales and house remodeling projects will boost the segment’s growth.
The Wired segment acquired maximum revenue share in the Global Hands-Free Faucet Market by Type in 2021 thereby, achieving a market value of $5.9 billion by 2028. This is because hardwire-connected fixtures help in reducing long-term operational complexity and item costs. With a hardwired faucet, the need for frequent battery replacements in larger buildings is eliminated as sensors are powered by mechanical chases or drop ceilings. The low maintenance and cost will aid the segment's growth in the forecasted period.
The Kitchen segment has shown the growth rate of 5.2% during (2022 - 2028). The growth is owing to the popularity of smart and multifunctional kitchen faucets. Customers' increasing preference for touch-free faucets is increasing. In addition, compared to a standard tap, touchless faucets consume far less water because they only turn on when needed. With the low water consumption and the rising demand for multifunctional kitchen faucets, the segment expansion is expected to surge.
The Asia Pacific market dominated the Global Hands-Free Faucet Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3.1 billion by 2028. The Europe market is exhibiting a CAGR of 4.1% during (2022 - 2028). Additionally, The North America market would display a CAGR of 4.5% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/hands-free-faucet-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Jaquar Group, Kohler Co., Euronics Industries Pvt. Ltd., Masco Corporation, Sloan Valve Company, Zurn Elkay Water Solutions Corporation, Professional Plumbing Group, Inc. (Marcone Company), Symmons, Inc., and Archiproducts.
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Unique Offerings from KBV Research
North America Hands-Free Faucet Market size & Opportunities 2022-2028
Europe Hands-Free Faucet Market & Growth Forecast 2022-2028
Asia Pacific Hands-Free Faucet Market Share & Industry Outlook to 2028
LAMEA Hands-Free Faucet Market Growth, Trends & Forecasts 2022-2028