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The global electric taps market size was USD 396.9 million in 2020 and is projected to grow from USD 429.7 million in 2021 to USD 877.2 million in 2028 at a CAGR of 10.7% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with electric taps witnessing a positive impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a lower growth of 6.9% in 2020 compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
Electronic taps are one kind of faucet that operates on electricity. Electricity is supplied to taps which then operate in accordance with sensor or heating coils. It is primarily characterized as touchless and instant heating taps. These taps are nothing but the sensor plumbing products that allow touchless hygiene experience as a priority and improve it with technology.
Nowadays, the installation of electric taps across residential facilities is a trend. It is, therefore, boosting the smart home concept across the globe. Additionally, the growing demand for touchless and instant heating taps across Restaurants/hotels, medical facilities, shopping centers, airports are specifically driving the market. Furthermore, the manufacturers are aggressively competing to offer value-added products and uplifting customer service standards that are projected to aid the market growth.
COVID-19 Impact: Safety and Hygienic Concerns Boosting the Electric Taps Installation
The COVID-19 pandemic is rapidly evolving and impacting the global supply chain thus, drastically disrupted economic activities. The market, however, observed a moderate downfall in 2020 and is projected to witness strong growth in the forecast period. It is mainly attributed to hygienic concerns.
The pandemic has further led to partial or complete lockdown that has hampered the industrial manufacturing and residential & commercial construction businesses. This, in turn, lowered the installation of these taps across the facilities. Since the 3rd quarter of 2020, the business is coming on track. It is because the governmental bodies with the manufacturers are promoting physical distancing awareness amongst the customers. This has eventually boosted the demand for touchless and instant heating water taps. Several facilities have started to install touchless taps in their washrooms and other places to avoid direct contact.
Additionally, the recommencement of constructional activities is also reviving the electronic taps market on track. Moreover, leading market participants such as Lixil Corporation, Toto Ltd., and others are establishing several countermeasures to protect their employees and continue their manufacturing processes amidst the pandemic.
Therefore, the installation of touchless and instant heating taps is providing robust opportunities to boost market growth in the future years.
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Fast-tracked Smart Home Concept is a Growing Trend
The growing infrastructural activities coupled with rising disposable income have resulted in smart home construction across residential facilities. The utilization of advanced technologies such as sensors, thermostats, and others aims to augment energy efficiency and uphold hygiene, thus promoting the smart home concept. Fast-tracked urbanization encourages the construction of smart residential buildings featuring smart bathrooms and kitchens to promote sustainable and efficient water management. The installation of electric taps across bathrooms and kitchens is therefore providing effective solutions for energy cost reduction. For instance, In January 2021, the National Association of Realtors (NAR) stated that the existing homes sales across the U.S. reached 6.76 million in December 2020, 22% up from December 2019. Thus, significant demand for homes is eventually boosting the sales of electric taps in the global market.
Increasing Demand for Touchless Taps across Commercial Facilities to Aid Market Growth
The ever-growing commercial facilities construction has generated the demand for touchless taps to avoid physical contact. The touchless technology is helping to minimize the germ spreading across facilities in this pandemic situation. Additionally, sensor-activated taps are gradually encapsulating their importance in medical facilities. It helps prevent patients from contracting or transferring infection during the surgical processes by touching contaminated taps. Furthermore, the faster growth of hotels, medical facilities, shopping malls, and airports construction across India, the U.S., and other countries leads to an increased demand for touchless taps. For instance, in October 2020, Radisson Hotel Group introduced ‘Radisson Individuals,’ a new brand, and achieved 10 hotel signings across Europe, and Middle East & Africa. Therefore, the increased demand for touchless taps is expected to drive the electric taps market growth.
High Initial Purchasing & Installation Cost Hampers Market Growth
The high initial cost is a major factor that is restraining the growth of the market. The installation of a sensor and heating water unit requires an additional connection that increases the investment cost. Additionally, the ease of accessibility to low-cost substitutes such as manual taps and others coupled with low demand for electric taps in rural areas due to the lack of awareness limits the market growth. Concerning the COVID-19 impact, the manufacturing plants were partially or completely locked down, resulting in falling metal prices, further hampered market growth.
Temperature Level Uniformity Feature to Depict Highest CAGR for the Instant Heating Taps Segment
Based on the type, the global market is segmented into touchless and instant heating taps.
The instant heating taps are the modern addition to the global electric taps industry and will likely witness exponential growth in the forecast period. Its technology limits the energy used to heat the water and maintain the uniform temperature level.
Whereas the touchless taps segment is capturing the highest market share in the year 2020. It is attributed to its touchless off/on feature that conserves water. The sensor senses the hand movement under the nozzle that dispenses the water. Thus, complements the dispense of water when necessary.
Extension of Space beneath the Tap to Favor Wall-mounted Segment Growth
By mounting type, the market is categorized into wall-mounted and deck-mounted taps.
The wall-mounted segment is anticipated to witness the highest CAGR in the forecast period, as it allows more control on its placement, thus extending the space beneath the tap. Additionally, it offers a modern aesthetic look that is currently a trend in the global market.
The deck-mounted tap, often known as surface-mounted taps segment, is witnessing steady growth owing to their installation on the worktop rather than on the wall.
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Innovative Taps across Kitchens and Bathrooms to Depict Strong Growth for Residential Segment
Based on the application, the market is segmented into residential and commercial.
The residential segment is in the best position to witness the highest CAGR in the forecast period. It is attributed to the market trending smart home concept. Consumers mainly prefer the innovative taps across their bathrooms and kitchens.
The commercial segment is forecasted to witness substantial growth in the forecast period. The installation of electric taps across hotels, entertainment places, airports, and others provides robust market growth opportunities. Additionally, the current COVID-19 pandemic has uplifted the touchless taps and instant heating taps demand across residential and commercial facilities to keep infection-free.
North America Electric Taps Market Size, 2020 (USD Million)
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The market is characterized into North America, Europe, Asia Pacific, the Middle East & Africa, and South America and is further divided into countries.
North America accounted for the highest market share in 2020. It is attributed to fast-tracked demand for touchless and instant heating taps across high-end bathrooms. Additionally, the rising adoption of newer water-conserving technologies and high disposable income will boost and will the drive market growth.
Asia Pacific is projected to grow exponentially in the forecast period. It is attributed to growing infrastructural and commercial facility settings including, hotels, commercial offices, airports, and others. Additionally, the overall growth of residential and non-residential construction is also expected to fuel the product’s demand. The shifting consumer trend towards the utilization of smart home products further complements the region's market growth.
China to Showcase Highest CAGR as Unorganized Manufacturers Caters Local Customers
The speedy urbanization across China has led to the development of commercial restaurants, modern homes, entertainment places, and others. The country has emerged as the manufacturing hub for international and domestic manufacturers as companies including Toto Ltd., Kohler Co., and others have set up their manufacturing units that, in turn, complement the market growth. A high concentration of unorganized manufacturers is also boosting the growth of the market.
Europe, the Middle East & Africa, and South America are expected to grow considerably due to factors including urbanization, population growth, low electricity consumption, and increased health concerns.
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Additionally, leading players, such as Toto Ltd., Masco Corporation, Lixil Corporation, and others are committed to manufacturing quality products by following the hygiene and safety regulations thus, aiding the market growth in Germany, South Africa, the U.K., Argentina, Saudi Arabia, Argentina, and other countries.
Key Players Emphasize on Introducing Touchless Taps and Instant Heating Taps to Capture Unattended Markets
Key market participants are innovating electric tap products as per the growing consumer needs. Consumers are heavily inclined towards innovative water taps in their smart homes and commercial facilities. They are also developing environmentally friendly products to comply with government regulations regarding water consumption and usability. For instance, Kohler Co., Lixil Corporation, Delta Faucet Company, and others offer touchless and automatic taps to save water, and they provide an aesthetic look to smart homes.
Adoption of Merger Strategies by Masco Corporation with Regional participants to Expand its Market Reach
Delta Faucet Company, a subsidiary of Masco Corporation, runs the plumbing product segment of the company. Masco Corporation is focusing on maximizing the touchless taps business by strategically acquiring regional-based companies. It is providing an adaptable solution for a wide range of products. For instance, in the 1st quarter of 2020, it acquired the complete share capital of SmarTap A.Y Ltd. for nearly USD 24.0 million to expand its bathroom faucet tap portfolio that controls and monitors the flow and temperature of the water.
An Infographic Representation of Electric Taps Market
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The global market research report provides detailed information regarding various insights into the industry. Some of them are growth drivers, restraints, competitive landscape, regional electric taps market analysis, and challenges. It further offers an analytical depiction of the market trends and estimations to illustrate the forthcoming investment pockets. The market is quantitatively analyzed from 2021 to 2028 to provide financial competency. The information gathered in the report has been taken from several primary and secondary sources.
2017 – 2028
2021 – 2028
2017 – 2019
Value (USD Million)
Type, Mounting Type, Application, and Region
By Mounting Type
Fortune Business Insights says that the market stood at USD 396.9 million in 2020.
Fortune Business Insights says that the market will reach USD 877.2 million in 2028.
Registering a CAGR of 10.7%the market will exhibit strong growth during the forecast period.
Rapid installation of touchless taps across commercial facilities is expected to drive the market.
LIXIL Corporation, Masco Corporation, Jaguar, Kohler Co., Toto Ltd. are the top companies in the global market
Asia Pacific is expected to capture the highest CAGR in the market.
Residential segment is expected to capture the highest CAGR in the market.
The concept of smart home construction is a key market trend.
The wall-mounted segment is expected to capture the highest CAGR in the market.
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