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The global kitchen faucets market size was at USD 5,935.3 Million in 2017 and is projected to reach USD 9,611.6 Million by 2025, exhibiting a CAGR of 6.3% during the forecast period (2018 – 2025)
The global kitchen faucet market is now flourishing the overall plumbing business, with traditional kitchen faucets providers trying to develop advanced faucets that will attract a huge customer base and enable kitchen faucets market growth. Owing to the consumer’s demand for modern kitchens, players catering to the faucets market are focusing on developing faucets that will satisfy their needs of quality and durability as well as the look of the faucets.
A significant trend observed in the market is the ongoing shift from traditional kitchens to the modular kitchens. The bar faucet is mostly preferred by the consumers as it is convenient to use and less expensive. This trend is fueling demand for kitchen faucets which will in, turn, boost the kitchen faucets market shares.
Hands-free faucet is creating limitless opportunities for the companies manufacturing kitchen faucets, as it is touchless and is embedded with advanced sensor technology. Also, with the improved lifestyle standards, the hand-free faucets are anticipated to be majorly adopted by the end-users.
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"Adoption of technologically-driven hands-free faucets is driving the market"
Consumers across the globe are demanding more sophisticated, convenient, and environmentally-friendly kitchen faucets. In residential sectors, electronic water fixtures are setting new trends and creating new standards. Therefore, many companies are immensely focusing on technological improvement in the plumbing industry. Hand-free faucets have set the standards for hands-free faucets, as they are developed with the sensor technology. Moreover, hands-free faucets are likely to be adopted by many users in the forecast period, as they save water and have a long battery life. The sensors and the advanced technology helps the consumer perform tasks without turning faucets handle manually. Similarly, hands-free faucets are also responsible for saving energy. However, the end-users are more attracted to this type of advanced kitchen faucet. Also, it is being projected that there will be a heavy growth of the hands-free faucet during the forecast 2018 – 2025.
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"Improved standards of living are supplementing the revenue growth of North America, whereas the Asia Pacific is estimated to have a significant growth"
The market in North America was at USD 2,011.6 Million in 2017 and is anticipated to emerge dominant in the global market during the forecast period. kitchen faucets market growth witnessed in the region can be attributed to the expansion of the residential sector. Besides this, the increasing adoption of the kitchen faucets that have embedded advanced technology by the end-users in order to enhance the look of the kitchen is complementing the growth of the market in North America.
North America Kitchen Faucets Market, 2017
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Likewise, the market in Asia Pacific is valued at USD 1,440.5 Million in 2017 and is expected to witness improvements in the standards of living and higher incomes of the middle class. Also, the growing urbanization across the countries such as China, India, Japan, Singapore is uplifting the kitchen faucets market revenue in Asia Pacific. The Asia Pacific region is projected to grow with CAGR 7.5% during the forecast period 2018 – 2025.
"A significant trend observed in the production of the market with traditional kitchen faucets providers trying to develop advanced faucets that will attract maximum customer base."
The report provides qualitative and quantitative insights on the kitchen faucet industry and detailed analysis of global kitchen faucets market size and growth rate for all possible segments in the market. The global market has been segmented by type, installation type, number of faucet holes, material type and geography. By type, the global market is categorized into pull-down faucets, pull-up faucet, hands-free faucet, bar faucets, pot filler faucet, faucet with side spray, and others. Based on the material, the global market is segmented into chrome, stainless steel, bronze, plastic, and others. On the basis of installation type, the global market is bifurcated into deck mount and wall mount. Based on the number of faucet holes, the global market is categorized into one, two, three, and four.
Geographically, the global market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
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Along with this, the report provides an elaborative analysis of the global kitchen faucets market dynamics and competitive landscape. Various key insights provided in the report are the price trend analysis, recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, an analysis of pages printed by digital technology, installed base & new shipments, SWOT analysis, and key industry trends.
By Installation Type
By Number of Faucet Holes
Fortune Business Insights says that the kitchen faucets market was valued at USD 5,935.3 Mn in 2018.
In 2026, the industrial robots market is expected to be valued at USD 9,611.6 Mn.
Growing at a CAGR of 6.3%, the kitchen faucets market will exhibit moderate growth in the forecast period (2019-2026)
North America is expected to hold significant market share in the kitchen faucets market. The region is valued at USD 2,011.6 Mn in 2018.
Within the product segment bar faucet is expected to be the leading segment in kitchen faucets during the forecast period.
Adoption of technologically-driven hands-free faucets is expected to drive the growth of the kitchen faucets market
Lixil Group Corporation, Hansgrohe Group, Masco Corporation are the top players in kitchen faucets market
The major players in the market constitutes ~60% - 65% of the market which is majorly owned to their brand name and presence in multiple regions.
The stainless steel material is estimated to have the major share of the kitchen faucets market.