Global Kitchen Faucets Market Rises at 6.3% CAGR, Deriving Growth from Higher Demand for Modular Kitchens

Pune, India, 16^th April 2019:  The shift in consumer preference from manually operated devices to modular amenities is boosting the global Kitchen Faucets Market. According to a report published by Fortune Business Insights titled ‘Kitchen Faucets Market: Global Analysis, Insights and Forecasts, 2018-2025,’ the market was valued at US$ 5,935.3 Mn in 2017. Backed by increasing adoption and advent of novel technologies in kitchen faucets, Fortune Business Insights expects this market to be valued at US$ 9,611.6 Mn by the end of 2025, thereby exhibiting a CAGR of 6.3% between 2018 and 2025.

Recent lifestyle preferences are steering people away from conventional kitchens to modular set-ups. As modular kitchens are inclusive of faucets, there is increasing adoption of kitchen faucets among people around the world. Stoked by rising demand, the global markets present lucrative opportunities for market entrants keen on retailing their innovative products. These companies aspire to trump their counterparts by incorporating exclusive technologies in their products and this favors the growth of the global kitchen faucets market.

Recent technological advancements have led to the launch of hands-free faucets. The advent of newer technologies such as digitalization in kitchen faucets also caught the eyes of many end-users. Furthermore, touchscreen faucets and adoption of reactive sensors enabling ‘hands-free’ method of operation will bode well for the global market.

Hands-Free Faucets Are the Most Widely Used Product Type

With a rising demand for easy-to-use devices, hands-free faucets are being increasingly adopted by people around the world. The increasing use of embedded technology and incorporation of sensor-based concepts is boosting the global market. Furthermore, availability of attractive peripherals within faucets, with an added advantage of cost-reduction is supporting the growth of global kitchen faucets market. The recently introduced ‘hands-free’ faucets are loaded with additive features such as energy saving and stand-by modes, which have acted as growth contributors to the global market.

North America to Dominate the Global Market

On account of the expansion of the residential sector, North America is likely to emerge dominant in the global market in the forecast period. In addition to the aforementioned factor, aspirations for owning a kitchen with improved aesthetics are boosting the market in North America. Another factor that has favored the growth of the market in is the region is the willingness among consumers to spend on the latest embedded technologies, aimed at offering ease of operation. As of 2017, the market in North America was valued at US$ 2,011.6 Mn and this value is likely to increase in the forecast period.

The market in Asia Pacific was valued at US$ 1,440.5 Mn in 2017. The market is expected to grow significantly in the coming years due to improved standards of living and better aesthetic aspirations of kitchen interiors among people in this region. Also, the paradigm shift from old-fashioned rooms and manually operated devices to urbanized interiors across countries such as China, India, Japan, and Singapore is boosting the kitchen faucet market in Asia Pacific. The kitchen faucet market in Asia Pacific region is projected to expand at a CAGR of 7.5% during the forecast period 2018 – 2025.

Browse Complete Report Details: https://www.fortunebusinessinsights.com/industry-reports/kitchen-faucet-market-100455

The global kitchen faucets market is segmented based on: