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Growth in the number of houses that are constructed and will be constructed is likely to drive The Global Pull Out and Pull Down Kitchen Faucet Market during the forecast period. According to a published report by Fortune Business Insights, titled, “Pull Out/Down Kitchen Faucets Market: Global Market Analysis, Insights and Forecast, 2018-2026,” the global market was valued at US$ 1,990.6 Mn in 2018. However, Fortune Business Insights predicts that the market is anticipated to reach US$ 2,954.3 Mn by the end of 2026, thereby exhibiting a CAGR of 5.1%.
Affordability of Smart Kitchens to Favor Growth in Residential Application Segment
In terms of application, the global market is segmented into residential and commercial or industrial. According to the report, the segment of residential application is projected to hold a significant portion of the global pull out and pull down kitchen faucet market share. The segment currently accounts for 60% market share. It is followed by commercial applications. Also, a rise in the number of housings is anticipated to propel the global market during the forecast period as they offer multiple features and benefits. Also, the concept of smart kitchens is gaining more and more popularity due to the growth of advanced and internet-enabled gadgets. Furthermore, these services have become affordable for people to adopt. All these factors are increasing the possibility of creating smart kitchens at affordable prices. Hence, an increase in the popularity of smart kitchens is expected to boost the demand for residential applications globally during the forecast period.
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Key Players to Produce Automatic Faucets to Reduce Wastage of Water
Nowadays, the water crisis is one of the main environmental concerns that the populace across the globe are facing. The prominent players operating in the global market, are focusing on this particular concern while producing kitchen faucets. Renowned companies, namely, Kohler, Delta, and Moen have started unveiling their new products, such as automatic and touchless faucets. These faucets are more convenient for people to use and they also help in saving water.
An Increasing Adoption of Modern Lifestyle to Boost Growth in Europe
Geographically, the global pull out and pull off kitchen faucet market is divided into Latin America, the Middle East, and Africa, Europe, North America, and the Asia Pacific. According to Fortune Business Insights, North America and Latin America jointly holds around 45% market share in the global pull out or pull down kitchen faucet market. The region is predicted to dominate the global pull out and pull down kitchen faucet market due to a rise in the adoption of smart kitchens. Europe is expected to follow North America and gain the second position. This is likely to occur as people are persistently adopting a modern lifestyle and hence, the demand for kitchens with advanced technologies is likely to increase. On the other hand, Asia Pacific is projected to reach the highest CAGR during the period of 2019 to 2026. People’s incomes have increased nowadays, which is further resulting in the need for smart homes and modern kitchens. These factors are likely to boost the pullout and pull down kitchen faucet market in the Asia Pacific.
Some of the most prominent companies that are leading the global market are Hansgrohe SE, Moen, Inc., American Standard Brands, Delta Faucet Company, Pfister, Kraus U.S.A., Kohler Co., Wasserrhythm, Danze Inc., WEWE, Grohe Ltd., and many other regional players.
The global pull out and pull down kitchen faucet market is segmented based on:
By Flow Rate
By Distribution Channel
By Install Type
o Single Handle
o Double Handle