Deep Analysis of Impact of COVID-19 on “Faucet Market 2019-2025” Growth Worldwide….



The global faucet market size is expected to reach USD 28.7 billion by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.7% over the forecast period. Continuously changing preferences of consumers, along with improving lifestyles, has been increasing the investments on luxury homes and remodeling. This, in turn, is anticipated to contribute to the demand of the market.
The home care & decor industry has been witnessing inconsistent growth, since the Covid 19 outbreak. As a result of the ongoing pandemic crisis, there has been a drop in the overall performance of discretionary products such as decorative fixtures, bedding products, to name a few. The virus outbreak has, however, led to substantial growth in categories such as cleaning and hygiene products. Prominent growth in the e-commerce business is also one of the positive influences of the outbreak, wherein companies are focusing on expanding their distribution networks to online channels in order to cater to the surging consumer demand. Our team is diligently working towards accounting these factors in our report with the aim of providing you with the up-to-date, actionable market information and projections.
Rapidly expanding residential sector in regions such as North America and Asia Pacific, along with consumers demand for advanced technology driven plumbing fixtures, is a key factor fueling the adoption of modern faucets. Moreover, repairing and remodeling of home utility areas such as kitchens and bathrooms have generated a fair demand for faucets in the recent years.
Manufacturers are focusing on expanding their product portfolios by providing end number of combinations with respect to material and designs to cater to the consumer demand for customized faucets. For instance, Kohler offers Sensate Touchless Kitchen Faucet and has been honored as the best of innovations in 2019 for smart home products. Companies are developing smart products for smart user experience, which is also driving innovations in the global market.
The residential sector is expected to witness significant growth during the forecast period. The market will witness stable growth due to increasing number of households and consumer demand for premium kitchen and bathroom fixture products that serve the purpose as well as compliment the interiors. The residential sector is expected to account for a share of more than 40.0% by 2025. Delta offers kitchen faucets integrated with advanced technology and relevant finishes, such as Delta ShieldSpray.
Kitchen is expected to register the fastest CAGR of 6.0% from 2019 to 2025. This growth is attributed to rising demand for elegant, multifunctional, and sophisticated kitchen faucets. Modern lifestyle has renovated kitchen from a place to cook food to a place for family gathering and friends spending time together. Companies such as Franke Kitchen Systems offer faucets equipped with the ability to swivel 360 degrees and switch between full and needle water spray.
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Asia Pacific is expected to be the fastest growing market, expanding at a CAGR of 6.4% from 2019 to 2025. The growth is attributed to increasing construction projects across the residential and commercial sectors. In the year 2018, over ten thousand projects were going on including the construction of malls and shopping complex, restaurant and hotels, hospitals, schools and educational institutions, factories, offices, trains, flights, airports, railway stations, and other similar venues. This scenario is expected to drive the demand for faucets in the next few years.
Further key findings from the report suggest:
·         North America accounted for the largest share of more than 25.0% in 2018, whereas APAC is expected to expand at the fastest CAGR of 6.4% from 2019 to 2025
·         Online distribution channel is expected to witness expand at a CAGR of 6.0% from 2019 to 2025
·         The bathroom application segment held the largest share of over 40.0% in 2018. Kitchen is expected to expand at the fastest CAGR of 6.0% from 2019 to 2025 due to rising demand for elegant, multifunctional, and sophisticated kitchen faucets
·         The commercial sector held the largest share of over 50.0% in 2018. Commercial places include hotels, restaurants, hospitals, public washrooms and toilets, malls and shopping complex, airports, railway stations, and other recreational and utility areas
·         Some of the key players of faucets market are Moen Incorporated; Franke Kitchen Systems; DELTA FAUCET COMPANY; American Bath Group; Gerber Plumbing Fixtures LLC; GROHE AMERICA, INC.; Jaquar; Kohler Co.; Colston Bath; PROFLO; and TOTO LTD
The global faucet market size was valued at USD 19.4 billion in 2018. Growing application of modernized bathrooms and kitchens is expected to drive the market. Increasing preference for functional kitchens and bathrooms, along with an aesthetic appeal, is also expected to boost faucets market growth. Moreover, continuously changing preferences of consumers, along with improving lifestyles, has been increasing the investments on luxury homes and remodeling, thus contributing to the market demand.
Manufacturers are focusing on expanding their product portfolios by providing end number of combinations with respect to material and designs to cater to the consumer demand for customized faucets. For instance, Kohler offers Sensate Touchless Kitchen Faucet and has been honored as the best of innovations in 2019 for smart home products. Companies are developing smart products for smart user experience, which is also driving innovations in the global market.
Rapidly expanding residential sector in regions such as North America and Asia Pacific, along with consumer demand for advanced technology driven plumbing fixtures, is a key driving factor fueling the adoption of modern faucets. Moreover, repairing and remodeling of home utility areas such as kitchens and bathrooms have generated a fair demand for faucets in the recent years.
Shift from traditional to contemporary silhouettes and finishes is one of the upcoming trends in the global industry which is driving consumer attention. For instance, GRAFF offers a large variety of vintage style and its Incanto collection of rose gold faucets are minimal in shape and suits the maximalism appeal with its finishes. Similarly, products offered by Kohler represents the Ombre finish for bathrooms that are designed with scratch and tarnish resistant surfaces.
Browse Press Release of this report:                                
https://www.grandviewresearch.com/press-release/global-faucets-market
Grand View Research has segmented the global faucets market on the basis of end user, application, distribution channel:
Faucets End User Outlook (Revenue, USD Billion, 2015 - 2025)
·         Residential
·         Commercial
Faucets Application Outlook (Revenue, USD Billion, 2015 - 2025)
·         Bathroom
·         Kitchen
·         Others
Faucets Distribution Channel Outlook (Revenue, USD Billion, 2015 - 2025)
·         Online
·         Offline
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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