Faucets Market: Introduction
- A faucet is a plumbing fitting that controls the flow of liquid, gas, or oil from a pipe or vessel. It is also called a tap and cock. A faucet is made up of a tubular spout, stopped with a movable plug, spigot, valve, or slide. When the handle of a faucet is turned on, the valve opens and regulates the flow of liquid/gas. The flow of the liquid can be adjusted as per the user’s requirement. Faucets come in a variety of colors, ranges, materials, and styles as per consumer needs and demand.
Key Drivers of the Global Faucets Market
- Significant surge in end-use industries is identified as a key driver of the faucets market. Favorable macroeconomic factors and economic recovery across key countries over the last decade have driven significant investment in the construction industry.
- Major investments in the field of infrastructure development and residential construction fuels the demand for advanced and efficient faucets. For instance, faucets with sensors are widely accepted by construction companies for commercial buildings as they help prevent water wastage.
Faucets Market: Key Segments
- The global faucets market can be segmented based on product type, operation, installation, technology, material, application, end-user industry, distribution channel, and region. Based on product type, the faucets market can be classified into ball, disc, cartridge, and compression. Ball type faucets are highly demanded in both residential and commercial applications as it is commonly used for kitchen sinks. Based on operation, the faucets market can be categorized into pull down faucet, pull up faucet, bar faucet, hands free faucet, and others. Hands free faucets are extensively used in commercial places as it works with the help of sensors and saves water. Based on installation, the market can be segmented into deck mount and wall mount. Based on technology, the market can be categorized into manual and automatic. The market is segmented into stainless steel, chrome, bronze plastic, and others based on material. Stainless steel is expected to have the highest growth during the forecast period. Based on application, the market can be categorized into bathroom, kitchen, and others. Kitchen faucets are expected to have higher growth during the forecast period. In terms of end-use, the market is segmented into residential, commercial, and industrial. Currently, the commercial sector holds the largest market share. However, the residential segment is expected to gain considerable market share during the forecast period due to increase in residential construction. Based on sales channel, the faucets market is segmented into direct sale and indirect sale. Direct sales channels are largely preferred to market and sell different faucets in domestic markets.
North America the Leading Faucets Market
- By region, the global faucets market is classified into North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA).
- Country-level bifurcation of the North America market includes the forecast and analysis for the U.S., Canada, and Rest of North America. Country-level analysis and forecast of the Europe market covers the faucets market in the U.K., Germany, France, and Rest of Europe. The country-level analysis and forecast of the Asia Pacific market includes major countries in the region such as India, China, Japan, and Rest of Asia Pacific. Middle East & Africa country-level analysis and forecast includes GCC countries, South Africa, and Rest of Middle East & Africa. The South America faucets market is categorized into Brazil, and Rest of South America.
- North America holds major share in the market. Asia Pacific is expected to be the fasted growing market during the forecasted period. Increasing constriction projects in both the commercial and residential sector is expected to boost the demand for faucets in the Asia Pacific region.
Key Players Operating in the Global Market
Manufacturers are undertaking continuous R&D to offer an innovative, posh, and smart product range to consumers. Consumers are willing to spend more on luxurious products. This consumer behavior is driving the market. Key manufacturers are focused on close collaboration with customers to understand their requirements and design industry specific solutions according to established standards and regulations.
Some of the major companies identified in the global faucets market are:
- Villeroy Boch
- Danze, Inc.
- Delta Faucet Company
- Gerber Plumbing Fixtures LLC
- Moen Incorporated
- Franke Kitchen Systems
- TOTO Ltd.
Global Faucets Market: Research Scope
Global Faucets Market, by Product Type
Global Faucets Market, by Operation
- Pull Down Faucet
- Pull Up Faucet
- Bar Faucet
- Hands Free Faucet
- Others (Faucet with Side Spray, etc.)
Global Faucets Market, by Installation
- Deck Mount
- Wall Mount
Global Faucets Market, by Technology
Global Faucets Market, by Material
- Stainless Steel
- Others (Brass, etc.)
Global Faucets Market, by Application
- Others (Garden, etc.)
Global Faucets Market, by End-use
Global Faucets Market, by Sales Channel
- Direct Sale
- Indirect Sale
Global Faucets Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
The report on the global faucets market is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macroeconomic indicators, and governing factors, along with market attractiveness as per segments. The report also maps the qualitative impact of various factors on market segments and regions.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.