Faucets: Key market research findings
- Variations in faucet finishes
- Growth in housing sector
Technavio has released a new market research report on the global faucet market, which is expected to grow at a CAGR of 9% between 2016 and 2020. The consumers’ increasing spending on the implementation of cost-effective home improvement solutions is expected to impel the prospects for growth in this market during the predicted period. APAC leads the global faucet market, accounting for 44% of the total market revenue. Factors like the rising urban population increased brand awareness, and the increase in per capita annual disposable income of urban households are envisaged to bolster market growth during the forecast period
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, the interior design industry is witnessing an increasing trend towards matching the color of the tub, sink fixtures, and bathroom accessories. Satin nickel finishes on faucets is one of the most popular finishing styles gaining popularity in the market. Customers are focusing on making their kitchens more appealing, hence preferring such fixture and hardware finishes that can add comfort and warmth. This has pushed manufacturers to develop faucets with different finishes such as polished chrome, brushed-nickel, gold, matte black, matte white, and oil-rubbed bronze,” says Soumya Mutsuddi, Lead Analyst, Heavy Industry, Technavio Research.
Growth in the housing industry is the key driver for the growth of this market. An increase in the global sales of homes and the construction of new buildings and skyscrapers in developing economies like China, South Korea, and India are expected to positively influence the market for faucets during the forecast period.
The leading vendors in the global faucet market include Grohe Group, Kohler, Masco Group, and TOTO. This market is highly fragmented because of the presence of numerous small and large vendors. The vendors in this market compete in terms of enhancing the value added products and elevating the customer service levels, so as to gain a competitive edge over their rivals during the forecast period.
A more detailed analysis is available in the Technavio report, Global Faucet Market 2016-2020.
We can customize reports by other regions and specific segments upon request
Other reports:
