Selbyville, Delaware, April 12, 2023 (GLOBE NEWSWIRE) -- As per the report published by Global Market Insights Inc., the Global Kitchen Faucets Market was estimated at USD 6 billion in 2022 and is expected to surpass a valuation of $15.5 billion by 2032, progressing at a CAGR of 9.5% from 2023 to 2032. The report provides a detailed analysis of top winning strategies, drivers & opportunities, competitive scenario, wavering market trends, market size, statistics & estimations, and major investment pockets.
Rapid urbanization resulting from a rising number of people migrating to towns and cities for employment purposes has led to a trend towards more comfortable and luxurious lifestyles, thereby raising the demand for modern amenities in remodeled kitchen structures. According to the World Bank, the world's urban population will more than double to 6 billion by 2045. This has facilitated the need for innovative kitchen faucets with technological features that function with the wave of a hand to fixtures that are voice controllable, which is expected to accelerate industry expansion by 2032.
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Rising trend of compact living to boost demand for pull-out faucets
The kitchen faucets market from the pull-out faucets segment recorded substantial growth in 2022 and is estimated to amass USD 2.5 billion by the end of 2032. The growing adoption of compact living, small space homes and micro apartments in major cities globally is expected to increase the deployment of pull-out faucets due to their substantial benefits in terms of saving space. Additionally, it has a shorter spout and fits best with small to medium-sized sinks wherein pull-down versions are not as useful, providing the ideal alternative for tiny houses, which is projected to stimulate the segment growth during 2023-2032.
Key reasons for kitchen faucets market growth:
- North America- Increasing spending on residential renovation & repairs.
- Asia Pacific - Improving standard of living in the region.
- Europe - Growing demand for advance hands-free faucets.
Availability of a wide variety at lower prices to promote online segment growth
The industry size from the online distribution channel is projected to register 10% CAGR from 2023 to 2032 on account of the rising consumer preference for online shopping as it offers a wide selection of products for lower prices and at the customers’ convenience, which saves time. Furthermore, manufacturers have started to utilize e-commerce to distribute their products since it allows them to save operating expenses and expand their global reach, allowing them to concentrate on manufacturing rather than transportation and distribution, which is foreseen to complement market development.
Rapid development of residential housing facilities to stimulate product demand
The kitchen faucets market from the residential segment is poised to attain 9.5% gains through 2032. Massive government funding for the construction of residential complexes and fast-paced urbanization are likely to contribute to industry expansion. Recently, in February 2023, the European Commission authorized the State to grant subsidies to developers for the construction of thousands of dwellings. The requirement of highly efficient kitchen faucets is being encouraged by the rising demand for luxury residential units and the increased awareness of water efficiency. Moreover, the growing usage of novel technology is expected to increase the residential use of touchless faucets by 2032.
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Growing demand for ultramodern and high-end kitchen models to impel Europe industry share
The Europe kitchen faucets market is expected to cross a valuation of USD 4 billion by 2032. Many Europeans improve their kitchens before selling their homes as kitchen remodels provide a good return on investment. Customers are opting for ultramodern, high-end built-in kitchen equipment as modular kitchens grow more and more popular in the region.
The rising use of faucets in modern kitchens is likely to fuel the business development by 2032. The advent of innovative technology has influenced manufacturers to supply a variety of digital and electronic faucets for both residential and commercial usage, which is projected to drive regional revenues by 2032.
Ongoing product development to define the kitchen faucets market outlook
Some of the leading companies operating in the kitchen faucets business scenario are Signature Hardware, Jaquar, Colston, Kohler Co., Chicago Faucets, Roca Bathroom Products Pvt. Ltd. (Parryware), Delta Faucet Company, Moen Incorporated, Masco Corporation, Hansgrohe, and Gerber Plumbing Fixtures, among others. The industry's strategic landscape is anticipated to witness an ongoing succession of product developments by the players.
Partial chapters of report table of contents (TOC):
Chapter 3 Kitchen Faucets Industry Insights
3.1 Industry Segmentation
3.2 Overview of COVID-19 impact on world economy
3.3 Industry ecosystem analysis
3.4 Technology landscape
3.5 Pricing analysis
3.6 Raw Material Analysis
3.7 Innovation & sustainability
3.8 Regulatory Landscape
3.9 Industry impact forces
3.10 Porter’s Analysis
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company market share analysis, 2021
4.4 Competitive analysis of major market players
4.5 Vendor adoption matrix
4.6 Top players overview
Chapter 5 Global Kitchen Faucets Market, By Type
5.1 Key type trends
5.2 Pull Out Faucets
5.3 Pull Down Faucets
5.4 Single Handle Faucets
5.5 Dual Handle Faucets
5.6 Separate Spray Faucets
5.7 Pot Filler Faucets
5.8 Motion Detection Faucets
5.9 Others
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Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
