Increased Infrastructure Development and Construction of New Housing Units Driving the Global Faucet Market Through 2020, Says Technavio

The global faucet market witnessed sales of more than 467 million units in 2015 and is expected to surpass 703 million units by 2020, according to Technavio’s latest report.

In this report, Technavio covers the market outlook and growth prospects of the global faucet market for 2015-2019. The market is further categorized into four product segments, including one-hand mixers, two-hand mixers, pillars, and others, of which the one-hand mixers segment dominated the market with more than 51% of the overall market share in 2015.

“An increase in consumer spending on the implementation of cost-effective home improvement solutions, including maintenance, repair of plumbing fixtures, and bath remodeling projects undertaken by residential consumers, is helping the faucet market to grow worldwide,” says Soumya Mutsuddi, a lead construction research expert from Technavio.

Technavio’s research study segments the global faucet market into the following regions:

  • Americas
  • EMEA
  • APAC

In 2015, with a market share of over 43%, APAC dominated the global faucet market, followed by EMEA with over 32% and the Americas with 24%.

APAC: largest market for faucets

The faucet market in APAC witnessed sales of 203 million units in 2015 and is expected to reach close to 300 million units by 2020, growing at a CAGR of over 8%. Growth in the construction market in the leading countries of APAC such as China and India will lead to a rise in demand for faucets during the forecast period. As a result of rising urban populations, the per capita annual disposable income of urban households in this region has significantly increased.

As a result of rising per capita annual income in APAC, Technavio analysts estimate the investment in the real estate segment to rise by 6% YoY to over USD 120 billion in 2015. Thus, high growth in the real estate segment in this region is driving the demand for residential and non-residential buildings, which in turn will propel the faucet market.

“Government initiatives and strategies to improve living standards and construction of housing units will drive the faucet market in APAC over the next five years. For instance, the government of India announced development plans for 100 smart cites in August 2015. This will benefit sanitary-ware companies, which in turn will fuel the growth of the faucet market,” says Soumya.

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Growth in tourism department fueling the faucet market in EMEA

The faucet market in EMEA is driven by increased investment in tourism development. For instance, the government of Saudi Arabia is focusing on projects such as the National Tourism Development Strategy, a 20-year plan, which was approved in 2005. This project aids in the construction of tourist projects and has identified 40 tourism development areas across Saudi Arabia.

Additionally, to keep the pace with the increased promotion of tourism by governments, international hotel brands are entering the market. Therefore, the rise in luxury hotel construction projects also stimulates growth in the faucet market. For instance, in April 2015, Accor announced plans to construct 10 hotels in Saudi Arabia by 2018.

Americas

The faucet market in the Americas witnessed sales of over 112 million units in 2015 and is expected to surpass 206 million units by 2020, growing at a CAGR of close to 13%. The US and Brazil are the two key leading countries in the Americas, wherein the US led the market with more than 55% market share, followed by Brazil with over 26% market share as of 2015.

The construction sector in the US showed a positive rebound in 2014 after years of slowdown since the recession in 2008. The construction market in the US is driven largely by the construction of offices, warehouses, and multi-family apartments. The improvement in the residential construction market will generate demand for new housing developments during 2015.

Some of the top vendors in the global faucet market highlighted in the report are:

  • Grohe
  • Kohler
  • Masco
  • Toto

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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