The global faucet products market was valued at USD 82.8 billion in 2022 and is projected to expand at a CAGR of 5.8% from 2023 to 2030. Faucets are increasingly being installed in residential kitchens, bathrooms, and other commercial places due to the convenience and comfort they offer. Furthermore, the increasing trend of smart homes has led to the growing demand for smart faucets with superior functions and aesthetic designs. Moreover, manufacturers are also incorporating sensors in faucets, which offer convenience and help to conserve water.

The increasing popularity of luxury faucets is expected to have a positive impact on the market. Manufacturers are introducing innovative designs, materials, and finishes that can elevate the look and feel of the bathroom and kitchen. Furthermore, the growing trend of installing luxurious faucets in commercial places, such as hotels and restaurants, is expected to boost the market’s growth. For instance, in March 2021, Moen launched a range of luxury faucets with a modern and functional design. The product range includes several finishes, including chrome, stainless steel, and nickel.

The increasing demand for touchless faucets is another factor propelling the market growth. Touchless faucets are gaining popularity due to the convenience they offer and the ability to save water. Furthermore, the introduction of voice-activated faucets is expected to further boost the market growth. For instance, in November 2021, Delta launched a voice-activated faucet that responds to voice commands, such as “turn on” and “turn off”.

In addition, the increasing trend of green buildings is expected to drive the demand for faucets. Green buildings are designed to use resources efficiently, reduce energy consumption, and minimize water consumption. Thus, green buildings are increasingly being installed in residential and commercial places, which is expected to drive the demand for faucets that reduce water consumption. Moreover, manufacturers are introducing faucets that are designed to reduce water consumption by more than 50%. For instance, in March 2021, American Standard launched a range of faucets that are designed to reduce water consumption by more than 50%.

Furthermore, the increasing focus on sustainability has led to the introduction of green faucets. Manufacturers are introducing faucets with recycled materials and energy-efficient designs. For instance, in May 2021, Moen launched a range of green faucets that are made from recycled materials and are designed to reduce water consumption. The growing demand for such products is expected to further support the market growth.

The kitchen segment accounted for the largest market share in 2022. This is mainly attributed to the increasing demand for faucet products in the kitchen such as pull-down faucets, pot-fillers, bar faucets, and others. According to an article published by Forbes in October 2019, the kitchen is the most important room in the house and the most expensive to remodel. This is driving the demand for luxurious and expensive kitchen faucets, which is further propelling the growth of the kitchen faucet market.

The bathroom segment is anticipated to register the highest CAGR of 8.7% over the forecast period. This is mainly due to the increasing renovation of bathrooms and demand for luxurious bathroom faucets. According to an article published by Glo, in December 2019 31% of the Americans plan to upgrade their bathrooms this year. Moreover, the increasing availability of smart and automated bathroom faucets is boosting the growth of the market.

The home improvement stores segment is anticipated to register the highest CAGR of 6.4% over the forecast period. Home improvement stores offer a wide range of faucet products, from traditional designs to the latest styles, making them a popular choice among consumers. To capitalize on the growing demand, several stores are launching their own private label or store brand faucets. For instance, in May 2021, Lowe’s Home Improvement announced the launch of its store brand faucet collection, called “Luxury for Less.” The store brand includes a wide range of products, including pull-down, pull-out, bar, and wall-mounted faucets, and is available in a variety of finishes, styles, and colors.

The online segment is expected to expand at a CAGR of 4.6% over the forecast period. This growth is mainly attributed to the increasing preference of consumers to shop online due to the convenience and wide range of products available at competitive prices. Several e-commerce websites offer a wide selection of faucets from different brands, enabling consumers to compare products and prices. Furthermore, online stores often offer discounts and free shipping, further increasing the demand for faucets online.

The pull-down segment accounted for the largest revenue share of 44.3% in the year 2022. The surge in the number of households and commercial establishments worldwide has created the demand for faucets, which is driving the market. Moreover, manufacturers are providing innovative pull-down faucets with features such as motion sensing technology and adjustable water flow. For instance, in December 2020, Moen, Inc., introduced U by Moen, a voice-controlled system for faucets, showers and toilets. The product operates with Amazon Alexa, Apple HomeKit and Google Assistant, allowing users to control their showers and faucets with voice commands.

The wall mount segment is anticipated to expand at the highest CAGR of 8.3% over the forecast period. The increasing demand for wall mount faucets among the residential and commercial customers, primarily due to the variety of designs and cost-effectiveness, is propelling the segment. This type of faucet requires less space for installation, compared to other types. Moreover, the increasing popularity of smart faucets with motion-sensing technology is expected to boost the segment during the forecast period.

Europe dominated the market and accounted for the largest revenue share of over 34.6% in 2022. This can be attributed to the presence of several prominent players in the region, such as Grohe, Roca, and Kohler, who manufacture high-quality products. Additionally, the increasing demand for technologically advanced products has further driven the growth of the market in the region. For instance, in October 2021, Grohe AG, a German sanitary fittings manufacturer, launched its new range of faucets, which are equipped with the latest technologies and features, such as voice control, touchless operation, and smart sensors.

Asia Pacific is expected to witness the fastest growth during the forecast period. The growing construction activities in the region and the rising demand for aesthetically pleasing fixtures are some of the key factors driving the growth of the market. Moreover, the increasing disposable income of consumers is expected to fuel the demand for luxury and premium products. For instance, in October 2021, Singapore-based faucet manufacturer, KRAFT, launched its range of luxury faucets, which are made from high-quality materials and are equipped with the latest technologies.

In this part of the faucet product business plan we will provide a detailed breakdown of all income and expense categories of the business. These forecasts include cash flow projections and capital requirements for your faucet product business. Usually, these projections are drafted for a 5-year period.

Revenue Assumptions

The main source of revenues for a faucet product business comes from sales of faucets, accessories, and parts. Here you will find a list with a description of each of them and other possible sources of profit such as repairs and installation services.

Projecting Expenses

In this section, all the regular expenses related to keeping the faucet product business running will be described. The list of operating expenses includes wages, inventory, transportation, maintenance and repairs, utilities, rent, insurance policies, advertising, and others.

Some of the key companies operating in the faucet products market are increasingly focusing on product launches and expansion of the distribution channel to gain prominent visibility among consumers. Some of the initiatives are:

– In June 2022, Moen Inc. launched the Moen Essie, a new series of faucets featuring an ergonomic design for user convenience.

– In August 2022, Delta Faucet Company launched the Delta Windemere series of faucets, which feature a sleek and modern design.

– In October 2022, Kohler Co. launched the Purist Collection of faucets, which are designed for enhanced durability and ease of use.

Some of the prominent players in the faucet products market include:

– Moen Inc.
– Delta Faucet Company
– Kohler Co.
– American Standard Brands
– LIXIL Group
– Hansgrohe AG
– GROHE AG
– TOTO Ltd.
– Jaquar & Company Pvt. Ltd.
– Masco Corporation

This report forecasts growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global faucet products market based on product type, distribution channel, and region:

1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)

– Kitchen Faucets
– Bathroom Faucets
– Others

2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)

– Online
– Offline

3. Regional Outlook (Revenue, USD Million, 2017 – 2030)

– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa

[Q]: What is the growth potential of the global faucet products market?
[A]: The global faucet products market is estimated to grow at a CAGR of 5.3% from 2020 to 2027. Increasing demand from the residential and commercial sectors is expected to be the primary driver of the global faucet products market. Furthermore, increasing investments in infrastructure development, rapid urbanization, and increasing disposable income are some of the other factors driving the market.

[Q]: Who are the key players in the global faucet products market?
[A]: Major players operating in the global faucet products market are Kohler, LIXIL Group Corporation, American Standard Brands, Grohe AG, Masco Corporation, Moen Incorporated, Hansgrohe, Delta Faucet Company, TOTO Ltd., Roca Sanitario S.A., and KWC Group.

[Q]: What are the different types of faucet products available in the market?
[A]: The types of faucet products available in the market include kitchen faucets, bathroom faucets, laundry faucets, and others. Kitchen faucets are estimated to be the most prominent type of faucet product, followed by bathroom faucets.

[Q]: Which region offers the largest opportunity for sales of faucet products?
[A]: Asia Pacific is expected to be the largest and most lucrative market for faucet products, with an absolute dollar opportunity of $7 B (USD). This is primarily attributed to the presence of a large population, increasing disposable income, and rapid urbanization in the region.

[Q]: What are the factors driving the global faucet products market?
[A]: Key factors driving the global faucet products market include increasing demand from the residential and commercial sectors, increasing investments in infrastructure development, and rapid urbanization. Furthermore, increasing disposable income and the introduction of low-cost, energy-efficient faucets are also expected to drive the global faucet products market.