This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.
Smart Faucets Products Market Size, Share, & Trends Analysis Report (2023 – 2030)
GET A FREE SAMPLE
Report Overview
The global smart faucets market was valued at USD 5.2 billion in 2022 and is projected to grow at a CAGR of 10.7% from 2023 to 2030. The growing demand for smart home solutions is propelling the growth of the market. Smart faucets are gaining traction in the market owing to their convenience and the ability to save water. They are designed to be connected to a home network and can be easily controlled by a smartphone or tablet. They are also equipped with features such as hands-free operation and temperature control. This is resulting in the increasing adoption of smart faucets in residential and commercial applications.
Manufacturers are focusing on the development of new products to cater to the increasing demand for smart faucets. For instance, in February 2021, Delta Faucet launched the AVA kitchen faucet, which is an Alexa-enabled voice-activated faucet. The product has an integrated voice-activated technology, which allows users to control the flow of water with a simple voice command. Furthermore, in June 2021, Kohler Co. introduced the newly designed Sensate touchless pull-down kitchen faucet. The new product has a contemporary design and advanced features such as voice-activated technology, auto-off timer, and hands-free motion sensors.
Furthermore, the increasing number of smart cities is also driving the demand for smart faucets. For instance, in August 2021, the government of India launched the Smart Cities Mission, a flagship program to promote smart city projects in cities across the country. This initiative is expected to drive the market for smart faucets. Moreover, the growing trend of water conservation is also contributing to the growth of the market. Key market players are now focusing on developing products with the latest water-saving technologies. For instance, in July 2021, Moen Inc. launched the U by Moen smart faucet, which is designed to provide up to 70% water savings.
The emergence of IoT technology is also boosting the demand for smart faucets. Furthermore, the increasing demand for user-friendly products is driving the growth of the market. The increasing trend of automation is also driving the demand for smart faucets. Key market players are focusing on developing products with smart features to meet the growing demand. For instance, in April 2021, Hansgrohe launched the new Axor Citterio M SmartControl shower system. The product is equipped with a voice-activated technology that allows users to control the temperature, flow, and duration of their showers.
Product Insights
The smart faucet segment held the largest market share in 2020 and is expected to maintain its dominance over the forecast period. Increasing demand for smart faucets in residential and commercial applications is a major factor driving the market. Smart faucets are equipped with advanced features such as digital displays, temperature sensing, water flow control, and hands-free operation. Furthermore, increasing consumer awareness regarding water conservation and rising demand for convenience and comfort are some of the other factors driving the growth of the market.
The touchless faucets segment is estimated to expand at the fastest CAGR of 11.5% over the forecast period. Touchless faucets are equipped with advanced features such as motion sensors, voice commands, and hands-free operation. These faucets are gaining traction in residential, commercial, and industrial applications owing to their convenience and comfort. Furthermore, growing demand for convenience and comfort, consumer preference for eco-friendly solutions, and rising awareness regarding water conservation are some of the other factors driving the growth of the market.
Distribution Channel Insights
The supermarkets and hypermarkets segment held the major share of over 46% in 2022. Supermarkets and hypermarkets are the primary source for purchasing smart faucets due to their wider selection of products and the touch and feel experience. This segment is expected to witness growth due to the increasing inclination of customers towards supermarkets & hypermarkets for buying smart faucets and associated products.
The online segment is anticipated to expand at the highest CAGR of 12.2% over the forecast period. With the rise of eCommerce platforms, customers have become more comfortable shopping for smart faucet products online. Companies have also started to launch dedicated websites and shopping apps for smart faucet products to increase their brand visibility. For instance, in March 2021, Moen Inc., a U.S.-based manufacturer of smart faucets, launched its online store, shop.moen.com. The store offers a variety of Moen products and accessories and provides real-time product availability, images, and product descriptions.
Type Insights
The automated segment dominated the market with a revenue share of 59.2% in the year 2022. The rising demand for convenience and comfort is driving the demand for automated faucets. Additionally, the increasing use of motion sensors in automated faucets is a key factor fueling their demand. For instance, Moen Inc., a brand of Fortune Brands Home & Security, Inc., offers a variety of motion sensor faucets, such as the Moen MotionSense Wave, which allows users to start and stop water flow without touching the faucet. Furthermore, the increasing demand for water conservation is likely to propel the demand for automated faucets, as they are designed to reduce water wastage.
The manual segment is anticipated to expand at the highest CAGR of 9.7% over the forecast period. The increasing demand for manual faucets in residential and commercial spaces is driving the segment’s growth. Additionally, the rising trend of retro-styled products is driving the demand for manual faucets. For instance, in August 2020, Delta Faucet Company launched a manual faucet, the Cassidy Single Handle Pull-Down Kitchen Faucet, with a retro-styled design. The product is available in four classic finishes and is suitable for contemporary and traditional kitchen decor.
Regional Insights
Asia Pacific is anticipated to hold a major share of the global smart faucets market in the coming years. The main reasons behind this growth are the presence of a large number of smart faucet manufacturers in this region and the rising adoption of smart home technology. Moreover, countries such as China and India are expected to register significant growth in the smart faucets market over the forecast period. For instance, in August 2020, TOTO launched a new range of smart faucets in India.
North America is expected to register considerable growth in the smart faucets market owing to the presence of major players in this region. Moreover, the increasing adoption of smart home technology in the U.S. is expected to drive the demand for smart faucets in North America. For instance, in April 2021, Delta Faucet launched its first hands-free, touchless smart faucet.
Financial Projections
In this part of the smart faucets products 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 smart faucets products business. Usually, these projections are drafted for a 5-year period.
Revenue Assumptions
The main source of revenues for a smart faucets products business comes from sales of the products and possibly services related to the product. Here you will find a list with a description of each of them and other possible sources of profit such as advertising, product endorsements, and commissions from sales partners.
Projecting Expenses
In this section, all the regular expenses related to keeping the smart faucets products business running will be described. The list of operating expenses includes costs of materials, wages, marketing and advertising, research and development, software and technology, utilities, insurance policies, and others.
Key companies & market share insights
Some of the key companies operating in the smart faucets 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 Incorporated launched a new line of Wi-Fi-enabled smart faucets.
– In September 2022, Delta Faucet Company launched a line of voice-activated smart faucets.
– In October 2022, Kohler Co. launched a new line of smart faucets with touchless technology.
Some of the prominent players in the smart faucets market include:
– Moen Incorporated
– Delta Faucet Company
– Kohler Co.
– Hansgrohe Group
– American Standard Companies, Inc.
– Brizo
– TOTO Ltd.
– Grohe AG
– Roca Sanitario
– Masco Corporation
Global Smart Faucets Market Segmentation
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 smart faucets products market based on product type, distribution channel, and region:
1. Product Type Outlook (Revenue, USD Million, 2017 – 2030)
– Touchless
– Motion Sensing
– Voice Control
– Others
2. Distribution Channel Outlook (Revenue, USD Million, 2017 – 2030)
– Retail
– Online
– Others
3. Regional Outlook (Revenue, USD Million, 2017 – 2030)
– North America
– Europe
– Asia Pacific
– Central & South America
– Middle East & Africa
Frequently Asked Questions
[Q]: What are the Key Drivers of the Smart Faucet Market?
[A]: The rise in awareness about water conservation, development of advanced sensors, and the increasing availability of smart faucets are some of the major drivers of the smart faucet market. Additionally, the increasing demand for convenience and luxury from consumers is also driving the market.
[Q]: Who are the Major Players in the Smart Faucet Market?
[A]: Major players in the smart faucet market include Moen Incorporated, Hansgrohe AG, Masco Corporation, HAYWARD INDUSTRIES, Inc., LIXIL Group Corporation, Kohler Co., American Standard Brands, Newell Brands, TOTO Ltd., and GROHE AG.
[Q]: What are the Different Types of Smart Faucets?
[A]: The different types of smart faucets include touchless smart faucets, voice-activated smart faucets, and remote-controlled smart faucets.
[Q]: How is the Smart Faucet Market Expected to Grow in the Foreseeable Future?
[A]: The global smart faucet market is projected to register a CAGR of 12.1% during the forecast period. The rising adoption of smart technology in the residential sector is expected to drive the market.
[Q]: What are the Key Regions in the Smart Faucet Market?
[A]: North America is expected to dominate the market during the forecast period. This is due to the presence of several prominent players in the region, along with the increasing demand for smart faucets in the residential sector. The Asia-Pacific region is anticipated to experience significant growth in the market due to the growing demand for luxury products in the region.
Research Methodology
Impact Analytix employs a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. The company utilizes a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. In Addition, a recurring theme prevalent across all our research reports is data triangulation which looks market from three different perspectives. Critical elements of the methodology employed for all our studies include:
Preliminary data mining
Raw market data is obtained and collated on a broad front. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. For a comprehensive understanding of the market, it is essential to understand the complete value chain and in order to facilitate this; we collect data from raw material suppliers, distributors as well as buyers.
Technical issues and trends are obtained from surveys, technical symposia, and trade journals. Technical data is also gathered from an intellectual property perspective, focusing on white space and freedom of movement. Industry dynamics with respect to drivers, restraints, and pricing trends are also gathered. As a result, the material developed contains a wide range of original data that is then further cross-validated and authenticated with published sources.
Statistical model
Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously. These factors are studied on a comparative basis, and their impact over the forecast period is quantified with the help of correlation, regression, and time series analysis. Market forecasting is performed via a combination of economic tools, technological analysis, industry experience, and domain expertise.
Econometric models are generally used for short-term forecasting, while technological market models are used for long-term forecasting. These are based on an amalgamation of the technology landscape, regulatory frameworks, economic outlook, and business principles. A bottom-up approach to market estimation is preferred, with key regional markets analyzed as separate entities and integration of data to obtain global estimates. This is critical for a deep understanding of the industry as well as ensuring minimal errors. Some of the parameters considered for forecasting include:
Market drivers and restraints, along with their current and expected impact
Raw material scenario and supply v/s price trends
Regulatory scenario and expected developments
Current capacity and expected capacity additions up to 2030
We assign weights to these parameters and quantify their market impact using weighted average analysis, to derive an expected market growth rate.
Primary validation
This is the final step in estimating and forecasting our reports. Exhaustive primary interviews are conducted, face to face as well as over the phone to validate our findings and assumptions used to obtain them. Interviewees are approached from leading companies across the value chain including suppliers, technology providers, domain experts, and buyers so as to ensure a holistic and unbiased picture of the market. These interviews are conducted across the globe, with language barriers overcome with the aid of local staff and interpreters. Primary interviews not only help in data validation but also provide critical insights into the market, current business scenario, and future expectations and enhance the quality of our reports. All our estimates and forecast are verified through exhaustive primary research with Key Industry Participants (KIPs) which typically include:
Market-leading companies
Raw material suppliers
Product distributors
Buyers
The key objectives of primary research are as follows:
To validate our data in terms of accuracy and acceptability
To gain an insight into the current market and future expectations
To request a free sample copy of this report, please complete the form below.
We value your investment and offer free customization with every report to fulfil your exact research needs.
