Portland, OR, June 17, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research,the global faucet market generated $37.8 billion in 2019, and is estimated to reach $61.4 billion by 2026, registering a CAGR of 7.45% from 2020 to 2026.The report offers anextensive analysis of current trends, top winning strategies, competitive dashboard, major segments, and top investment pocket.
Increase in number of household units across the globe, rise in demand for premium faucets owing to increase in investment in luxury homes, and increase in urbanizationdrive the growth of the global faucet market. However, availability of counterfeit brands and ready availability of substandard faucets hinder the market growth. On the other hand, development of smart faucets by manufacturers and increase in demand for smart/electronic faucets create new opportunities in the coming years.
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Covid-19 scenario:
- During the coronavirus pandemic,the manufacturing of the faucets has been stopped due to lockdown across the globe. New investment plans have been revised.
- Consumers have started using touchless faucets across the globe to avoid the transmission ofcoronavirus.However, the manufacturing activity of new touchless faucets has been interrupted.
The report offers a detailed segmentation of the global faucetmarket based onapplication, product type, material, end user, and region.
Based on product type, the manual segment contributed to the largest share in 2020, accounting for more than four-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, theelectronic segment is expected to register the highest CAGR of 10.3% from 2020 to 2026.
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Based on end user, the residential segment accounted for the largest share in 2020, holding more than four-fifths of the total share, and is expected to maintain the largest share throughout the forecast period. However, the commercial segment is estimated to portray the highest CAGR of 12.8% during the forecast period.
Based on region, Asia-Pacific contributed the highest share, accounting for nearly three-fifths of the total market share in 2020, and will maintain its dominance throughout the forecast period. Moreover, this segment is estimated to portray the highest CAGR of 8.1% from 2020 to 2026. The report also analyzes the major regions such as North America, Europe and LAMEA.
Leading market players analyzed in the research include LIXIL Group Corporation, Sloan Valve Company, MASCO corporation, Paini (UK) Ltd, Fortune Brands Home & Security, Inc., Roca Sanitario S.A, TOTO Ltd., Spectrum Brands, Danze, Inc., and Rohl LLC..
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.