faucet Market Application Outlook (Revenue, USD Million; 2022 - 2030).

The global faucet market is expected to reach USD 36.7 billion by 2030 and expand at a CAGR of 7.4% from 2022 to 2030, according to a new report by Grand View Research, Inc. The faucet market is gaining high popularity due to growth in the real estate industry eventually increasing the construction of residential and commercial buildings that require faucet installations.

Faucet Market Segmentation

Grand View Research has segmented the global faucet market on the basis of, end user, application, distribution channel, and region:

Based on the End-userInsights, the market is segmented into Residentialand Commercial.

·       The commercial segment led the market and accounted for a 57% share of the global revenue in 2021. By the end of 2030, this segment is expected to witness the fastest CAGR of 7.5% during the forecast period.

·       The residential segment is anticipated to expand at the fastest CAGR of 7.2% from 2022 to 2030. The residential segment of the market has the highest spending potential from young house owners in affordable markets.

Based on the ApplicationInsights, the market is segmented into Bathroom, Kitchenand Others.

·       The bathroom segment led the market and accounted for a 42.2% share of the global revenue in 2021. The demand for faucets for bathroom applications is driven by the growing hospitality industry along with the rising real estate sector at the global level.

·       The kitchen segment is anticipated to expand at the fastest CAGR of 7.7% from 2022 to 2030. Increasing spending on home remodeling is driving the demand for advanced kitchen faucets.

Based on the Distribution ChannelInsights, the market is segmented into Online and Offline.

·       The online distribution channel is anticipated to make the largest contribution to the global market of over 7.7% of CAGR in 2022.

·       In terms of distribution channels, the offline segment dominated the market and accounted for the largest revenue share of 88.6% in 2021. Also, the segment is projected to witness a CAGR of 7.4% from 2022 to 2030.

FaucetRegional Outlook

·       North America

·       Europe

·       Asia Pacific

·       Central & South America

·       MEA

Key Companies Profile& Market Share Insights

The market includes both international and domestic participants. Key market players focus on strategies such as innovation and new product launches in retail, to enhance their portfolio offering in the market.

Some prominent players in the Faucet market include

·       Kohler Co.

·       Kraus, USA

·       American Standard Brands

·       Grohe America Inc.

·       Pfister

·       Delta Faucet Company

·       Moen Incorporated

·       Aqua Source Faucet

Order a free sample PDF of the Faucet Market Intelligence Study, published by Grand View Research.