Dublin, April 30, 2021 (GLOBE NEWSWIRE) -- The "U.S. Faucet Market Size, Share & Trends Analysis Report by End User (Residential, Commercial), by Application (Kitchen, Bathroom), by Distribution Channel (E-commerce, Multi-brand Retailers), by Region, and Segment Forecasts, 2021-2028" report has been added to ResearchAndMarkets.com's offering.
The U.S. faucet market size is anticipated to reach USD 4.7 billion by 2028 and is expected to expand at a CAGR of 4.8% from 2021 to 2028.
Rising demand for home furnishings and fittings is driving the market. According to the Leading Indicator for Remodeling Activity (LIRA), home improvement spending grew at 6.0% annually in 2019.
The growing construction of smart homes and smart bathrooms can be attributed to an increasing number of consumers showing a preference for a spa-like experience at home. Digital faucets that operate on sensors serve as a means of conserving water and energy through different features such as reduced tap flow, digital temperature control settings, touchless technology, infrared tap technology, and timed settings.
The U.S. EPA WaterSense label on sink faucets and accessories indicates that they use a maximum of 1.5 gallons of water per minute, which reduces a sink's water flow by 30.0% compared to a standard flow of 2.2 gallons per minute. Thus, rising consciousness among consumers to save water is driving the demand for smart bathroom fittings and digital taps.
The COVID-19 pandemic has shaken every sector across the globe, and the hotel industry is among the hardest hit. The market in the commercial sector has been impacted on account of travel bans and lockdowns. The overall travel business has witnessed a considerable decline as a result of continued health concerns from the prolonged pandemic and a weakened economy, which hits many small companies.
As the disease prevails and economic uncertainty remains, there is a significant reduction in business travel (in terms of both trips and expenditure) as compared to pre-COVID-19 times. Reduced travels have affected the travel and hospitality industry immensely, thereby affecting the market.
The commercial segment is estimated to be the largest and fastest-growing segment in the coming years. Many players are offering premium and luxury taps, specially designed for the commercial sector. Moen Incorporated offers a wide variety of taps for the commercial sector and some of the latest innovations include M-Power, M-Dura, M-Press, and M-Bition. Similarly, Delta Faucet Company offers innovative commercial faucets for the hospitality sector.
The kitchen segment is estimated to be the fastest-growing segment. The increasing adoption of high-tech faucets is supporting the growth of the segment. According to Houzz, 57.0% of the homeowners had updated kitchen taps as part of a completed, current, or planned 2018-19 kitchen renovation. Out of these, 30.0% opted for water-efficient faucets, 24.0% opted for no fingerprint coatings faucets, and 22.0% preferred touch-only taps. The growing adoption of pull-out and pull-down faucets in order to achieve maximum reach and increase flexibility drives the demand for kitchen taps among millennials.
Companies such as Franke Kitchen Systems provide faucets that are outfitted and can be switched between the needle and full water spray, and swivel 360 degrees. The Franke 3-in-1 faucet is created to provide cold, hot, and distilled water for ensuring the use of pure and suitable temperature water in the kitchen.
U.S. Faucet Market Report Highlights
The commercial segment accounted for a revenue share of 67.1% in 2020 and is expected to witness a CAGR of 5.0% over the forecast period
The kitchen segment is expected to expand at the fastest CAGR of 5.6% from 2021 to 2028 and will be valued at USD 1,551.7 million by 2028
The multi-brand retailer segment was the largest segment in 2020 and was valued at USD 1,871.9 million, ascending with a CAGR of 4.6% over the forecast period
The west region of the U.S. was valued at USD 776.7 million in 2020, ascending with a CAGR of 5.5% over the forecast period, thereby expected to be valued at USD 1,193.5 million by 2028
Key Topics Covered:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. U.S. Faucet Market Variables, Trends & Scope
3.1. Market Introduction
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.4. Business Environment Analysis
3.5. Roadmap of U.S. Faucet Market
3.6. Market Entry Strategies
3.7. Impact of COVID-19 on the U.S. Faucet Market
Chapter 4. Consumer Behavior Analysis
4.1. Consumer Trends and Preferences
4.2. Factors Affecting Buying Decision
4.3. Consumer Product Adoption
4.4. Observations & Recommendations
Chapter 5. U.S. Faucet Market: End-user Estimates & Trend Analysis
5.1. End-user Movement Analysis & Market Share, 2018 & 2025
Chapter 6. U.S. Faucet Market: Application Estimates & Trend Analysis
6.1. Application Movement Analysis & Market Share, 2018 & 2025
Chapter 7. U.S. Faucet Market: Distribution Channel Estimates & Trend Analysis
7.1. Distribution Channel Movement Analysis & Market Share, 2018 & 2025
7.3. Multi-brand Retailers
7.4. Local Plumbing Supply Stores
Chapter 8. U.S. Faucet Market: Regional Estimates & Trend Analysis
Chapter 9. Competitive Analysis
9.1. Key global players, recent developments & their impact on the industry
9.2. Key Company/Competition Categorization (Key innovators, Market leaders, Emerging players)
9.3. Vendor Landscape
9.3.1. Key company market share analysis, 2020
Chapter 10. Company Profiles
10.1. Company Overview
10.2. Financial Performance
10.3. Product Benchmarking
10.4. Strategic Initiatives
American Standard Brands
GROHE America Inc.
Delta Faucet Company
For more information about this report visit https://www.researchandmarkets.com/r/1s6ded
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