The global pull out and pull down kitchen faucet market is anticipated to gain impetus from the rising demand for modern kitchens. Fortune Business Insights, in a published report titled, “Pull Out/Down Kitchen Faucets Market: Global Market Analysis, Insights, and Forecast, 2018-2026,” states that the global pull out and pull down faucet market was valued at US$ 1,990.6 Mn in 2018. Fortune Business Insights have also declared that this market is likely to reach US$ 2,954.3 Mn by the end of 2026, thereby exhibiting a moderate CAGR of 5.1%.
The report classifies the global pull out and pull down kitchen faucet market on the bases of type, flow rate, application, distribution channel, material, install type, functionality, and geography. By functionality, the market is divided into manually operated, touchless, and hybrid. According to Fortune Business Insights, touchless pull out or pull down kitchen faucets that contains advanced sensor technologies are anticipated to exhibit higher adoption by the end-users.
The global pull out and pull down kitchen faucet market is geographically divided into Asia Pacific, Latin America, the Middle East and Africa, North America, and Europe. Amongst these, Latin America and North America together, currently hold approximately 45% share in the global pull out and pull down kitchen faucet market.
North America is projected to dominate the market throughout the forecast period. This is likely to occur due to the early adoption of advanced and modish kitchens. Asia Pacific, on the other hand, is anticipated to exhibit the highest CAGR during the forecast period between 2019-2026. Moreover, the ever-growing human population in the countries of this region is resulting in the construction of new homes. There has also been a rise in the income of people in this region, which is further causing a demand for smart kitchens and smart homes.
These factors are projected to drive the global pull out and pull down kitchen faucet market during the forecast period. In terms of market share, Europe is likely to remain in the second position due to people’s increasing interest in advanced technologies and also, in adopting modern lifestyles.