DUBLIN--(BUSINESS WIRE)--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.
The growing demand for household goods and accessories is driving the market. Spending on home renovations increased by 6.0% annually in 2019, according to the Leading Indicator of Rehabilitation Activity (LIRA).
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. The digital faucet running on the sensor serves as a means of saving water and energy through various functions such as faucet flow reduction, digital temperature control Settings, contactless technology, infrared faucet technology and timing 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. As a result, consumers' increasing awareness of water conservation is driving demand for smart bathroom accessories and digital faucets.
The COVID-19 pandemic has shaken every sector across the globe, and the hotel industry is among the hardest hit. As a result of the travel ban and blockade, markets in the commercial sector have been affected. The overall travel business has experienced a significant decline as the ongoing pandemic and weak economy have caused continued health problems for 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 sector is expected to be the largest and fastest growing in the coming years. Many players offer premium and luxury faucets designed specifically 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. Among them, 30.0% chose the water-saving faucet, 24.0% chose the one without fingerprint coating, and 22.0% preferred the touch-type faucet. The growing adoption of pull-out and pull-down faucets for maximum range and increased flexibility is driving demand for kitchen faucets among millennials.
Faucets from companies like Franke Kitchen Systems come with a complete set that switches between needle and full water and can rotate 360 degrees. The Franca Triple in One faucet is designed to provide cold, hot and distilled water, ensuring that the kitchen is using pure water at the right temperature.
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 is the largest in 2020, valued at $1,871.9 million and growing at 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