Market Trends of Global Faucet Industry
This section covers the major market trends shaping the Faucet Market according to our research experts:
Rapid Urbanization Booming the Sector
One of the main elements fostering a good view for the industry is rapid urbanisation, together with strong expansion in the residential sector. The demand for elegant, ergonomically designed faucets that are practical to use and aesthetically pleasing is also rising as a result of changing lifestyles and rising levels of living. Other growth-promoting aspects include a variety of product improvements, such as the creation of touch-free, digital, and hybrid smart faucets with efficiency sensors and temperature metres. Fewer extended family members now live together, and the number of households has gradually increased as nuclear families have become more prevalent. Nearly 70% of those 65 and older resided with their adult children in 1850. Less than 15% of people still doing so in 2000. These demographic shifts are a reflection of broader societal trends that have increased the number of households globally, including industrialization, urbanisation, rising living standards (particularly for older persons), and immigration restrictions.
North America is Largest Market
North America had the highest revenue share. The increased expenditure on house renovations and repairs by people in North America is primarily responsible for the market rise. The increased expenditure on household renovations and repairs by consumers in North America is primarily responsible for the market's expansion. The demand for smart, multipurpose faucets has increased as commercial building construction has increased. The demand for smart faucets in the area is also being fueled by bathroom renovations in the residential sector.
