Residential Digital Faucets Market to grow by USD 2,198.09 million from 2022 to 2027
NEW YORK, July 10, 2023 /PRNewswire/ -- The residential digital faucets market size is set to grow by USD 2,198.09 million from 2022 to 2027 and register a CAGR of 6.73%, according to Technavio's latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Technavio offers an up-to-date analysis of the current global market scenario and the overall market environment. View Sample Report
The report also covers the following areas:
Residential Digital Faucets Market size
Residential Digital Faucets Market Trends
Residential Digital Faucets Market industry analysis
Residential Digital Faucets Market 2023-2027: Segmentation
Type
Distribution Channel
Geography
The offline segment will contribute to the largest share of this segment. For digital faucets, speciality stores can be highly effective offline sales channels. Speciality stores draw the attention of customers who are particularly looking for products related to their niche. These stores can capture attract customers who are interested in upgrading their bathroom or kitchen with new and advanced fixtures, by emphasising digital faucets. Speciality stores tend to deliver a broad range of digital faucets, including various brands, styles, and price points. However, this variety enables customers to compare options and find the faucet that best matches their priorities and budget. Moreover, physical stores deliver an option for customers to experience and interact with digital faucets firsthand. Speciality stores can have working models or displays that showcase the features and functionalities of these faucets and such factors will boost segment growth during the forecast period.
Residential Digital Faucets Market 2023-2027: Vendor Analysis and Scope
Some of the major vendors of the residential digital faucets market include Acquaviva India Pvt. Ltd., BRIZO KITCHEN and BATH CO, CERA Sanitaryware Ltd., Danube Group, Elkay Manufacturing Co., Euronics Industries Pvt. Ltd., Jaquar Group, Kajaria Ceramics Ltd., Kohler Co., Kraus USA Inc., LIXIL Corp., Masco Corp., Moen Inc., Oras Ltd., Prism Johnson Ltd., RN Valves and Faucets, Roca Sanitario SA, Stanley Black and Decker Inc., Taiwan Kingbird Enterprises Inc., and Toto Ltd. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ vendors operating in the market. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the residential digital faucets market are designed to provide entry support, customer profile & M&As as well as go-to-market strategy support.
Vendor Offerings
Aqua Viva India Pvt. Ltd. - The company offers residential digital faucets such as deck-mounted and wall mounted.
Danube Group - The company offers residential digital faucets under the brand Milano.
Elkay Manufacturing Co. - The company offers residential digital faucets such as Chrome, deck mount, wall mount.
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Residential Digital Faucets Market – Market DynamicsKey factor driving market growth
The increasing consumer expenditure on bathroom and kitchen remodeling is notably driving market growth. Generally, residential digital faucets are used in bathroom and kitchen applications, such as sinks, washbasins, bidets, and sanitary wares. Customers are expanding their expenses more on modern bathroom applications, like digital faucets. Home digital faucets make up a substantial part of this expenditure. Moreover, in the United States, customers are motivated to pay more for these products owing to recent technological developments like flow monitoring, temperature control, and better designs of homes' Digital Faucets. There has been an increase in the amount of money spent on luxury bathrooms in developing economies like India since 2014. Consumer spending on luxury bathroom services in India was increasing at a more rapid rate than that for smaller and midsized bathrooms in 2012. Customer expenditure on luxury bathroom products in India is predicted to grow at a substantial rate. The increasing consumer expenditure overall on bathroom and kitchen remodeling globally will be a significant factor in driving the growth of the global residential faucets market during the forecast period.
Major Trend
The strong distribution network between manufacturers and retailers is an emerging trend shaping the residential digital faucets market. The increase of focus to improve their distribution network with retailers and online channel partners is being put by the vendors in the worldwide digital home faucets market as they strive to better establish themselves globally. In India, CERA is one of the primary residential digital faucet manufacturers. However, brand presence in retail outlets is necessary for significant vendors in developing countries such as China and India, where unorganized players still play a dominant role in the market. Moreover, the vendors emphasize on supporting their presence on e-commerce platforms through partnerships with online vendors, such as Amazon, Alibaba, and The Home Depot. It motivated established retailers to take on e-commerce because of the challenge posed by unorganized players in these portals. Therefore, major vendors in the global residential digital faucets market will adopt further strategies to support their distribution network with both online and offline partners during the forecast period.
Significant Challenge
The high cost of residential digital faucets is a major challenge hindering market growth. In the global market, the major factor affecting their adoption is the high cost of installing these Digital Household Faucets. In general, brass is the main material used to make faucets. Electronic components, e.g., sensors, are also part of the Digital Faucets at home. Thus, the manufacturing cost of these digital faucets is high, and it became one of the main reasons underlying the lower adoption of these products in emerging markets. However, the constant growth in raw material prices will add to the overall manufacturing cost of residential digital faucets. Prices are set to rise as a result of increased demand from different end-user industries for brass and copper. The growth in raw material prices will have a significant impact on the manufacturing cost of residential digital faucets. Therefore, the prices of residential digital faucets may rise, which may impede their adoption during the forecast period.
Residential Digital Faucets Market 2023-2027: Key Highlights
CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist residential digital faucets market growth during the next five years
Estimation of the residential digital faucets market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behaviour
The growth of the residential digital faucets market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of residential digital faucets market vendors
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Residential Digital Faucets Market Scope
Report Coverage
Details
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 6.73%
Market growth 2023-2027
USD 2,198.09 million
Market structure
Fragmented
YoY growth 2022-2023(%)
6.11
Regional analysis
North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution
APAC at 29%
Key countries
US, Canada, China, Japan, and UK
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
Acquaviva India Pvt. Ltd., BRIZO KITCHEN and BATH CO, CERA Sanitaryware Ltd., Danube Group, Elkay Manufacturing Co., Euronics Industries Pvt. Ltd., Jaquar Group, Kajaria Ceramics Ltd., Kohler Co., Kraus USA Inc., LIXIL Corp., Masco Corp., Moen Inc., Oras Ltd., Prism Johnson Ltd., RN Valves and Faucets, Roca Sanitario SA, Stanley Black and Decker Inc., Taiwan Kingbird Enterprises Inc., and Toto Ltd.
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of contents
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.2 Market segment analysis
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
4 Historic Market Size
4.1 Global residential digital faucets market 2017 - 2021
4.2 Type Segment Analysis 2017 - 2021
4.3 Distribution Channel Segment Analysis 2017 - 2021
4.4 Geography Segment Analysis 2017 - 2021
4.5 Country Segment Analysis 2017 - 2021
5 Five Forces Analysis
5.1 Five forces summary
5.2 Bargaining power of buyers
5.3 Bargaining power of suppliers
5.4 Threat of new entrants
5.5 Threat of substitutes
5.6 Threat of rivalry
5.7 Market condition
6 Market Segmentation by Type
6.1 Market segments
6.2 Comparison by Type
6.3 Automated - Market size and forecast 2022-2027
6.4 Manual - Market size and forecast 2022-2027
6.5 Market opportunity by Type
7 Market Segmentation by Distribution Channel
7.1 Market segments
7.2 Comparison by Distribution Channel
7.3 Offline - Market size and forecast 2022-2027
7.4 Online - Market size and forecast 2022-2027
7.5 Market opportunity by Distribution Channel
8 Customer Landscape
8.1 Customer landscape overview
9 Geographic Landscape
9.1 Geographic segmentation
9.2 Geographic comparison
9.3 North America - Market size and forecast 2022-2027
9.4 Europe - Market size and forecast 2022-2027
9.5 APAC - Market size and forecast 2022-2027
9.6 South America - Market size and forecast 2022-2027
9.7 Middle East and Africa - Market size and forecast 2022-2027
9.8 US - Market size and forecast 2022-2027
9.9 China - Market size and forecast 2022-2027
9.10 UK - Market size and forecast 2022-2027
9.11 Japan - Market size and forecast 2022-2027
9.12 Canada - Market size and forecast 2022-2027
9.13 Market opportunity by geography
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
11.3 Landscape disruption
11.4 Industry risks
12 Vendor Analysis
12.1 Vendors covered
12.2 Market positioning of vendors
12.3 Acquaviva India Pvt. Ltd.
12.4 CERA Sanitaryware Ltd.
12.5 Danube Group
12.6 Elkay Manufacturing Co.
12.7 Jaquar Group
12.8 Kajaria Ceramics Ltd.
12.9 Kohler Co.
12.10 Kraus USA Inc.
12.11 LIXIL Corp.
12.12 Masco Corp.
12.13 Moen Inc.
12.14 Oras Ltd.
12.15 Roca Sanitario SA
12.16 Stanley Black and Decker Inc.
12.17 Toto Ltd.
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
13.3 Currency conversion rates for US$
13.4 Research methodology
13.5 List of abbreviations
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