U.S. Faucet Market: E-Commerce Segment Is Estimated To Be The Fastest-Growing Segment

 U.S. Faucet Industry Overview

The U.S. faucet market size is anticipated to reach USD 4.7 billion by 2028, according to a new report by Grand View Research, Inc. The market 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.

Multi-brand retailers are the largest shareholder in the distribution channel segment. Corporate firms, government organizations, and large builders prefer direct association with faucet manufacturers. For this purpose, annual contracts and tenders are released for a continuous supply of taps. As these B2B sales require proper interaction for a better understanding of minute details, offline sales for commercial applications have been dominating the market.

 

U.S. Faucet Market Segmentation

Grand View Research has segmented the U.S. faucet market on the basis of end-user, application, distribution channel, and region:

Based on the End-user Insights, the market is segmented into Residential, and Commercial.

  • The commercial segment dominated the U.S. faucet market and accounted for the largest revenue share of 67.1% in 2020. This high share is attributed to the prominent demand for top-notch restroom-related facilities in malls and shopping complexes to make customers feel pampered and special.

 

  • The residential segment is estimated to witness a CAGR of 4.4% over the forecast period. High spending on household accessories by younger house owners is driving the residential segment. The demand for faucets in the residential sector is driven by growing urbanization and increased spending on home remodeling.

 

Based on the Application Insights, the market is segmented into Kitchen, Bathroom, and Others.

  • The bathroom segment dominated the market and accounted for the largest share of 48.5% in 2020. The demand for faucets for bathroom applications is driven by the growing hospitality industry along with the growing real estate sector in the country. The positive outlook toward the housing sector as a result of urbanization and the rising disposable income of the population is expected to drive the demand for bathroom accessories.

 

  • The kitchen segment is estimated to be the fastest-growing segment, ascending with a CAGR of 5.6% over the forecast period. The increasing adoption of high-tech faucets is supporting the growth of the segment. According to Houzz, 57.9% of the homeowners had updated kitchen faucets as part of a completed, current, or planned 2018-19 kitchen renovation.

 

Based on the Distribution Channel Insights, the market is segmented into E-commerce, Multi-brand Retailers, and Local Plumbing Supply Stores.

  • This high share is attributed to the fact that multi-brand retail stores are the most preferred distribution channel owing to their provision of detailed instructions about installation by product specialists. Furthermore, corporate firms, government organizations, and large builders prefer direct association with faucet manufacturers.

 

  • The e-commerce segment is estimated to be the fastest-growing segment, ascending with a CAGR of 6.1% over the forecast period. The e-commerce distribution channel is witnessing momentum as the market players are focusing on the marketing of their products through various digital media platforms. 

 

Key Companies & Market Share Insights

The key players account for a significant market share and have a strong presence across the country. Moreover, the market comprises small to midsized players, who offer a selected range of faucets and mostly serve local customers. In order to bolster their brand visibility, gain new customers, and drive revenue growth, several faucet manufacturers in the U.S. are participating in national as well as international events. For instance, in January 2020, Delta Faucet Company launched its new collections and technologies at the 2020 Kitchen and Bath Industry Show (KBIS) in Las Vegas, United States. The company’s new products and technologies on display include Coranto Kitchen Collection, Emmeline Kitchen Collection, Delta Glass Rinser, Kayra Bath Collection, and Trillian Bath Collection. Some of the prominent players in the U.S. faucet market include:

  • Kohler Co
  • Kraus, USA
  • American Standard Brands
  • GROHE America Inc.
  • Pfister
  • Delta Faucet Company
  • Moen Incorporated
  • AquaSource Faucet

 

Order a free sample PDF of the U.S. Faucet Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

Sherry James

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Grand View Research, Inc.

Phone: 1-415-349-0058

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Email: sales@grandviewresearch.com

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