Strong Growth Forecast For Faucet Market

The global faucet market size is anticipated to expand at a compound annual growth rate (CAGR) of 6.8 per cent from 2021 to 2028, says a report from Grand View Research. It says the rapid growth of the bathroom fittings industry is presenting lucrative opportunities for faucets as a result of the rising demand for modernized bathrooms and kitchens. In terms of value, the commercial segment dominated the market and accounted for the largest revenue share globally. The segment is estimated to witness fastest growth over the forecast period. In terms of application, bathrooms are estimated to have the largest share in the market. Demand for faucets for bathroom applications is driven by the growing hospitality industry along with the rising real estate sector on a global level. The distribution channel offline segment is estimated to have the largest share in the market. Brick-and-mortar stores are the most preferred distribution channel due the opportunity to view and compare products and the provision of detailed instructions about installation by the product specialists. North America held the largest revenue share in 2020. The market growth is mainly attributed to the increased spending on residential renovations and repairs.