Rise in advanced technology in such taps for smart bathrooms upsurge growth of the market.
WILMINGTON, DELAWARE, UNITED STATES, April 4, 2024 /EINPresswire.com/ — According to the report, the global bathroom taps industry generated $17.2 billion in 2020, and is anticipated to generate $32.9 billion by 2030, witnessing a CAGR of 6.5% from 2021 to 2030. Bathroom tap is the valve that regulates flow of water in the bathroom. Bathroom taps are important components of bathrooms that are gaining popularity among both customers and producers. Smart taps are temperature sensors and efficiency sensors make it simple for every member of household to carefully regulate how much water they use in the kitchen or bathroom.
Prime determinants of growth
Surge in construction of malls and offices, rise in spending on home remodeling, and renovation of residential and non-residential bathrooms and toilets drive the growth of the global bathroom taps market. However, decrease in new construction activities in developed nations hinder the market growth. On the other hand, infrastructural development in African nations presents new opportunities in the coming years.
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The metal segment to maintain its leadership status throughout the forecast period
Based on material, the metal segment held the highest market share in 2020, accounting for nearly 88% of the global bathroom taps market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, this segment is projected to manifest the highest CAGR of 6.7% from 2021 to 2030. This is due to metal materials offer classic finish to taps. It fulfils the highest hygiene standards. Also, chemical acids, strong cleaning fluids, or hydrochloric compounds hardly affect this material. Another segment discussed in the report is plastic, which portray the CAGR of 4.6% from 2021 to 2030.
The residential segment to maintain its lead position during the forecast period
Based on end user, the residential segment accounted for the largest share in 2020, contributing to nearly three-fourths of the global bathroom taps market, and is projected to maintain its lead position during the forecast period. Moreover, this segment is expected to portray the largest CAGR of 6.8% from 2021 to 2030, owing to rise in construction and infrastructure development. However, the commercial segment projected to register a CAGR of 5.5% from 2021 to 2030.
Asia-Pacific, followed by Europe and North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by Europe and North America, held the highest market share in terms of revenue in 2020, accounting for nearly half of the global bathroom taps market. Moreover, this region is expected to witness the fastest CAGR of 7.6% from 2021 to 2030, owing to the high investment on commercial construction projects in the region. Other regions discussed in the report include North America, Europe, and LAMEA.
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Leading Market Players:-
CERA Sanitaryware Limited
Delta Faucet Company
Jaquar Group
Kohler Co.
LIXIL Corporation
MOEN Incorporated
MAC Faucets
MASCO Corporation
ROCA Sanitario S.A.
Eczacibasi Group (VITRA)
KEY FINDINGS OF THE STUDY
The report provides an extensive analysis of the current and emerging bathroom taps market trends and dynamics.
Depending on product type, the mixer taps segment has dominated the bathroom taps market, in terms of revenue in 2020.
By material, the metal segment has registered highest revenue in 2020.
Residential sector is projected to register highest growth rate in the coming years.
The key players within the bathroom taps market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the bathroom taps industry.
The report provides an extensive analysis of the current trends and emerging opportunities of the market.
In-depth bathroom taps analysis is conducted by constructing estimations for the key segments between 2021 and 2030.
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David Correa
Allied Market Research
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