Smart Faucets Market Analysis Report By Application, By Distribution Channel, By Region And Segment Forecasts From 2019 To 2025

Industry Insights

The global smart faucets market size was accounted for USD 301.9 million, in 2018 and is projected to grow at a significant rate of CAGR over the forecasted period, from 2019 to 2025. The increasing consumer shift towards the smart home system owing to its high convenience is projected to expand market growth. Moreover, these systems provide better control and monitoring of water usage in the household.

The growing popularity of smart technologies such as smart faucets, electronic appliances, and bathrooms is supporting market growth. These appliances are equipped with temperature gauges, motion sensors, and touch sensors. These integration elements help in monitoring and effectively controlling water consumption in the bathroom, and kitchens.

Furthermore, the product provides connectivity with the use of hands-free technology to meet customer needs. Touchless faucets are one key product derives through advent technology that helps in water-saving purposes. Conventional faucet uses a high amount of water that gets wasted, while smart faucets save the water from waste. These factors are anticipated to propel the demand for the product.

Major manufacturers focus on innovating new products through advanced technologies for the convenience of kitchen and bathroom service. Smart faucets are designed using artificial intelligence (AI) technology for smart connectivity and deliver high efficiency. This new product development and availability of various designs are projected to boost the market growth.

Application Insights

The smart faucet market is bifurcated into residential, and commercial based on application. In 2018, the commercial segment held the largest share of over 60.0% in the overall market. The growth is attributed to the growth of the hospitality industry especially in developed countries such as Germany, the U.S., and France. Moreover, the increasing business of tourist & travel is expected to increase the demand for touchless faucets in the next few years. In countries like India, and China the supportive government initiatives are positively impacting the market growth.

UAE invests heavily in developing residential, commercial, and tourist places. According to a study by Alpen Capital, the hospitality industry in the country is projected to grow at a CAGR of over 8.0% by the end of 2022. Thus, these factors are expected to foster the demand for the product in commercial applications.

Distribution Channel Insights

The distribution channels are bifurcated into brick & mortar and online. In 2018, the brick & mortar segment dominated the market with a share above 70.0% in the overall market. The company-owned stores such as Kohler provide product assistance with the help of sanitary-ware experts. For instance, in 2017, Villeroy & Boch plans to open a direct sales store for bathroom accessories in the North American market. These retailer plans are anticipated to gain in popularity which in turn is expected to increase the demand for the product.

The online channel is projected to grow at the highest CAGR of over 12.0% from 2019 to 2025. The online channels are expected to propel the market growth owing to their high convenience and ease of shopping experience. Moreover, the increasing number of smartphone users in Germany, India, China, and the U.S. is also boosting the segmental growth. Additionally, the internet and social media are influencing consumers to purchase products from online platforms.

Regional Insights

In 2018, North America held the largest market share of over 30.0% in the overall market. North America is the world’s largest tourism & travel destination followed by Canada, and Mexico. The developed infrastructure and hospitality sector is boosting the demand for smart faucets.

Asia Pacific is anticipated to grow at the CAGR of 12.7% during the forecasted period. The increasing construction buildings, infrastructure, and residential sector especially in India and China are projected to impact positively on market growth. Furthermore, the increasing number of specialty sanitary stores is expected to propel the demand for the product.

Smart Faucets Market Share Insights

Leading players in the market include Kohler Co., CERA Sanitaryware Limited, LIXIL Group Corporation, Villeroy & Boch, Masco Corporation, and Roca Sanitario, S.A. Furthermore, key players in the market are focusing on product innovations as a part of their strategy, owing to the continuous demand from the consumer base.

For instance, in 2018, DELTA Faucet Company launched a smart faucet that is integrated with Alexa with the help of artificial intelligence. It is also supportive of Wi-Fi connectivity and voice assistance.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2015 to 2025. For the purpose of this study, Million Insights has segmented the global smart faucets market report on the basis of application, distribution channel, and region:

• Application Outlook (Revenue, USD Million, 2015 - 2025)
    • Commercial
    • Residential

• Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
    • Brick & Mortar
    • Online

• Regional Outlook (Revenue, USD Million, 2015 - 2025)
    • North America
        • U.S.
    • Europe
        • U.K.
        • Germany
    • the Asia Pacific
        • China
        • India
        • Japan
    • Central & South America
        • Brazil
    • Middle East &Africa (MEA)