The global smart faucets market is estimated to reach USD 667.3 million, by 2025, and is projected to grow at a CAGR of 12.0% from 2019 to 2025, according to a new report by Million Insights. The increasing penetration of smart home connectivity technology due to the rising luxury lifestyle changes among middle class age group mainly contributing to market growth. In addition, the growing tourism & travel sector especially in countries such as the India, Germany, China and France is boosting the demand for the product.
The growth of the hospitality industry especially in developed countries such as Germany, the U.S., and France is increasing market growth. According to Department of Commerce, the number of foreign travelers coming in the U.S. is growing at a rate of 2.7% in the past three years. Moreover, the increasing business of tourist & travel is expected to increase the demand for the touchless faucets in the next few years.
For instance, in 2018, Rosewood hotels & resorts has announced to open luxurious hotel in U.S. moreover, the company is also planning to open 150 room hotels in the Texas. These expansions are expected to boost the demand for the product in the North American market.
North America dominated the smart faucet market in 2018, owing to the increasing penetration of internet in the U.S. Moreover, the manufacturers focus on developing new products based on smart technology. These new product innovations are expected to increase the demand for faucets.
For instance, in 2017, Kohler Co., introduced experience centers to improve the scope of their exclusive stores. These centers helps in engaging with customers, and understanding consumer buying behavior. These experiences, and engagement allows companies focus on targeting consumer base to gain advantage over other players. Kohler is spread across the major cities such as London, Los Angeles, New York, Shanghai, Singapore, New Delhi, Hong Kong, Dubai, Bangkok, and Taipei.
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Further key findings from the report suggest:
• In 2018, North America attributed to the highest market share of over 30.0% in the overall market, owing to rising hospitality sector.
• Based on the application, commercial segment held the market share over 60% in 2018.
• Asia Pacific is projected to grow at the CAGR of 4.8% from 2019 to 2025.
• Brick and mortar channel dominated the smart faucets market with share of over 70.0% in 2018.
• Major players in the market are Kohler Co., CERA Sanitaryw are Limited, LIXIL Group Corporation, Villeroy&Boch, Masco Corporation, and Roca Sanitario.
Million Insights has segmented the global smart faucets market based on application, distribution channel, and region:
Smart Faucets Application Outlook (Revenue, USD Million, 2015 - 2025)
Smart Faucets Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
• Brick & Mortar
Smart Faucets Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa