LONDON--(BUSINESS WIRE)--The global residential digital faucets market is expected to grow at a CAGR of more than 10% during the period 2017-2021, according to a new market research study by Technavio.
The report presents a detailed analysis of the global residential digital faucets market by mode of operation (automated and manual); by mounting type (countertop and wall-mounted); by application (bathrooms and kitchen faucets); and by distribution channels (offline and online). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: growing home improvement market
The rising global housing market and growing home improvement market are expected to drive the growth of residential digital faucets. Property owners are investing heavily in their properties to attract new tenants. This is driving the growth of the home improvement industry in the Americas and Europe.
According to Tamal Saha, a lead analyst at Technavio for retail goods and services research, “The aging housing stock also drives the growth of the home improvement industry worldwide. With the growth in the global population and increase in the number of households, there is a huge demand from the housing industry. The construction of new houses and buildings is creating a demand for residential digital faucets. The home improvement market is expected to be a key market for the expansion of the global residential digital faucets market during the forecast period.”
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Market trend: growing online sales of digital faucets
The increasing online sales of digital faucets is an emerging trend that is expected to drive the global residential digital faucets market during the forecast period. Key leading vendors in the market such as Masco, LIXIL Group, and Spectrum Brands have shifted their business models toward the sale of products through online distribution channels. These vendors have a tie-up with various e-retailers such as Amazon.com, Home Depot Product Authority, build.com, and Lowe's to promote and market faucets and fittings.
Market challenge: longer replacement cycles of metallic faucets
Manufacturers and retailers are witnessing a decline in the number of new and repeat purchases of metallic faucets. This is because of longer product replacement cycles. This is a major challenge faced by emerging economies in APAC and MEA. Consumers in developing countries are not willing to spend repeatedly on home improvement because of their limited purchasing power. This results in longer product replacement cycles, which adversely affects repeat sales of the product. Metallic residential digital faucets face a challenge in terms of repeat sales, however this is off-set by the current rise in demand emerging from the boom in the residential construction industry.
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Key vendors in the market
- LIXIL Group
- Masco
- Spectrum Brands
- Zurn Industries
The global residential digital faucets market is concentrated with the presence of a few international and domestic players. Market vendors with superior technical support and financial resources have the potential to manufacture standard quality products. The key vendors are planning to expand in emerging regions such as APAC and MEA because they present a huge potential for growth. The market is expected to grow rapidly in emerging countries in APAC and MEA owing to the improving living standards, increasing purchasing power of residential consumers and the current boom in residential construction.
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