According to the market report published by Future Market Insights titled ‘Water Sink Market: Global Industry Analysis (2013 – 2017) & Opportunity Assessment (2018 – 2027),’ the revenue generated by the water sink market is estimated to be valued at over US$ 41,181.5 Mn in 2018, which is projected to increase at a CAGR of 2.8% during the forecast period (2018-2027).
The global water sink market has been surging in terms of value sales over the past couple of decades, which can be attributed to an increase in the demand for various water products such as drop-in water sinks, pedestal water sinks, top-mount water sinks, under mount water sinks, wall mount water sinks as well as farmhouse water sinks. The desire of consumers to maintain the attractiveness of the interiors of their properties to encourage positive vibes drives them to maintain the interiors of their kitchens and bathrooms as well to boost cleanliness and comfort. Hence, the installation of newly upgraded water sinks in kitchens and bathrooms helps cater to the varying preferences and needs of target customers.
Over the years, the global water sink market has evolved tremendously in terms of product offerings and quality. With a stream of smartphones and upgraded of electronic equipment gaining traction among the target segments, the global water sink market is striving to offer efficient services. In the premier segment, the new generation of smart sinks provide additional services such as the dispensing of liquid soap and water, drying out one’s hands, etc. The AER-DEC Integrated Sink System by Sloan is an example of a smart water sink that is being designed to be efficient as well as hygienic.
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The consumers of today are more inclined to nature-based interior designs that give the perception of a more spacious and authentic look from the inside. Hence, most water sink manufacturers are aiming at creating nature-oriented water sink products for households as well as commercial segments. For instance, vessel water sinks and traditional farmhouse water sinks have become among the most preferred water sink products among target customers. Hand-carved stone on water sinks provide a splendour touch to the products and provide a lasting impression in the minds of consumers.
As customers are confused while choosing the colours of water sinks, there has been an increase in the preference for monochrome style kitchens and bathrooms, which keep the black and white colours consistent. Matte black is another upcoming colour used in bathroom faucets, hardware as well as water sink products as it provides an overall natural and luxurious look.
Moreover, increasing population and rise in the adoption of e-commerce for selling products across the world has led to a surge in the growth of B2C businesses across various domains. Over the years, there has been a drastic change in consumer behaviour, and consumers are shifting more towards seeking products online and purchasing various products, such as FMCG products, clothes and others, through e-commerce. The growth of the global online sales channel, along with an increase in the product portfolio through the launch of new products, is projected to further accelerate the growth of the market. E-commerce platforms provide the promotion of products and services as well as their easy delivery to the target customers. Thus, e-commerce is an influential component responsible for the growth of the global water sink market over the forecast period.
Key Players in the Water Sink Market
Detailed profiles of companies are also included in the report to evaluate their strategies, key product offerings and recent developments. Some of the key players profiled in this market study include Franke Kitchen Systems, LLC; Elkay Manufacturing Company; Moen Incorporated; Crown Products (Kent) Limited; Roca Sanitario, S.A.; ROHL LLC.; LIXIL Corporation (American Standard Brand); Huida Sanitary Ware Co., Ltd.; JULIEN INC.; Whitehaus Collection; Kohler Co. (Sterling); Mountain Plumbing Products; Stern-Williams Co. Inc.; Schock GmbH; Vigo Industries; TOTO USA, Inc.; Kraus USA INC.; The London Basin Company and Tasman Sinkware Pty Ltd.