According to the latest research, sales of light water tap market is projected to grow to be worth US$ 475.88 million in 2023 and to see a CAGR of 5.2% from 2023 to 2033, reaching US$ 790.06 million in 2033.
Demand for water tap might witness substantial growth post suffering a drop in demand and sales throughout the COVID-19 pandemic period. Post-pandemic the anticipated growth in the residential sector is expected to see a rise in demand for water tap.
What is Driving Demand for Light Water Tap?
Manufacturers are increasingly adopting the notion of a decorative bathroom with modern and efficient accessories, owing to rising concerns about cleanliness standards and energy conservation, as well as the rise of smart technologies.
Light bathroom taps are an essential accessory that is garnering increased attention from both customers and producers. Manufacturers are now offering a wide choice of taps for both the household and commercial markets, due to the development of novel technologies.
One of the key factors driving the worldwide bathroom taps market’s growth is rising consumer disposable income. The market for water taps is predicted to grow in response to rising customer demand for home remodeling and stylish & bathroom accessories.
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During the forecast period, the introduction of light taps, with the goal of ensuring improved cleanliness standards and water saving, is also likely to boost market expansion.
Trend of Government Schemes for Real Estate Likely to Augment Sales
Various governments around the world have implemented various programs to offer concrete residences to persons in the medium and lower income groups. For example, the Indian government plans to build approximately 11 crore housing units, including developments to address the current shortage of about 6 crore units.
Furthermore, by 2022, the government intends to offer homes to all Indian people. Housing demand is nearly evenly spread in urban and rural areas, ranging from 5 to 6 crore units, and consists mostly of inexpensive homes with ornamental accessories. As a result, with the arrival of new residential and commercial enterprises, demand for light water taps and other items is likely to skyrocket.
Impact of COVID-19 on Light Water Tap Market
The coronavirus outbreak has had a substantial influence on not only a variety of businesses, but also on all stages of their supply chains and value chains. Consumer goods is one such business that is currently experiencing difficulties as a result of the pandemic.
Raw material supply is one of the most important sections of the faucets market’s value chain, where key companies and vendors are experiencing issues owing to inadequate logistics, traffic control, and restrictions on public mobility in affected nation-states throughout the world, which can cause supply interruptions. Major market players have been forced to reconsider their contingency planning and risk management as a result of the pandemic.
US and Canada Light Water Tap Market Outlook
A primary driving element fueling the adoption of light taps is the rapidly developing residential sector in places such as North America, as well as consumer demand for advanced technology-driven accessories.
Furthermore, in recent years, there has been a reasonable demand for taps due to the repair and remodeling of household utility spaces like as kitchens and bathrooms for improved aesthetics in the US.
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One of the major trends in the US and Canada region that is attracting customer attention is the shift from classic to contemporary silhouettes and finishes. GRAFF, for example, offers a wide range of antique styles, and its Incanto line of rose gold light faucets is simple in design and complements the minimalism aesthetic with its finishes. Similarly, Kohler’s Ombre finish is ideal for bathrooms with scratch and tarnish-resistant surfaces.
Europe Demand Outlook for Light Water Tap
In the coming years, the European commercial market is expected to be the largest and fastest-growing segment. Many companies are now selling premium and luxury light taps that are specifically built for luxury residential areas. The growing popularity of home remodeling and, as a result, the use of stylish and smart bathroom accessories is predicted to drive up demand in the market.
During the forecast period, the introduction of sensor-based light bathroom taps, with the goal of ensuring improved hygiene standards and water saving, is likely to boost the expansion of the light water faucet market. Due to the rise of the real estate business, which leads to an increase in the construction of residential and commercial buildings, the water taps market is getting a lot of traction in the region.
Who are the Key Manufacturers and Suppliers of Light Water Tap?
Some of the leading manufacturers and suppliers of self-defense stick include
- CERA Sanitary Ware Delta Faucet,
- Jaquar, Kohle
- LIXIL Group
- MAC Faucets
- Masco
- Moen
- Roca Sanitario
- Vitra International AG, and among others.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Key Segments
By Product Type:
- Wall Mounted Taps
- Floor Mounted Taps
- Mixer Taps
- Pillar Taps
- Shower Mixer Taps
By End-User Industry:
- Commercial
- Domestic
By Technology:
- Sensor
- Non-Sensor
By Sales Channel:
- Supermarket/Hypermarket
- Specialty Stores
- Wholesalers/Distributors
- Online Retailers
- Convenient Stores
By Region:
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Others
- Western Europe
- EU5
- Nordics
- Benelux
- Eastern Europe
- Asia Pacific
- Australia and New Zealand (ANZ)
- Greater China
- India
- ASEAN
- Rest of Asia Pacific
- Japan
- Middle East and Africa
- GCC Countries
- Other Middle East
- North Africa
- South Africa
- Other Africa
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