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Report
Smart Faucets Market, Opportunity, Growth Drivers, Industry Trend Analysis and Forecast, 2024-2032
Market Report I 2024-08-30 I 390 Pages I Global Market Insights
The global smart faucets market was valued at approximately USD 1.8 billion in 2023 and is projected to grow at a CAGR of 5.8% from 2024 to 2032. Technological advancements, a rising consumer demand for convenience, and the growing adoption of smart home technology are propelling the smart faucets market. A significant driver for consumers leaning towards smart appliances is the emphasis on environmental sustainability. For example, homeowners can achieve annual water bill savings of 30% - 50% with smart faucets. While parents of young children particularly value the safety features of smart faucets, these devices also mitigate risks associated with hot water burns.
The overall smart faucets industry is classified based on type, material, application, end-use, distribution channel, and region.
The global smart faucets market is divided into touchless and touch-enabled categories. In 2023, touchless smart faucets commanded approximately 68% of the market share and are projected to grow at a CAGR of 5.9%. Touchless faucets, equipped with electronic sensors, dispense water without manual handles. Their detection technology activates water flow with a simple hand wave, allowing users to operate them without direct contact. This feature is particularly beneficial in minimizing contact with potentially dirty handles, whether in public restrooms or during home activities like cooking and cleaning, thereby reducing germ transmission.
The global smart faucets market is segmented by end users into residential and commercial categories. In 2023, the commercial segment held a dominant 78% market share and is expected to grow at a CAGR of 5.6%. Commercial environments, such as restaurants and public facilities, subject faucets to rigorous use and conditions. Hence, durability and ease of maintenance are paramount. There's a strong focus on hygiene and minimizing cross-contamination, making touchless faucets with advanced sensor technology ideal.
North America led the global smart faucets market with a 34% share in 2023 and is projected to grow at a CAGR of around 5.6%. Innovations in sensor technology, IoT, and data analytics are enhancing the functionality of smart faucets in North America. Moreover, a heightened focus on convenience and hygiene is spurring demand for touchless faucets, which promise hands-free operation and elevated sanitary standards. With a high standard of living and substantial disposable income, North America stands out as a prime market for premium, high-tech home products, including smart faucets.
Report Content
Chapter 1 Methodology and Scope
1.1 Market scope and definitions
1.2 Research design
1.2.1 Research approach
1.2.2 Data collection methods
1.3 Base estimates and calculations
1.3.1 Base year calculation
1.3.2 Key trends for market estimation
1.4 Forecast model
1.5 Primary research and validation
1.5.1 Primary sources
1.5.2 Data mining sources
Chapter 2 Executive Summary
2.1 Industry 360 synopsis
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain
3.1.2 Profit margin analysis.
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.1.1 Increasing adoption of smart home technology
3.2.1.2 Advancement in technology
3.2.2 Industry pitfalls and challenges
3.2.2.1 Limited consumer awareness
3.2.2.2 Complex installation and maintenance
3.3 Growth potential analysis
3.4 Future trend analysis
3.5 Price analysis
3.6 Consumer Buying behavior
3.7 Technological landscape
3.8 Porter's analysis
3.9 PESTEL analysis
Chapter 4 Competitive Landscape, 2023
4.1 Company market share analysis
4.2 Competitive positioning matrix
4.3 Strategic outlook matrix
Chapter 5 Market Estimates and Forecast, By Type (USD Billion) (Thousand Units)
5.1 Key trends
5.2 Touchless smart faucets
5.3 Touch-enabled smart faucets
Chapter 6 Market Estimates and Forecast, By Material (USD Billion) (Thousand Units)
6.1 Key trends
6.2 Metallic
6.3 Plastic
6.4 Others
Chapter 7 Market Estimates and Forecast, By Application (USD Billion) (Thousand Units)
7.1 Key trends
7.2 Bathroom
7.3 Kitchen
Chapter 8 Market Estimates and Forecast, By End User (USD Billion) (Thousand Units)
8.1 Key trends
8.2 Residential
8.3 Commercial
8.3.1 Hotels and restaurants
8.3.2 Hospitals
8.3.3 Corporate offices
8.3.4 Public washrooms
8.3.5 Others
Chapter 9 Market Estimates and Forecast, By Distribution Channel (USD Billion) (Thousand Units)
9.1 Key trends
9.2 Online
9.2.1 E-Commerce
9.2.2 Company website
9.3 Offline
9.3.1 Mega retail stores
9.3.2 Specialty stores
9.3.3 Others
Chapter 10 Market Estimates and Forecast, By Region (USD Billion) (Thousand Units)
10.1 Key trends, by region
10.2 North America
10.2.1 U.S.
10.2.2 Canada
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 France
10.3.4 Italy
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 China
10.4.2 India
10.4.3 Japan
10.4.4 Australia
10.4.5 Rest of Asia Pacific
10.5 Latin America
10.5.1 Brazil
10.5.2 Mexico
10.5.3 Rest of Latin America
10.6 MEA
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 South Africa
10.6.4 Rest of MEA
Chapter 11 Company Profiles
11.1 ASSA ABLOY
11.2 BRIZO Kitchen and Bath Company
11.3 Delta Faucet Company
11.4 Gessi S.p.A.
11.5 Hansgrohe
11.6 House of Rohl
11.7 Kohler Co.
11.8 KWC Group AG
11.9 LIXIL International Pte Ltd
11.10 Masco Corporation
11.11 Moen Incorporated
11.12 Oras Ltd.
11.13 Roca Sanitario, S.A.
11.14 TOTO LTD.
11.15 Villeroy&Boch Group
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