Residential Digital Faucets Market to Grow by USD 2.81 Billion, at 10% CAGR During 2019-2023| Technavio
LONDON--(BUSINESS WIRE)--Jun 24, 2019--
According to Technavio Research Report " Residential Digital Faucets Marketby distribution channel (offline and online), by application (residential digital bathroom faucets and residential digital kitchen faucets), by mode of operation (automated residential digital faucets and manual residential faucets) and geographical regions (North America, Europe, APAC, MEA and South America) is witnessed to grow USD 2.81 billion, at a CAGR of 10% from 2019 to 2023”.
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Technavio has published a new market research report on the global residential digital faucets market from 2019-2023. (Graphic: Business Wire)
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Global Residential Digital Faucets Market: Growing popularity of smart bathrooms
The concept of smart bathrooms is gaining popularity globally with the advent of the Internet of Things (loT) and the proliferation of internet-enabled smart gadgets. Moreover, other smart home devices, such as Amazon Alexa, Google Home, and Apple HomeKit, have become affordable. These factors are increasing the possibility of constructing smart bathrooms at affordable prices. Residential digital faucets hold a vital position in the smart bathroom category, as smart bathrooms are connected through a wireless network, it is essential that all faucets in the bathroom are connected virtually. Therefore, an increase in the popularity of smart bathrooms is expected to boost the demand for residential digital faucets globally during the forecast period.
“Increasing consumer expenditure on bathroom and kitchen remodeling is boosting the demand for residential digital faucets in the global market. Digital faucets are largely being used in bathroom and kitchen applications, such as sinks, washbasins, bidets, and sanitary wares to enable functionalities such as flow control, and temperature control. Moreover, the superior designs of residential digital faucets are encouraging consumers to spend more on these products, thereby driving market growth,” says a senior analyst at Technavio.
Global Residential Digital Faucets Market: Segmentation analysis
This market research report segments the global residential digital faucets market by distribution channel (offline and online), by application (residential digital bathroom faucets and residential digital kitchen faucets), by mode of operation (automated residential digital faucets and manual residential faucets) and geographical regions (North America, Europe, APAC, MEA and South America).
The North American region led the market in 2018, followed by Europe, APAC, MEA, and South America respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increasing consumer expenditure on bathroom and kitchen remodeling in the region.
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Global Residential Digital Faucets Market: Technological advancements in residential digital faucets.
Growing global concerns over water wastage, coupled with technological features introduced in residential faucets to control water wastage, are fueling the demand for these products globally. The major advantages of residential digital faucets include digital control and interface, improved water efficiency, and energy savings. Currently, smart faucets or digital faucets are being introduced with digital user interface, which renders it easy for users to set the water temperature as per their requirement. Other notable features of this faucet include auto-flush, multi-stage battery status display, and precise settings by remote control. Therefore, the advent of such advanced technological features will contribute significantly to the growth of the global residential faucets market.
Few Major Players for the Residential Digital Faucets Market are:
- CERA Sanitaryware Ltd.
- LIXIL Group Corp.
- Masco Corp.
- Oras Ltd.
- TOTO Ltd.
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INDUSTRY KEYWORD: RETAIL HOME GOODS
SOURCE: Technavio Research
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PUB: 06/24/2019 10:30 AM/DISC: 06/24/2019 10:31 AM