The global bathroom taps market size was valued at $17,270.0 million in 2020, and is projected to reach $32,953.0 million by 2030, registering a CAGR of 6.5% from 2021 to 2030.
Bathroom tap is the valve that regulates flow of water in the bathroom. Bathroom taps are important components of bathrooms that are gaining popularity among both customers and producers. Smart taps are temperature sensors and efficiency sensors make it simple for every member of household to carefully regulate how much water they use in the kitchen or bathroom.
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According to the UN, urbanization is taking place in a major section of the world. Urban regions now contain almost 54.8% of the world’s population. Increase in knowledge of more modern sanitary fittings such as taps has come from urbanization. Growth in urbanization and rise in number of nuclear families, especially in developing nations, has created a significant need for bathroom taps. In addition, rise in consumer hygienic has aided expansion of the electronic-enabled bathroom taps industry. As a result of growing urbanization and greater demand for basic sanitation are such factors that drive demand for bathroom taps throughout the forecast period.
According to the Water Action Decade, 2018–2028 plans will focus on sustainable development and integrated management of water resources for sanitation and hygiene for achievement of social, economic and environmental objectives. Hence these initiatives will provide positive, impact in bathroom taps market. Also, to strengthen the market position, competitors in the bathroom taps market use strategic moves such as collaboration, mergers, acquisitions, and agreements. For instance, in November 2020 MASCO Corporation has agreed to purchase a majority stake in the Dutch company Easy Sanitary Solutions (ESS) B.V. Easy Drain shower channels were invented, developed, and manufactured by ESS, which also offers a comprehensive variety of barrier-free showering and bathroom wall specialty products.
However, owing to a lockdown imposed in countries such as China, the U.S., and India, numerous manufacturers in the global bathroom taps market led to halt in their business production. This disruption has a direct impact on sales of bathroom taps. However, it is expected that reopening of production facilities and introduction of coronavirus vaccines would lead to reopening of bathroom taps firms.
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Leading Players:
Key companies profiled in the bathroom taps market report include CERA Sanitaryware Limited, Delta Faucet Company, Jaquar Group, Kohler Co., LIXIL Corporation, MOEN Incorporated, MAC Faucets, LLC., MASCO Corporation, ROCA Sanitario S.A., and Eczacibasi Group (VITRA).
KEY FINDINGS OF THE STUDY
- The report provides an extensive analysis of the current and emerging bathroom taps market trends and dynamics.
- Depending on product type, the mixer taps segment has dominated the bathroom taps market, in terms of revenue in 2020.
- By material, the metal segment has registered highest revenue in 2020.
- Residential sector is projected to register highest growth rate in the coming years.
- The key players within the bathroom taps market are profiled in this report, and their strategies are analyzed thoroughly, which help understand competitive outlook of the bathroom taps industry.
- The report provides an extensive analysis of the current trends and emerging opportunities of the market.
- In-depth bathroom taps analysis is conducted by constructing estimations for the key segments between 2021 and 2030.
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