Smart Faucets Market Size is Anticipated to Display 12.0% CAGR till 2025

The global Smart Faucets Market size is expected to reach USD 667.3 million by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 12.0% over the forecast period. Rising spending on smart home technology on account of increasing living standards and luxury among middle-class household population is expected to be a key factor for the market growth. Moreover, increasing number of luxury hotels as a result of growth of the tourism sector in countries including Germany, France, China, and India is projected to expand the scope of smart bathroom accessories, such as faucets.

Growth of the hospitality industry in the developed economies including U.S., France, and Germany is expected to have a positive impact on the market growth. According to the Department of Commerce, U.S. projections, the foreign travel in U.S. would witness an annual growth rate of 2.7% from 2017 to 2020. This substantial growth in travel and tourism will propel the hotel industry of the country, which, in turn, will fuel the demand for smart faucets.

For instance, in June 2018, Rosewood Hotels & Resorts announced plans to open a new luxury hotel in Houston, U.S. Moreover, the company is going to open its 150-room hotel in Texas, U.S. by the end of 2023. Such type of construction by prominent players will surge the demand for smart faucets in the country in the forecast period.

North America was the largest market, accounting for a share of more than 30.0% in 2018. Over the past few years, adoption of internet of things (IoT) in U.S. has fueled the smart home technologies. Major manufacturers are adopting various strategies including product innovation and expansion of distribution channels.

For instance, in July 2017, Kohler Co. redefined the scope of exclusive stores and showrooms with the introduction of KOHLER ‘Experience Centres’. These centers help in the enhancement of product experience when displayed in front of the design professionals and consumers. These experience centers held in creating a more intimate understanding of products and services provided by the company. The company is focused on targeting the top ten lucrative markets including New York, Los Angeles, London, Shanghai, Hong Kong, Singapore, New Delhi, Bangkok, Taipei, and Dubai.

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Smart Faucets Market Report Highlights

• North America was the largest smart faucets market, accounting for a share of more than 30.0% in 2018 owing to increasing smart homes and growing hospitality sector
• The commercial application segment accounted for exceeding 60.0% share of the global revenue in 2018. Positive outlook towards global hospitality sector is expected to open new avenues
• Brick and mortar was the largest distribution channel with a share of more than 70.0% in 2018
• Key players include LIXIL Group Corporation, CERA Sanitaryware Limited, Roca Sanitario, S.A., Kohler Co., TOTO LTD., Masco Corporation, Villeroy & Boch, Hansgrohe, and DELTA FAUCET COMPANY
• Product innovation is expected to remain a critical success factor among the industry participants.