About Residential Faucets
A faucet monitors the flow of water from a pipeline. It is generally made of brass, though die-cast zinc and chrome-plated plastic are also used. The global home improvement market is the parent market of the global residential faucets market. Kitchen and bathroom faucets are part of the home improvement market. The market encompasses several functional and macroeconomic challenges. However, the business ecosystem for home improvement retailers has improved over the years.
Technavio’s analysts forecast the global residential faucets market to grow at a CAGR of 8.79% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the Global Residential Faucets Market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Residential Faucets Market 2017-2021
Technavio recognizes the following companies as the key players in the global residential faucets market: LIXIL Group, Masco, Spectrum Brands, Zurn Industries, and Vigo Industries.
Other Prominent Vendors in the market are: BRIZO KITCHEN & BATH COMPANY, Elements of Design, Freuer Faucets, Jaquar, Kingston Brass, Premier Faucet, and Ultra Faucets.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increase in online sales of faucets. The online sales channel of faucets has been emerging as a key factor, which would drive the global residential faucets market during the forecast period. The key leading vendors in the market like Masco, LIXIL Group, and Spectrum Brands have shifted their business models toward the implementation of sales of products through the online distribution network.”
According to the report, one driver in the market is product premiumization through product innovation and wide product assortment. Marketers have raised their level of innovation and product assortments to combat the growing competition from rivals in the market. For instance, Masco, a key vendor in the market, is operating with multiple brands named AXOR, Delta Faucet, Ginger, Bristan Group, Newport Brass, Peerless, Mirolin Industries, Hot Spring, and Hansgrohe International. This leads to enhance the visibility of products and wide product assortment under different brands, thus increasing the probability of new customer acquisition and repeat sales from the existing customers
Further, the report states that one challenge in the market is increase in raw material and labor costs. One of the prominent operational challenges faced by the global residential faucets market is the raw materials and manufacturing costs. The metallic raw goods and components parts for manufacturing the finished product are expensive. Hence, the cost of manufacture increases with a rise in the price of metals like aluminum, iron, copper, or other raw materials. This affects the profit margins for manufacturers and retailers. Manufacturers are required to produce and promote a certain quantity of units to maintain an optimum profit margin.
LIXIL Group, Masco, Spectrum Brands, Zurn Industries, Vigo Industries, BRIZO KITCHEN & BATH COMPANY, Elements of Design, Freuer Faucets, Jaquar, Kingston Brass, Premier Faucet, and Ultra Faucets.