The new report by Expert Market Research titled, ‘Global Residential Digital Faucets Market Size, Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global residential digital faucets market, assessing the market based on its segments like application, distribution channel and major regions like North America, Europe, Asia Pacific, Latin America, Middle East and Africa.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 5.22 billion
- Forecast CAGR (2023-2028): 12.1%
The market for residential digital faucets has seen substantial growth due to factors such as the growing popularity of smart bathrooms and growing concern about water wastage. Faucets are designed to reduce water wastage while also providing high-performance efficiency. To make it more consumer appealing, market sellers include unique features like digital control and interface, auto-flush, remote-control, and the display of battery status at several stages. Consumers will benefit from better water efficiency, hygiene, and energy savings as a result of such technology advancements in digital residential faucets. These factors are expected to enhance demand for digital residential faucets and propel the market forward in the near future.
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Residential Digital Faucets Industry Definition and Major Segments
The residential digital faucets market can be divided on the basis of the segments like application and distribution channel.
Based on the application, the industry is divided into:
- Digital Bathroom
- Digital Kitchen
Based on the distribution channel, the industry is divided into:
- Offline
- Online
The regional markets for residential digital faucets include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Residential Digital Faucets Market Trends
The proliferation of internet-enabled intelligent gadgets, combined with the rise of the internet of things (IoT), has resulted in the creation of smart bathrooms. The affordable availability of smart home products like Amazon Alexa, Google Home, and Apple Home Kit supports the growing demand for smart bathrooms. Residential digital faucets are often utilised in smart bathrooms since they may be connected via a wireless network. Market providers also offer novel items in the domestic digital faucet area to capitalise on the growing demand of smart bathrooms.
Key Market Players
The major players in the market are CERA Sanitaryware Ltd., LIXIL Group Corp., Masco Corp., Oras Ltd., TOTO Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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