India Faucet Market
India Faucet Market Size Set to Grow at Significant CAGR of 7.1% During 2023–2029
Published | 11 January 2023
India faucet market is gaining traction because of the expanding house ownership, rising disposable income, and increasing spending on enhancing the esthetics of residences by customers, particularly those from high- and middle-income classes, in the country.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects India faucet market size to grow at a CAGR of 7.1% during the forecast period between 2023 and 2029. The market's profitable expansion is due to expanding house ownership, rising disposable income, and rising spending on enhancing the beauty of residences. Customers in India, particularly those from high- and middle-income classes, are being influenced by their increased exposure to international trends in interior design. Another factor that is projected to fuel the growth of the Indian faucet market during the forecast period is the rising number of product launches across a wide variety of categories that include advanced technology and svelte designs.
India Faucet Market – Overview
A faucet is a plumbing system component used to supply water. The spout, handle(s), lift rod, cartridge, aerator, mixing chamber, and water inlets are some examples of its parts. The valve opens when the handle is switched on, adjusting the water flow under any water or temperature condition. The body of the faucet is often constructed of brass, although it can also be die-cast zinc or plastic that has been chrome-plated. Kitchen sinks frequently include ball faucets, which were the first washerless faucets. They may be identified by their single handle, which slides over a cover with a rounded ball form directly above the faucet spout.
India Faucet Market – By End User
Based on the end user, the India Faucet market is segregated into residential, commercial, and industrial. Given the increasing demand for residential space from single families, as well as from college students and working adults, the residential category currently has the biggest market share. A significant increase in private house remodeling is also predicted to drive up demand for faucets throughout the forecast period. But due to the increased building of commercial facilities such as hotels and motels, theme parks, conference centers, and restaurants, the commercial segment is also anticipated to develop rapidly in the coming years.
Impact of COVID-19 on India Faucet Market
The COVID–19 pandemic adversely affected the growth of the Indian faucet market. The nationwide lockdown resulted in mass layoffs, and salary cuts, which resulted in huge financial crises, especially in the middle-income group. This led to a sharp decline in the demand for faucets from the residential segment. Furthermore, the investments from the infrastructure development were paused and shifted toward healthcare development, which also negatively impacted the market growth. However, the increasing construction of hospitals and other healthcare facilities post the pandemic is projected to offer lucrative growth opportunities to the market in the forecast period.
Major players operating in the India Faucet market include Jaquar, Bosch, Waterman, Roca, Cera, Caviar, Hindware, Delta Faucet, Grohe, Pearl Precision, Kohler, and Parryware. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and the India Faucet Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Faucet Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing qualitative and quantitative data to boost the performance of your business solutions. BlueWeave has built its reputation by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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- India Faucet Market - By Product Type (Electronic, Manual); By Material (Metal, Plastics, Others); By Distribution Channel (Online, Offline); By Application (Bathroom, Kitchen, Others); By End User (Residential, Commercial, Industrial); By Technology (Cartridge, Compression, Ceramic Disc, Ball); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: January 2023
Rapidly increasing number of household units across the country and spurring demand for premium faucets owing to increase in investment in luxury along with increasing launches of a wide range of products with improved technologies and sleek designs are expected to drive the India Faucet Market at a significant growth rate during the forecast period between 2023 and 2029.
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