The global pull out and pull down kitchen faucet market is anticipated to gain impetus from the rising demand for modern kitchens. Fortune Business Insights, in a published report titled, “Pull Out/Down Kitchen Faucets” Market: Global Market Analysis, Insights, and Forecast, 2018-2026,” states that the global pull out and pull down faucet market was valued at US$ 1,990.6 Mn in 2018. Fortune Business Insights have also declared that this market is likely to reach US$ 2,954.3 Mn by the end of 2026, thereby exhibiting a moderate CAGR of 5.1%.
The report classifies the global pull out and pull down kitchen faucet market on the bases of type, flow rate, application, distribution channel, material, install type, functionality, and geography. By functionality, the market is divided into manually operated, touchless, and hybrid. According to Fortune Business Insights, touchless pull out or pull down kitchen faucets that contains advanced sensor technologies are anticipated to exhibit higher adoption by the end users.
Growing Need for Smart Kitchens is Likely to Propel Growth in Asia Pacific Market
The global pull out and pull down kitchen faucet market is geographically divided into Asia Pacific, Latin America, the Middle East and Africa, North America, and Europe. Amongst these, Latin America and North America together, currently hold approximately 45% share in the global pull out and pull down kitchen faucet market.
North America is projected to dominate the market throughout the forecast period. This is likely to occur due to an early adoption of advanced and modish kitchens. Asia Pacific, on the other hand, is anticipated to exhibit the highest CAGR during the forecast period between 2019-2026. Moreover, the ever growing human population in the countries of this region is resulting in the construction of new homes. There has also been a rise in the income of people in this region, which is further causing a demand for smart kitchens and smart homes.
These factors are projected to drive the global pull out and pull down kitchen faucet market during the forecast period. In terms of market share, Europe is likely to remain in the second position due to people’s increasing interest in advanced technologies and also, in adopting modern lifestyles.
Kohler, Delta, and Other Key Players Are Focusing on Touchless Faucets to Save Water
The major key market players that are operating in the pull out and pull down kitchen faucet industry, are mainly focusing on advanced technologies and latest designs to strengthen their positions in the market and to gain considerable amount of global market share. Moen, Kohler, Delta, and other producers of faucets have recently started launching hands-free or touchless faucets. These automatic faucets are produced and sold more because they aid in saving water and are also convenient for the consumers.
Wi-Fi technologies, clap, and wave technologies are also being offered by renowned manufacturers of plumbing products. Few of the companies have also started taking initiatives to save water and create awareness regarding water crisis. They are doing this by restricting the flow rates of pull out and pull down kitchen faucets. The government of numerous countries are regulating flow rate of water in order to encourage the masses for using as less water as possible. This has further resulted into reduction in flow.
Some of the most prominent companies that are leading the global pull out and pull down kitchen faucet market are
- Hansgrohe SE
- Moen Inc.
- American Standard Brands
- Delta Faucet Company
- Kraus U.S.A.
- Kohler Co.
- Danze Inc.
- WEWE Grohe Ltd.
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An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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