Electric Taps Market: Global Size, Trends, and Key Players by 2024
Gain insights into the electric taps market, highlighting trends, innovations, and the impact of smart technology on water management in residential and commercial settings.
The study of the global Electric Taps Market is presented in the report, which is a thoroughly researched presentation of the data. The analysis delves into some of the key facets of the global Electric Taps Market and shows how drivers like pricing, competition, market dynamics, regional growth, gross margin, and consumption will affect the market’s performance. A thorough analysis of the competitive landscape and in-depth company profiles of the top players in the Electric Taps Market are included in the study. It provides a summary of precise market data, including production, revenue, market value, volume, market share, and growth rate.
The best investment markers are insights into the most prominent market trends, which help potential participants make decisions even easier. The research aims to discover the numerous growth chances that readers may take into consideration and take advantage of using all the necessary information. The market growth over the coming years can be predicted with greater accuracy by carefully examining the important growth-influencing aspects including pricing, production, profit margins, and value chain analyses.
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Market Summary:
The global electric taps market size was USD 396.9 million in 2020 and is projected to grow from USD 429.7 million in 2021 to USD 877.2 million in 2028 at a CAGR of 10.7% during the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with electric taps witnessing a positive impact on demand across all regions amid the pandemic. Based on our analysis, the global market exhibited a lower growth of 6.9% in 2020 compared to the average year-on-year growth during 2017-2019. The rise in CAGR is attributable to this market’s demand and growth, returning to pre-pandemic levels once the pandemic is over.
The Electric Taps Market has grown significantly due to factors such as increased product demand, an expanding client base, and technological advancements. This report provides a comprehensive overview of the industry, covering market size, trends, key drivers and challenges, competition dynamics, and potential growth opportunities. Recent Industry Developments:
- Jaguar introduced wall and deck mounted ‘Blush Sensor Faucets,’ a smart design that integrates quick-response and high-accuracy sensors right into the spout. It is specifically suitable for commercial bathroom spaces.
- Kohler Co. launched its 1st ‘Tech Centre’ in Gujarat, India. The tech center displays industry-leading product designs. The company has invested nearly USD 200.0 million in India up till now.
Key Players:
- LIXIL Corporation (Tokyo, Japan)
- Masco Corporation (Michigan, U.S.)
- Wenzhou Bomei Sanitary Ware Co., Ltd (Zhejiang, China)
- Jaquar (Gurgaon, India)
- Kohler Co. (Wisconsin, U.S.)
- Taizhou Hengyida Plastic Plumbing Factory (Zhejiang, China)
- Toto Ltd. (Fukuoka, Japan)
- Euronics Industries Pvt Ltd (Gurgaon, India)
- Havells India Ltd. (Uttar Pradesh, India)
- Fortune Brands Home & Security, Inc. (Illinois, U.S.)
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Market Overview:
- Current Market Trends: Analysis of the latest developments shaping the market landscape.
- Segmentation Analysis: Breakdown of the market by key segments and regional dynamics.
- Pricing Strategy Evaluation: In-depth examination of pricing trends within the industry.
- COVID-19 Impact Assessment: Exploration of how the pandemic has affected market behaviors and trends.
- Market Projections: Forecasting future market growth and potential shifts.
Key Report Highlights:
- Insight into the primary growth drivers and challenges facing the market.
- An extensive review of regional advancements and their implications.
- A compilation of leading industry players and their market positions.
- Strategies employed by significant market participants.
- Updates on recent industry movements, including product launches and mergers.
- Analysis of factors that may restrict growth and the regional market presence affecting trends beyond 2032.
This market research report is meticulously crafted to deliver a thorough understanding of the industry’s trajectory, equipping businesses with the insights necessary for strategic decision-making. The Electric Taps Market Report spans over 130+ pages and includes a detailed table of contents featuring figures, tables, graphs, and comprehensive analysis.
Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Drivers
- Restraints
- Opportunities
- Key Insights
- Industry Developments (Mergers, Acquisitions, Partnerships)
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Innovations
- Value Chain Analysis
- TOC Continued…
This study presents a detailed view of the market landscape, categorized by sub-regions and countries. It identifies potential profit avenues, alongside market share and growth forecasts for each geographical area.
Segmentation of this report:
Electric Taps Market Size, Share & COVID-19 Impact Analysis, By Type (Instant Heating, Touchless), By Mounting Type (Deck-mounted, Wall-mounted), By Application (Commercial, Residential), and Regional Forecast, 2021-2028
Electric Taps Market Drivers & Restrains:
- Drivers:
- Increasing Demand for Hygiene: Rising awareness of hygiene and the need for touchless solutions drive the adoption of electric taps, which minimize contact and reduce the spread of germs.
- Technological Advancements: Innovations in sensor technology and smart controls enhance the functionality and convenience of electric taps, making them more attractive to consumers and businesses.
- Growth in Commercial and Public Facilities: The expansion of commercial spaces, public restrooms, and healthcare facilities drives demand for electric taps that offer high standards of hygiene and ease of use.
- Focus on Water Conservation: Electric taps equipped with flow control and automatic shut-off features contribute to water conservation efforts, aligning with global sustainability goals and regulations.
- Urbanization and Modernization: Increasing urbanization and modernization of residential and commercial buildings create a higher demand for contemporary and efficient fixtures like electric taps.
- Restraints:
- High Initial Costs: The higher upfront cost of electric taps compared to traditional taps can be a barrier for adoption, especially in price-sensitive markets.
- Maintenance and Repair Challenges: Electric taps require regular maintenance and can experience technical issues, leading to additional costs and potential operational disruptions.
- Power Dependency: Electric taps rely on a stable power supply, which can be a limitation in areas with frequent power outages or unreliable electrical infrastructure.
- Complex Installation: The installation of electric taps can be more complex and require professional expertise, which may increase overall installation costs and time.
- Technological Obsolescence: Rapid advancements in technology may lead to obsolescence of existing models, necessitating frequent updates or replacements to stay current with market trends.
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