Electric Taps Market: Growth, Trends by 2024

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.

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Electric Taps Market Share, Size & COVID-19 Impact Analysis, By Type (Instant Heating, Touchless), By Mounting Type (Deck-mounted, Wall-mounted), By Application (Commercial, Residential), and Regional Forecast Between, 2021-2028

Top Companies of electric taps market:

• 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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Electric Taps Market Drivers and 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.

Reasons to buy this report:

This report provides a detailed analysis of the current market status, trends, growth segments, and competitive dynamics in the electric taps market. It enables businesses to identify opportunities for growth and development while also highlighting potential challenges and risks. By evaluating business segments and product portfolios, the report enables stakeholders to make more informed market strategies and investments.

A thorough understanding of the industry dynamics outlined in the report can significantly improve decision-making and facilitate the development of effective success strategies in the electric taps market. Overall, this report is an excellent resource for those seeking in-depth information about this rapidly changing industry.

Regional Atributes:

• North America (Type, Mounting Type, Application and Country)
  • U.S. (By Application, Commercial)
  • Canada (By Application, Commercial)
  • Mexico (By Application, Commercial)
• Europe (Type, Mounting Type, Application, Commercial Application, and Country)
  • United Kingdom (By Application, Commercial)
  • Germany (By Application, Commercial)
  • France (By Application, Commercial)
  • Italy (By Application, Commercial)
  • Spain (By Application, Commercial)
  • Russia (By Application, Commercial)
  • Benelux (By Application, Commercial)
  • Nordics (By Application, Commercial)
  • Rest of Europe
• Asia Pacific (Type, Mounting Type, Application, Commercial Application, and Country)
  • China (By Application, Commercial)
  • India (By Application, Commercial)
  • Japan (By Application, Commercial)
  • South Korea (By Application, Commercial)
  • ASEAN (By Application, Commercial)
  • Oceania (By Application, Commercial)
  • Rest of Asia Pacific
• The Middle East & Africa (Type, Mounting Type, Application, Commercial Application, and Country)
  • Turkey (By Application, Commercial)
  • Israel (By Application, Commercial)
  • GCC (By Application, Commercial)
  • North Africa (By Application, Commercial)
  • South Africa (By Application, Commercial)
  • Rest of the Middle East & Africa
• South America (Type, Mounting Type, Application, Commercial Application, and Country)
  • Brazil (By Application, Commercial)
  • Argentina (By Application, Commercial)
  • Rest of South America

Table of Contents:

• Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
• Executive Summary
• Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
• Key Insights
  • Key Industry Developments – Merger, Acquisitions, and Partnerships
  • Porter’s Five Forces Analysis
  • SWOT Analysis
  • Technological Developments
  • Value Chain Analysis

TOC Continued…!

Industry developments of electric taps market:

• 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 1^st ‘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.

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