Electric Taps Market Growth Trends, Size, and Demand 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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Recent 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.

Top Keyplayers 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 Segmentation

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

Reasons to buy this report:

This report thoroughly examines the competitive dynamics, growth areas, market conditions, and trends in the electric taps market. It assists businesses in identifying opportunities for growth and development while highlighting potential challenges and risks. Stakeholders are assisted in developing more informed investment and market strategies by the report’s assessment of product portfolios and business segments.

A thorough grasp of the industry dynamics outlined in the report can help develop successful success strategies in the electric taps market and greatly improve decision-making. All things considered, this report is an excellent source of information for anyone wishing to learn more about this rapidly changing sector.

Key Report Highlights on the Electric Taps Market:

• Market CAGR for the Forecast Period: Provides insights into the Compound Annual Growth Rate (CAGR) of the Electric Taps Market from 2024 to 2032.
• Comprehensive Analysis of Growth Drivers: Offers a detailed evaluation of the key factors driving the growth of the Electric Taps Market during the forecast period.
• Accurate Market Size and Share Estimates: Precise projections on the size and share of the Electric Taps Market, underscoring its position within the larger market landscape.
• Forecasts on Emerging Trends and Consumer Behavior: Predicts future trends and shifts in consumer behavior relevant to the Electric Taps Market.
• Regional Growth Analysis: Examines the growth of the Electric Taps Market across key regions, including North America, Asia-Pacific (APAC), Europe, South America, the Middle East, and Africa.
• Competitive Landscape Overview: Detailed assessment of the competitive environment, offering insights into the key players within the Electric Taps Market.
• Evaluation of Growth Barriers: Analyzes the challenges that may hinder the expansion of suppliers in the Electric Taps Market.

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…!

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.

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