Electric Taps Market Research: 2027
The global electric taps market size was valued at $310.0 million in 2019, and is expected to reach $631.0 million by 2027, registering a CAGR of 12.0% from 2020 to 2027.
Electric taps are the faucets that need electricity to operate. Electric taps are mainly categorized as touchless taps and instant heating taps. Electricity is supplied to the taps which than operates on the basis of sensor or heating coils.
In touchless taps, the sensor senses the movement of hand under the nozzle of the tap that dispenses the water. It further sends signal to the control box that operates the lever though which the flow of the water is turned ON and OFF. Many companies offer both touchless and manually operated taps and faucets within a single. It gives an alternative if electricity supply is cut off or any malfunctioning occurs in the sensor or the other assembly that operates it. Further, instant heating taps is considerably a new product introduced in the market. It has a heating coil that is electrically operated to heat the water. It uses similar technology to that of the electric geyser. However, it does not have the capacity to store water in it. It simply heats the water to a set temperature that is flowing through the nozzle of taps.
Segmental Overview
The touchless taps market is mainly driven by the feature of its touchless ON/OFF operation and conservation of water. It only dispenses water whenever necessary and helps in avoiding wastage of water.
Further, touchless operation helps in avoiding transformation of germs by getting into physical contact with the taps that are in public facilities. In addition, touchless taps and instant heating taps, both, help in saving water and energy bills. Touchless taps curb the wastage of water; thus, saving water bills. Whereas instant heating taps help in saving energy bills as the energy used to heat the water is only limited to the actual amount of water that is used. Unlike that of the electric geyser which heats the entire water which is stored in it.
However, the cost of these products is high and acts as the major restraint. Due to its operating system the cost of the products rise compare to that of the traditional old fashioned taps. It also needs additional connection for installation which further increases the cost.
The outbreak of the COVID-19 pandemic has led to a complete or partial lockdown in several countries. This has hampered the construction market, and industrial manufacturing was either stopped or had limited production, thereby disrupting the supply chain of the construction industry. However, restrictions and awareness among people for touchless operations will help to boost the touchless taps in future. Several institutes have already started installation of touchless taps in washrooms to avoid public contact and thus, avoid spread of the disease. Further, the possibility of introduction of vaccines for COVID-19 by end of 2020 or early 2021 and reopening of production facilities gradually, are anticipated to lead to re-initiation of companies offering electric taps. Moreover, the recommencement of construction activities at their full scale capacities will also help revive the electric taps market.
Further, trends show that people have started opting for smart bathroom or kitchen products. People tend to choose voice operated or sensor operated taps to be installed in bathrooms and kitchens of residential buildings. In addition, touchless taps and instant heating taps are installed in green buildings as these products help in water and energy conservation.
By Product
Instant heating taps segment is projected to grow at a significant 12.8% CAGR
The global electric taps market is segmented into product, end-use industry, mounting type and region. On the basis of product, the market is divided into touchless taps and instant heating taps. Depending on end-use industry, it is classified into residential and commercial. By mounting type, it is segregated into wall-mounted and deck-mounted. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By product, in 2019, the touchless taps segment dominated the electric taps market in terms of revenue and the instant heating taps segment is expected to witness growth at the highest CAGR during the forecast period.
On the basis of end-use industry, the commercial segment led the market in 2019, in terms of revenue and the residential segment is anticipated to register the highest CAGR during the forecast period. On the basis of mounting type, the deck-mounted segment led the electric taps market in 2019, in terms of revenue and the wall-mounted segment is anticipated to register the highest CAGR during the forecast period.
Region wise, Asia-Pacific contributed for the highest market share in 2019 and LAMEA is anticipated to register the highest CAGR during the forecast period.
By End-use Industry
Residential segment is expected to grow at a significant rate during the forecast period.
Competition analysis
The major players profiled in the electric taps industry include Cera Sanitaryware Limited, Fortune Brands Home & Security, Inc. (Moen), Jaquar, Kohler Co., LIXIL Group Corporation, Masco Corporation (Delta Faucet Company), Taizhou Hengyida Plastic Plumbing Factory (Zhenhao), TOTO Ltd., Wenzhou Bomei Sanitary Ware Co., Ltd. and Xiaomi Corporation.
Owing to rise in electric taps market opportunities, major companies have adopted strategies such as acquisition and product launch, to offer better services. For instance, in September 2017, Lixil acquired Grohe Dawn Watertech in South Africa. This will give Lixil better options to serve the African market. Similarly, in July 2020, Moen acquired Flo technologies to introduce smart product range for bathrooms and kitchen. Such strategies will help in electric taps market growth.
By Region
Asia-Pacific holds a dominant position in 2019 and LAMEA is expected to grow at a highest rate during the forecast period.
Key Benefits For Stakeholders
- The report provides an extensive analysis of the current and emerging electric taps market trends and dynamics.
- In-depth electric taps market analysis is conducted by estimations for the key segments between 2020 and 2027.
- Extensive analysis of the electric taps market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
- The electric taps market forecast analysis from 2020 to 2027 is included in the report.
- The key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the electric taps market.
Electric Taps Market Report Highlights
| Aspects | Details |
 By PRODUCT |
|
 By END-USE INDUSTRY |
|
 By MOUNTING TYPE |
|
 By Region |
|
 Key Market Players | .LIXIL Group Corporation, Masco Corporation (Delta Faucet Company), Cera Sanitaryware Limited, Fortune Brands Home & Security, Inc. (Moen), Taizhou Hengyida Plastic Plumbing Factory (Zhenhao), .Kohler Co., .TOTO Ltd., Jaquar, Wenzhou Bomei Sanitary Ware Co., Ltd., Xiaomi Corporation |
Analyst Review
The utilization of electric taps is expected to increase, owing to rapid urbanization and environmental awareness. Moreover, significant technological advancements in electric taps technology fuel the market growth. In 2019, Asia-Pacific region was the highest revenue contributor to the global market, whereas LAMEA is expected to offer lucrative opportunities to the key players in this market.
However, high cost of products and complications in electric connections while installation impedes the market growth. On the contrary, adoption of smart products for bathrooms and kitchen will boost the electric taps market during the forecast period.
However, the technology has some challenges such as development of product in low cost. Outage of electric supply disables the functionality of the electric taps. R&D by the players in the market will make it possible to overcome these challenges and therefore boost the market during the forecast period. Thus, companies are adopting strategies such as acquisition and product launch to offer wide range of product in various regional markets and therefore, drive the growth of the market.
The global electric taps market size was valued at $ 310.0 million in 2019, and is projected to reach $631.0 million by 2027, growing at a CAGR of 12.0% from 2020 to 2027.
The forecast period considered for the global electric taps market is 2020 to 2027, wherein, 2019 is the base year, 2020 is the estimated year, and 2027 is the forecast year.
The latest version of global electric taps market report can be obtained on demand from the website.
The base year considered in the global electric taps market report is 2019.
The top companies holding the market share in the global electric taps market report include Cera Sanitaryware Limited, Fortune Brands Home & Security, Inc. (Moen), Jaquar, Kohler Co., LIXIL Group Corporation, Masco Corporation (Delta Faucet Company), Taizhou Hengyida Plastic Plumbing Factory (Zhenhao), TOTO Ltd., Wenzhou Bomei Sanitary Ware Co., Ltd. and Xiaomi Corporation.
The top ten market players are selected based on two key attributes - competitive strength and market positioning.
By product, in 2019 the touchless taps segment dominated the global electric taps market, in terms of revenue and is expected to maintain this trend during the forecast period.
By end-use industry, the commercial segment is the highest share holder of global electric taps market.
The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
The market value of the global electric taps market is $285.8 million in 2020.
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