A new study by Report Ocean states that the global electric taps market is likely to register a high rise in the years to come. The study is titled “Electric Taps Market by Product (Touchless Taps and Instant Heating Taps), End-use Industry (Residential and Commercial) and Mounting Type (Wall-Mounted and Deck-Mounted): Global Opportunity Analysis and Industry Forecast, 2020–2027.”
The global electric taps market stood at US$310.0 mn in 2019. The opportunity in this market is expected to rise at a CAGR of 12.0% between 2020 and 2027 and reach US$631.0 mn by the end of the forecast period. The efficiency of electric taps in saving water is fueling its demand substantially across the world. In addition to this, the recent trends of smart products and fittings in bathrooms and kitchen are likely to support the growth of this market in the years to come.
Impact of Covid 19 on Global Electric Taps Market
The coronavirus pandemic has a widespread impact on almost all the markets and the electric taps market is also one of them. The lockdowns imposed by various governments across the world have forced these markets to slowdown and operate with minimal workforce. This has lowered the production efficiency and the procurement budget to a great extent, the impact of which is likely to reflect on the growth of the global market in the near future. However, the heightened need for touchless taps in public places, due to social distancing, is expected to fuel the demand for these taps, normalizing the negative impact over the forthcoming months.
Demand for Touchless Taps to Remain High
In this research study, the global electric taps market has been analyzed on the basis of the product, end-use industry, mounting type, and the region. On the basis of the product, the market has been divided into touchless taps and instant heating taps. The demand for touchless taps is increasing significantly due to need for social distancing in the wake of Coronavirus outbreak. Depending on the end-use industry, it has been classified into the residential and the commercial sectors. The commercial sector is leading the market and is expected to continue to do so in the near future. By mounting type, it has been categorized into wall-mounted and deck-mounted.
Regionally, the market has been analyzed across North America, Europe, Asia-Pacific, and LAMEA in this study. In 2019, Asia Pacific led the worldwide electric taps market and is anticipated to retain the leading position during the forecast period, thanks to the rising awareness regarding the need for water conservation.
The key electric tap manufacturers, profiled in report, are 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 demand for touchless taps is increasing significantly due to need for social distancing in the wake of Coronavirus outbreak.
- Asia Pacific led the worldwide electric taps market in 2019 and is anticipated to retain the leading position during the forecast period.
The global electric taps market is segmented into:
- Touchless taps
- Instant heating taps
By End-use Industry
By Mounting Type
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Middle East
Companies Mentioned in the Report
- Cera Sanitaryware Limited
- Fortune Brands Home & Security Inc. (Moen)
- Kohler Co.
- LIXIL Group Corporation
- Masco Corporation (Delta Faucet Company)
- Taizhou Hengyida Plastic Plumbing Factory (Zhenhao)
- TOTO Ltd.
- Wenzhou Bomei Sanitary Ware Co. Ltd.
- Xiaomi Corporation
READ FULL REPORT @ https://reportocean.com/industry-verticals/sample-request?report_id=AMR1225
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