The global residential digital faucets market to grow at a CAGR of 10.32% during the period 2017-2021.
Global Residential Digital Faucets Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
The latest trend gaining momentum in the market is Growing online sales of digital faucets. The increasing online sales of digital faucets is an emerging trend that is expected to drive the global residential digital faucets market during the forecast period. Key leading vendors in the market such as Masco, LIXIL Group, and Spectrum Brands have shifted their business models toward the sale of products through online distribution channels. These vendors have a tie-up with various e-retailers such as Amazon.com, Home Depot Product Authority, build.com, and Lowe’s to promote and market faucets and fittings.
According to the report, one of the major drivers for this market is Product innovation and wide product assortment leading to product premiumization. Manufacturers are offering a wide product assortment and innovative products to combat the growing competition from rivals in the market. Vendors in the market for residential digital faucets, especially kitchen and bathroom faucets, are gradually synchronizing with dynamic customer preferences and demands. They are constantly focusing on designing and manufacturing new innovative products. For instance, Masco, a key vendor in the market, offers innovative products under multiple brands such as AXOR, Delta Faucet, Ginger, Bristan Group, Newport Brass, Peerless, Hot Spring, Mirolin Industries, and Hansgrohe International.
Further, the report states that one of the major factors hindering the growth of this market is Rising raw material prices leading to increased production costs. One of the major operational challenges faced by manufacturers in the global residential digital faucets market is rising raw material and manufacturing costs. The raw materials used to manufacture digital faucets include sensors, touch as well as digital panels, and the metallic body, which are expensive. The rise in the prices of raw materials further increases the manufacturing cost. The manufacturing cost also increases with the rise in the prices of metals such as aluminum, iron, and copper. High manufacturing costs affect the profit margins for manufacturers and retailers. Thus, manufacturers need to produce and promote a certain number of units to maintain an