The Global Electric Taps Market Share is projected to demonstrate substantial growth and achieve an impressive CAGR during the forecast period from 2020 to 2028. 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.
This report provides a comprehensive analysis of the global Electric Taps Market, offering both a broad overview and detailed insights. It covers essential aspects such as market size, competitive landscape, emerging trends, key drivers, challenges, and a thorough SWOT analysis.
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The electric taps market is gaining traction due to increasing demand for touchless, energy-efficient, and water-saving solutions in residential and commercial spaces. IoT-enabled smart taps with temperature control and automatic shut-off features are becoming industry standards. As sustainable water management gains importance, the market is expected to witness strong growth.
List of top Electric Taps companies
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.)
Market Insights from the Report
The Electric Taps Market report delivers in-depth insights into the global market, combining future forecasts, historical data, scientific analysis, and industry-driven methodologies. It presents a wealth of data to enhance the understanding of market dynamics.
Key aspects covered include market segmentation, distribution channels, application categories, regional analysis, and product evaluations, offering a comprehensive view of the market landscape.
This report provides a detailed assessment of the current market scenario while offering valuable projections for future growth. It includes forecasts for market size, growth rate, industry trends, and segmentation, along with an analysis of key drivers and constraints shaping market development. These predictions are based on various factors such as economic indicators, industry share, and historical trends. By utilizing these insights, businesses can uncover growth opportunities and assess potential risks within the industry.
Drivers & Restrains
Drivers:
Increasing focus on hygiene and convenience in residential and commercial spaces driving the adoption of electric taps.
Technological advancements in sensor and control technologies improving the efficiency and functionality of electric taps.
Restraints:
High installation and maintenance costs may deter consumers from transitioning to electric tap solutions.
Concerns about reliability and power outages impacting the performance and appeal of electric taps in some regions.
Regional Insights
North America: United States, Canada, Mexico
Europe: Germany, France, UK, Russia, Italy
Asia-Pacific: China, Japan, Korea, India, Southeast Asia
South America: Brazil, Argentina, Colombia
Middle East and Africa: Saudi Arabia, UAE, Egypt, Nigeria, South Africa
Analysis and Insights: Electric Taps Market Size
The Electric Taps Market is projected to witness significant growth from 2025 to 2032, with a strong CAGR anticipated during this period, according to Fortune Business Insights. This expansion is driven by technological advancements and innovations, leading to the development of next-generation aircraft and defense systems.
Emerging markets in the Asia-Pacific region, particularly China and India, are heavily investing in their aerospace and defense sectors, creating new opportunities for market growth. Additionally, companies are adopting strategies such as mergers, acquisitions, collaborations, and partnerships to strengthen their market presence and diversify their product offerings.
Despite these growth prospects, the industry faces notable challenges, including stringent regulatory requirements, geopolitical uncertainties, and the lingering impact of the COVID-19 pandemic on travel and defense budgets.
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