The Latin America Faucet market is growing at a high rate on account of factors such as rising inclination of people toward luxury homes due to a surging disposable income, escalating funding by the governments in the region for construction activities, and the growing brand awareness in the faucet industry. Besides these, introduction of innovative technologies in faucets such as digital and electronic faucets for the residential and commercial sectors by the market players coupled with strong growth in hospitality sector, and burgeoning demand for elegant and multifunctional kitchen faucet are anticipated to place a positive influence toward the growth of the market in the forecast period.
According to MarkNtel Advisors’ research report titled “Latin America Faucet Market Analysis, 2020”, the Latin America Faucet market is anticipated to grow at a CAGR of around 3% during 2021-26F. Based on Application, Bathroom acquired the considerable market share in 2019 due to rising focus of the consumers toward bathroom faucets as an essential smart accessory is expected to create a lucrative opportunities for the manufacturers. The burgeoning trend for deploying multiple faucets in the washrooms, paradigm shift toward high-end visually appealing fixtures due to growing discretionary income of the people, launch of innovatively designed bathroom faucets, and robust rise in construction of smart buildings are the key factors proliferating the growth of the market.
However, the kitchen segment is anticipated to grow at a highest CAGR by 2025. The growth of the segment is attributed to significant rise in the demand for multifunctional kitchen faucets that provide hot, cold, and distilled water and surging adoption of modern lifestyle.
“Latin America Faucet Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Faucet providers across the region. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Mexico and Brazil Dominated the Market
Mexico and Brazil dominated the Latin America Faucet market in 2020 on account of robustly expanding residential sector in in the countries and introduction of various smart city projects. Besides these, burgeoning adoption of modern faucets, launch of a variety of bath faucets by the market players for premium consumers in both commercial and residential sectors, coupled with renovation of home utility areas such as kitchens and bathrooms, and growth in the disposable income of the consumers are propelling the demand for advanced technology-driven plumbing fixtures. Therefore, this is expected to bolster the growth of the Faucet Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Latin America Faucet Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Latin America Faucet market are Moen Incorporated, Grohe AG, Kohler Co., Franke Holding AG, Spectrum Brands, Inc., Toto Ltd., Sloan Valve Company, Platinum Solutions Group etc.
Key questions answered in the study: