Eelectric Taps Market at a CAGR of 12.0% Expected to Reach $631.0 million by 2027
Assistance in water conservation and low cost of operation for instant heaters drive the growth of the electric taps market.
Electric taps refer to electrically operated taps that either automatically turn ON and OFF using a sensor to detect the movement in its range or instantly heat the water flowing through it. The touchless taps have a sensor installed that senses the movement of hands under the nozzle and sends signals to the operating system, which than turns ON the flow of the water. When the hands are withdrawn a similar signal is sent to stop the flow of the water. Further, instant heating taps are similar to water heating geyser that cannot store water in its tank; however the application of heating the water and basic working principle is similar. The coil inside the heater instantly heats the water flowing through the tap to the preset temperature. The instant water heating taps have provision to change the temperature of the water at which it is to be heated.
The global electric taps market size accounted for $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. In 2019, Asia-Pacific dominated the global electric taps market, accounting for around 37.5% share of the global electric taps industry, followed by LAMEA
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Manufacturing activities underwent hindrances due to lockdown imposed by governments. Moreover, there has been shortage of supply of raw materials.
The demand for touchless taps grew significantly as an effective way to avoid touching the surface of taps and prevent possibility of cross-contamination.
As construction of activities came to sudden halt, the demand reduced to greater extent. However, the demand would grow as construction activities begin during the post-lockdown period.
The major players profiled in the market of electric taps 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.
Region wise, the electric taps market analysis is conducted across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
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Moreover, the outbreak of COVID-19 pandemic has negatively impacted the market. To prevent the spread of the virus, governments across various countries have implemented lockdown. Thus, construction and production activities were partially or completely closed due to the lockdown. This affected the electric taps industry as well as led to the disruption of the supply chain. On the contrary, there has been rise in demand of installation of touchless taps in public washroom, especially in commercial infrastructures. This is to avoid public contact in the washrooms and to minimize the spread of COVID-19. In addition, reopening of production facilities gradually is anticipated to re-initiate the production of electric taps at their full-scale capacities.
Key Findings Of The Study
By product, the touchless taps segment was the highest revenue contributor in 2019.
By end-use industry, the commercial segment generated the highest revenue in 2019.
By mounting type, the deck-mounted segment led the market in 2019.
Region wise, Asia-Pacific garnered the largest electric taps market share in 2019.
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