Pune, India, Aug 19, 2021 (GLOBE NEWSWIRE via COMTEX) -- Pune, India, Aug. 19, 2021 (GLOBE NEWSWIRE) -- The global electric taps market size is expected to gain traction by reaching USD 877.2 million by 2028 while exhibiting a CAGR of 10.7% between 2021 and 2028. This information is published by Fortune Business Insights in its report, titled "Electric Taps Market, 2021-2028." The report further observes that the market stood at USD 396.9 million in 2020. Factors such as the growing demand for touchless taps across several commercial facilities and the increasing number of product innovations by the companies will bode well for the growth of the market during the forecast period.
The drastic effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
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List of the Companies Profiled in the Global Market
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.)
Report Scope & Segmentation
|Forecast Period||2021 to 2028|
|Forecast Period 2021 to 2028 CAGR||10.7 %|
|2028 Value Projection||USD 877.2 Million|
|Market Size in 2021||USD 429.7 Million|
|Historical Data for||2017 to 2019|
|No. of Pages||140|
|Segments covered||Size, Type , Application, Geography|
|Growth Drivers||Increasing Demand for Touchless Taps across Commercial Facilities to Aid Market Growth|
|Temperature Level Uniformity Feature to Depict Highest CAGR for the Instant Heating Taps Segment|
|Extension of Space beneath the Tap to Favor Wall-mounted Segment Growth|
|Pitfalls & Challenges||High Initial Purchasing & Installation Cost Hampers Market Growth|
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Based on the type, the market is segmented into touchless and instant heating taps. On the basis of mounting type, the market is categorized into wall-mounted and deck-mounted taps. Based on the application, the market is segmented into residential and commercial.
On the basis of application, the offices sub-segment of the commercial segment held a global electric taps market share of about 24.2% in 2020. The growing adoption of smart taps across offices will boost segmental growth.
Lastly, based on the region, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
What does the Report Include?
The market report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Increasing Adoption of Touchless Tap Technology to Aid Growth
Rapid-paced urbanization has led to the rise of commercial facilities across the globe. The rise of the COVID-19 pandemic has led to an increased awareness for hygiene, propelling the demand for touchless taps to avoid physical contact. These taps have sensors and aids in limiting the spread of diseases through contact. Moreover, the increasing development of advanced technologies across the infrastructural setups such as hotels, airports, and others is anticipated to boost the global electric taps market growth during the forecast period.
North America - The region held the largest market share of about USD 138.2 million in 2020 and is expected to dominate during the forecast period. This is owing to the increasing adoption of water-conserving solutions that will boost the product's demand in the region.
Asia-Pacific - The market in the region is expected to showcase considerable growth during the forecast period. This is attributable to the rising residential and non-residential construction sector in countries such as India and China in the region that will propel the demand for electric taps during the forecast period.
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Contract Signing by Prominent Companies to Consolidate Their Market Positions
The market is fragmented by the presence of key players striving to maintain their dominance by signing significant contracts with other companies to expand their electric taps portfolio. Moreover, the major companies are adopting strategies such as partnership, collaboration, and facility expansion to maintain their position and gain a competitive edge over their rivals during the forecast period.
December 2020: Jaguar announced the launch of Jaguar World in Seoul, South Korea. The company is expected to showcase an exclusive range of bathroom solutions present across the store for its clients.
Major Table of Contents:
Key Market Insights and Strategic Recommendations
Profiles of Key Players (Would be provided for 10 players only)
Primary Interview Responses
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