India Faucets Market Set to Grow at 14% CAGR during 2013-2018
Growth in real-estate sector, commercial sector, and increasing per capita disposable income coupled with population are expected to push the faucets market in India
The Indian faucets market revenues are majorly contributed by bathroom faucets, however, kitchen faucets are expected to gain more market share in the next five years as major restaurant chains are expanding their operations and launching new outlets in different parts of the country, according to the recent report “India Faucets Market Forecast and Opportunities, 2018”. Published by TechSci Research, the report evaluates the emerging trends in the faucets market in India.
According to the report India is emerging as the manufacturing hub of faucet ware, which can be attributed to low labour cost and easy availability of raw materials. Several foreign companies such as Kohler Co, Toto Ltd., etc., are setting up manufacturing units in the country.
“India Faucets Market Forecast & Opportunities, 2018” also highlights the contributions being made by other sectors. It mentions that the growth in real-estate and commercial sector is expected to surge bathroom and kitchen faucet requirements in India during the next five years. The report observes that expansion of hotel industry, industrial sector, special economy zones and tie ups with builders are uplifting the demand through institutional sales channel. The increasing population in metropolitan cities and demand for luxurious lifestyle would further drive the faucets market in India.
According to the report the growth in number of housing units in both rural and urban areas, increasing nuclear family trend and demand for luxurious faucets for modular kitchen in metropolitan cities are further expected to drive the kitchen faucets market in India.
The report reveals that the southern region is contributing mainly to the Indian faucets market because of growing real-estate sector as around 20% population of India resides in the region and further it has emerged as IT sector hub with about 67% of country’s IT SEZ, leading towards the growth of commercial and residential sectors of the region.
“With the emergence of green sensor faucets and thermostatic faucets, the demand for high-end faucets are expected to rise by the end of 2018 as a result of growing affluent class population inclining towards luxury because of changing lifestyles and growing disposable per capita income in the country. Considering the changing trends in the market from traditional to luxurious faucets, entry of global major players is very likely in the Indian faucets market during the next five years,” said Mr. Karan Chechi, Research Director, TechSci Research.
“India Faucets Market Forecast and Opportunities, 2018” has evaluated the future growth potential of faucets market in India and provides statistics and information on market structure, market trends, market size, etc. The report includes faucets projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyses the emerging trends along with essential drivers, challenges and opportunities available in faucets market in India.