Electric Taps Market Size, Share, Growth, and Industry Analysis, By Product Type (Touchless Taps, Instant Heating Taps), By Mounting Type (Wall-Mounted, Deck-Mounted), By Application (Residential & Commercial) and Regional Insights and Forecast to 2032

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ELECTRIC TAPS MARKET REPORT OVERVIEW

The global Electric Taps Market size was valued at approximately USD 0.6 billion in 2023 and is expected to reach USD 1.2 billion by 2032, CAGR of 10% during the forecast period.

The electric tap market is rising at a steady rate, primarily due to the ongoing trends of smart home innovations and water-efficient products. Electric taps, also referred to as sensor taps or auto taps, are those that do not require touching, hence improving the hygiene factor of utensils and minimizing wastages of water. These are gradually being used in homes and offices due to the development of the solar system and an increased concern about saving energy. The market is also expected because of the IoT capabilities that are available even when it comes to controlling the supply chain remotely. Market drivers It is not only the key players that are paying attention to innovation in product design and functions needed to meet different customer needs, which is escalating the market globally.

COVID-19 Impact: Market Growth During Pandemic due to Hygiene demand

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

The COVID outbreak favored the electric tap market because of the necessity of sanitization and contact-free solutions. Due to concerns of virus spread, there was high demand for sensor-based taps in many buildings, mainly homes, offices, and hospitals. That said, the shift towards touchless technology enhanced market growth, and manufacturers concentrated their efforts on novel and distinctive technologies that would suit the growth of safe and clean water dispensing systems.

LATEST TRENDS

"Market growth is driven by smart functionality and eco-friendly solutions"

The market for electric taps is in different processes presently and is majorly emphasizing smart functionality and Internet of Things applications. These features include the control, monitoring, and setting of the usage of water from smart phones or home control systems, which is time-saving. Further, the market witnesses increasing concern towards environmentally friendly products, such as energy-efficient models with low water and power consumption. This general move toward intelligent, environmentally sound solutions has been fueling development and take-up within the domestic and business arenas.

ELECTRIC TAPS MARKET SEGMENTATION

By Type

Product Type

Based on type the global market can be categorized into Touchless Taps & Instant Heating Taps

• Touchless Taps: Touchless taps operate through sophisticated motion sensors to point at the presence of hands, thus improving the cleanliness and conservancy of water. They are commonly used both in business and private spaces as they are more practical and easier to use as compared to traditional faucets. This segment is influenced by the increasing concern for hygiene and the emergent market for smart home systems.

• Instant Heating Taps: When installed, instant heating taps supply hot water on demand without the use of extra water heater equipment, thus ensuring that one gets to save on energy. They are most preferred, especially in areas that are chilly and especially in areas where there is constant demand for hot water. The segment is rising because more and more people require compact designs and energy-saving products for their residential and commercial premises.

Mounting Type

• Wall-Mounted Electric Taps: Electric taps are chosen to be wall-mounted, which means these fixtures are directly installed on the wall and are ideal for any setting, residential as well as commercial. The majorityare renowned for their sleek contemporary look, and not forgetting they are very easy to maintain. This mounting type is preferred in areas where people walk around frequently because it is very sturdy and doesn’t take much space on the wall.

• Deck-Mounted Electric Taps: This mechanism involves using electric taps that are mounted on the deck, on the sink, or on the countertop to make usage easy for the users. It is normally utilized in households, particularly the kitchen and bathroom, since it is easy to install and easily adaptable. Hence, this mounting type is flexible in how it can be placed and is virtually easy to use.

By Application

Based on application the global market can be categorized into Residential & Commercial.

• Residential: In residential use, it is more preferred due to several factors, like ease of using the electric taps, hygiene features, and energy usage, which all together make the user experience better. They are widely used in the current contemporary homes in the kitchens and bathrooms due to the escalated innovation in smart home facilities. Functions like no contact buttons and availability of hot water within the shortest time possible are some of the special aspects that will be of interest to the homeowners.

• Commercial: In commercial places, electric taps are applied to enhance the cleanliness, conserve the efficiency of water, and manage high traffic usage. These are usually used in such areas as public washrooms, business premises, and hospitals where contactless operation is deemed important for hygiene reasons. The commercial sector’s predictability for extended life and low cost results in the use of sophisticated electric tap systems.

DRIVING FACTORS

"Market growth is driven by hygiene awareness and touchless convenience"

The continuous rise in awareness and various necessity measures such as hygiene and sanitation, particularly in the public and healthcare facilities, has been the major factor for the use of electric taps. As the name suggests, they are easy to operate without touching them, and therefore they have low chances of transferring germs. This is even more so in the wake of the COVID-19 crisis, which has people more aware of the outcome of the trend.

"Market growth is fueled by smart home integration and automation"

Smart home technologies are other factors that are spurring the electric taps market even more as people embrace the adoption of smart devices in the home environment. There is a trend of distinguishing with higher comfort requirements as water temperature control and fully automated water flow leading to global Electric Taps Market growth. Along with IoT and home automation systems, the integration with smart electric taps is steadily on the rise to provide the best experience to the users while making the process efficient.

RESTRAINING FACTORS

"High costs and installation difficulties limit market growth and adoption"

The main threat or restriction for the electric tap market is the high initial cost and installation difficulty. A large number of consumers, especially those from developing countries, avoid investing in such technologies because they come at a slightly higher cost as compared to conventional taps. Also, as the product requires professional installation and requires occasional maintenance, this may reduce the number of people that opt to use the product.

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ELECTRIC TAPS MARKET REGIONAL INSIGHTS

"North America dominates market growth due to technology and hygiene"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

North America holds the largest Electric Taps Market Share also set to dominate the electric tap market owing to high usage of new technology integration in homes across the region. The level of concern of consumers for hygiene and sanitation in the area, alongside a focus on the use of touchless fixtures, boosts the sector in the area. In addition, a high level of investment in infrastructure and the availability of key manufacturers add strength to the market evolution. It is also a factor that plays in leading the market that the region has good and strong regulatory support for water conservation technologies.

KEY INDUSTRY PLAYERS

"Market growth is driven by innovations and strategic industry partnerships"

The electric taps market is also controlled by major players in the industry who are focusing on the development of enhanced technologies, such as smart sensors and IoT integration, to offer better usability of the product. They are diversifying into energy-saving, environmentally friendly models and continuing to enter strategic partnerships and acquisitions that enhance market penetration in insurance and distribution channels, hence charting growth paths that set benchmarks across the industry.

List of Top Electric Taps Companies

• Cera Sanitaryware Limited (India)
• Jaquar (India)
• Kohler Co. (U.S)
• LIXIL Group Corporation (Japan)
• Masco Corporation (Delta Faucet Company): (U.S)

INDUSTRIAL DEVELOPMENT

August 2023: Kohler Co. released a new touchless kitchen faucet dubbed “Kohler Konnect”. It comes with state-of-the-art voice control and tailor-made water control. This development is a great improvement to the market for electric taps since it offers the consumer, especially the residents, the privilege of convenience and time-saving. This smart faucet developed by Kohler only underlines the attempts of companies to apply AI and IoT in commonplace home appliances.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.