North America Plumbing Fixtures (Bathroom, Kitchen Fixtures) Market Report 2021-2028 – ResearchAndMarkets.com

By On Sep 23, 2021

DUBLIN – (BUSINESS WIRE) – Added “Plumbing Equipment Market in North America 2021-2028” report ResearchAndMarkets.com to offer.

The North American plumbing fixture market is projected to reach $ 40.00 billion by 2028, which equates to a CAGR of 7.5%.

The market growth is mainly due to the increasing number of renovation and improvement projects, especially of bathrooms and kitchens, in the region. The advent of the smart home concept has spurred the demand for advanced, energy-efficient and water-saving plumbing fixtures and has driven the market further.

Growing home values have doubled homeowners’ equity in five years through 2019, suggesting an increase in home improvement spending capacity. According to the National Association of Realtors (NAR), existing property sales increased 10.5% in August 2020 to a seasonally adjusted annual rate of 6 million units. The global COVID-19 pandemic has raised people’s awareness of hygiene and maintaining a clean environment. This has had a positive effect on the demand for bathroom fittings and is likely to continue in the coming months.

The growth of the remodeling industry in the countries of North America also suggests an increase in demand for home furnishings and furnishings, which is expected to drive the market. According to the Home Improvement Research Institute (HIRI), Americans’ home improvement spending was estimated at $ 439.9 billion in 2020, an increase of 8.7%. In addition, homeowners invest in lifestyle improvement projects.

The growing number of commercial construction projects, particularly in the hospitality industry, is also driving product demand. According to Hotelier Magazine, the top franchises in Canada’s construction pipeline in May 2020 were Marriott International with 67 projects / 8,430 rooms and Hilton Worldwide with 65 projects / 7,738 rooms.

Both franchise pipelines are at all-time highs in Canada. It is followed by the InterContinental Hotels Group (IHG) with 56 projects / 5,402 rooms. Such developments should bode well for market growth.

North America Plumbing Market report highlights

Kitchen faucets are expected to be the fastest growing product segment in the forecast period
The residential segment is expected to have the second fastest CAGR of 7.2% from 2021 to 2028
Companies in the market are focusing on strategies like mergers and acquisitions, gaining market share and increasing their service presence
In July 2020, Moen Inc. acquired a majority stake in Flo Technologies, one of the leading intelligent water management and leak detection companies in the United States
This new investment is an evolution of the two companies’ collaboration to provide world-class water security and management solutions for the entire home

Market dynamics

Analysis of driver impact

Rise In Home Remodeling Projects
Increasing construction activity in the residential and commercial sector
The emergence of contactless lights with the popularity of the smart home concept

Analysis of the effects of restrictions

Growing use of tissue paper and lack of plumbing in households

Analysis of the business environment

Industry Analysis: Porter’s Five Forces
Timetable
Market entry strategies
Impact of Covid-19 on the plumbing market

Mentioned companies

Dornbracht
Rohl’s house
Fantini USA Inc.
Waterworks
Expensive
Hansgrohe
Axor
GROHE AMERICA, INC.
Lefroy Brooks
Delta Faucet Company

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