China is the most populated country across the globe with continuously increasing urban population. The National Bureau of Statistics 2012 data shows that during 2011 the country’s urban population surpassed the rural population, with about 670.79 million population residing in the urban cities. The growing residential and commercial sectors in China are surging the demand for faucets in the country. According to the recently published report by TechSci Research “China Faucets Market Forecast & Opportunities, 2018”, the China’s faucets market revenues are projected to grow at a CAGR of around 16% during 2013-18.
The report mentions that the eastern and northern regions are the major contributors to the country’s faucets market. However, the western and southern regions are also forecast to grow, with their market share expanding over the next five years on account of booming industrial sector in the regions. Moreover, mega sports events such as East Asian Games 2013 and Youth Olympic Games 2014 are also stimulating the demand for faucets in hotels, restaurants, etc.
Report reveals that faucets market is mainly divided into bathroom and kitchen faucets, with bathroom faucets market accounting for the majority of the market demand. However, with the increasing modular kitchen concept, coupled with rising per capita income, kitchen faucets category is also expected to gain more market share in coming years. According to the report, the market for lead-free faucets continues to expand due to increasing health concerns regarding use of lead based fixtures and fittings.
The major manufacturer in the Chinese faucets market include Jomoo Group Company Limited, Kohler(China) Investment Company Limited, Joyou AG, Moen Incorporated, Toto (China) Company Limited, etc.
“With growing per capita disposable income and changing lifestyles, the Chinese population is increasingly inclining towards luxury products. As a result, the demand for technologically advanced faucets such as sensor based, thermostatic, remote controlled faucets, etc., is expected to significantly increase in China” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“China Faucets Market Forecast & Opportunities, 2018” report has evaluated the future growth potential of faucets market in China 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 analyzes the emerging trends along with essential drivers, challenges and opportunities available in faucets market in China.