North America Plumbing Fixtures Market Is Expected To Grow At A CAGR Of 7.5% From 2021 To 2028

 North America Plumbing Fixtures Industry Overview

The North America plumbing fixtures market size is anticipated to reach USD 40.00 billion by 2028, registering a CAGR of 7.5% over the forecast period, according to a new report by Grand View Research, Inc. The market growth is primarily attributed to the rising number of home remodeling and improvement projects, particularly bathrooms and kitchens, in the region. The emergence of the smart home concept has spurred the demand for advanced, energy-efficient, and water-saving plumbing fixtures, further driving the market.

 

Growing home values have doubled homeowners’ equity in five years till 2019, indicating a surge in spending capacity on home improvement. According to the National Association of Realtors (NAR), existing-home sales rose by 10.5% y-o-y to a seasonally adjusted annual rate of 6 million units in August 2020. The global COVID-19 pandemic has significantly increased the awareness among people regarding self-hygiene and maintaining a clean environment. This has had a positive impact on the demand for bathroom fixtures and the trend is likely to continue in the months to come.

The growth of the remodeling industry across countries in North America is also indicating a surge in demand for home furnishing and fittings, which is expected to drive the market. According to the Home Improvement Research Institute (HIRI), home improvement spending by Americans was estimated to reach USD 439.9 billion in 2020, registering a rise of 8.7%. Moreover, homeowners have been investing in lifestyle-enhancing projects.

The growing number of commercial construction projects, particularly in the hospitality sector, is also driving the product demand. According to Hotelier Magazine, the top franchise companies 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 these franchise-company pipelines are at all-time highs in Canada. InterContinental Hotels Group (IHG) follows with 56 projects/5,402 rooms. Such developments are likely to bode well for market growth.


North America Plumbing Fixtures Market Segmentation

Grand View Research has segmented the North America plumbing fixtures market on the basis of product, deployment, distribution channel, and country

Based on the Product Insights, the market is segmented into Bathroom Fixtures, Bathroom Accessories, and Kitchen Fixtures.

  • The bathroom fixtures segment led the market in 2020 with a revenue share of over 52% and is projected to expand further at a steady CAGR over the forecast period. The growth of the leisure and hospitality sector is the primary factor fueling the demand for bathroom fixtures in North America. 

 

  • The kitchen fixture segment is projected to register the fastest CAGR of 8.0% from 2021 to 2028. The rise in remodeling and renovation activities in the residential and commercial sectors is driving the product demand in this segment. The changing lifestyles of consumers are also creating lucrative opportunities for modern and innovative kitchen fixtures in households.

 

Based on the Distribution Channel Insights, the market is segmented into Online, and Offline.

  • The offline segment accounted for the highest revenue share of more than 81% in 2020 and is projected to witness a steady CAGR over the forecast period. This distribution channel is a well-established route for manufacturers. Furthermore, a large number of consumers prefer purchasing products from brick-and-mortar stores as they can physically examine the product before buying it. The online segment is projected to register the fastest CAGR of over 8% from 2021 to 2028.

 

  • Factors, such as a wide variety of products, convenience in shopping like allowing consumers to select the desired delivery period, and lucrative offers on branded products, are driving the product sales through online distribution channels. These channels are hosted by businesses that are engaged in e-commerce as well as manufacturers who have realized the potential of the channel and have thus hosted their shopping websites to better cater to the customers’ needs.

 

Based on the Deployment Insights, the market is segmented into Residential, and Commercial.

  • The commercial segment led the market in 2020 by accounting for over 56% of the overall revenue share and is estimated to grow further at the fastest CAGR from 2021 to 2028. The commercial segment comprises hotels, restaurants, public restrooms, and corporate & educational institutes. The number of bathrooms in any commercial building is decided based on the average inflow of individuals and the number of employees.

 

  • The residential segment is projected to grow at a significant CAGR of more than 7% over the forecast period. The growing number of residential projects is expected to boost product consumption in this segment. As per housing layout patterns in North America, almost all bedrooms have an attached washroom. 

 

Key Companies & Market Share Insights

The market is characterized by the presence of a few well-established players, which account for a considerable revenue share and have a strong presence in the region as well as across the globe. The market also comprises small- and medium-scale manufacturers, who offer a selected range of products and mostly serve local customers. Companies in the market are focusing on introducing innovative services to address the evolving needs of customers and gain a competitive edge over others.

For instance, in July 2020, Moen Inc. took a majority stake in smart water start-up Flo Technologies. The new ownership stake is an evolution of the two companies work together to provide best-in-class whole-home water security and management solutions. They previously partnered to develop the Flo by Moen™ Smart Water Security System, which provides homeowners with an innovative, smartphone-controlled security system that protects against leaks and water damage incidents. Some of the key companies in the North America plumbing fixtures market are:

  • Delta Faucet Company
  • Masco Plumbing Products
  • Moen, Inc.
  • Rohl
  • Brizo
  • Kallista
  • Grohe
  • Waterworks and Lefroy Brooks

 

Order a free sample PDF of the North America Plumbing Fixtures Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

Contact:

Sherry James

Corporate Sales Specialist, USA

Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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