Global Filtered Water Faucets and Faucet Systems Market 2018-2022 to Post a CAGR of 10% in the Next Four Years | Technavio
LONDON--(BUSINESS WIRE)--Aug 22, 2018-- analysts forecast the global filtered water faucets and faucet systems market to grow at a CAGR close to 10% during the forecast period, according to their latest market research report.
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Technavio has published a new market research report on the global filtered water faucets and faucet systems market from 2018-2022. (Graphic: Business Wire)
Expansion of distribution networks and adoption of multichannel marketing strategies is one of the major trends being witnessed in the . Marketing is important for the manufacturers of filtered water faucets and faucet systems. Product improvement along with appropriate channels of distribution, effective advertising, and aggressive pricing strategies are essential factors that affect the promotion of products among end-users. Rapid internet penetration helps manufacturers to conveniently offer product information to residential and commercial sectors, thereby making the process of marketing easy. Moreover, factors such as rising internet penetration and the rise in adoption of digital products such as tablets, smartphones, and laptops have boosted online sales. The market is also dominated by a few retail chains in developed countries. Thus, both marketers and retailers are adopting omnichannel retailing to facilitate a seamless shopping experience for customers as well as boost the sales of the global market.
According to Technavio analysts, one of the key factors contributing to the growth of the global filtered water faucets and faucet systems market is innovation and portfolio extension leading to product premiumization:
Global filtered water faucets and faucet systems market: Innovation and portfolio extension leading to product premiumization
Players operating in the global filtered water faucets and faucet systems market have increased their focus on innovation and product assortments to survive the growing competition from their rivals. The advantages of this approach include enhanced product visibility and wide product assortment under different brands, which increase the probability of new customer acquisition and repeat sales from existing customers. Additionally, the improved assortment of products provides vendors with a window for integrated pricing strategy. Moreover, vendors are decentralizing into brands to showcase their range of products, which helps them in product positioning with respect to price and product characteristics. Therefore, product innovation and extensive product assortment lead to premiumization of products, which drives the price quotient of the market.
According to a senior analyst at Technavio for research on transportation and distribution, “the global market is gradually synchronizing with the dynamic customer needs and aspirations, which encourage vendors to constantly upgrade their fittings and faucet products. The use of technological advances in the product manufacturing and designing processes helps vendors to come up with innovative concepts, as a part of their product innovation efforts, many of the key vendors are seen to focus on functionality, convenience, and quality aspects.”
Global filtered water faucets and faucet systems market: Segmentation analysis
The global filtered water faucets and faucet systems market research report provides market segmentation by product (filtered water faucets and filtered water faucet systems), by application (commercial and residential), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The Americas held the largest share of the market in 2017, accounting for over 44% share, followed by the EMEA and APAC respectively. However, during the forecast period, the APAC region showed the highest incremental growth followed by the EMEA region.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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