North America Plumbing Fixtures Market Size Is Expected To Reach USD 40.00 Billion By 2028

Posted by Neha Bora on May 7th, 2024

San Francisco, 7 May 2024: The Report North America Plumbing Fixtures Market Size, Share & Trends Analysis Report By Product (Bathroom, Kitchen Fixtures), By Deployment (Residential, Commercial), By Distribution Channel, And Segment Forecasts, 2021 - 2028

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.

Access Research Report of North America Plumbing Fixtures Market @ https://www.grandviewresearch.com/industry-analysis/north-america-plumbing-fixtures-market

North America Plumbing Fixtures Market Report Highlights

• Kitchen fixture is projected to be the fastest-growing product segment over the forecast period
• The residential segment is projected to register the second-fastest CAGR of 7.2% from 2021 to 2028
• Companies in the market are focusing on strategies, such as mergers and acquisitions, gain market share and increase their service footprint
• In July 2020, Moen Inc. acquired a majority stake in Flo Technologies, one of the leading smart water management and leak detection companies in the U.S.
• This new ownership stake is an evolution of the two companies work together to provide best-in-class whole-home water security and management solutions

North America Plumbing Fixtures Market Report Scope

List of Key Players of North America Plumbing Fixtures Market

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

Access Press Release of North America Plumbing Fixtures Market @ https://www.grandviewresearch.com/press-release/north-america-plumbing-fixtures-market-analysis