January 28, 2021
According to the research report titled ‘Latin America Faucet Market Analysis, 2020’, available with Market Study Report LLC, Latin America faucet market is predicted to record 3% CAGR during 2020-2025.
Considerable growth in home remodeling and subsequent soaring demand for smart bathroom accessories coupled with various introductions of sensor-based bathroom faucets as well as rising disposable income of the customers are the key factors driving Latin America faucet market growth.
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The latest Latin America faucet market analysis offers a vast information regarding the key growth drivers, challenges, and opportunities shaping the industry dynamics. It also evaluates the past records and the current market trends in order to provide an accurate representation of growth trajectory of this business sphere over the assessment period.
For those unversed, faucet is a regulator that governs the flow of liquid, specially water from a reservoir or out of a pipe.
Concentration of international brands, growing urban population, varying preferences of customers, and increasing investment by government on construction of commercial and residential buildings are also augmenting Latin America faucet industry share.
The outbreak of COVID-19 has adversely impacted the demand for faucets, thereby hampering the remuneration scale of the industry. The manufacturing and construction sector in the region are majorly impacted, especially in Brazil, owing to strict social distancing policies that have a significant effect on various construction sites.
Based on type, the Latin America faucet industry is segmented into electronic and manual. Elaborating on material type, the market is divided into plastic and metal. Moving on the application spectrum, the market is categorized into bathroom, kitchen, and others.
With respect to end user scope, the market is classified into hospitals, education, corporate offices, hotels, residential, and others. The hotel segment accounted for a major portion of Latin America faucet market share in 2019 and is expected to expand over 2020-2025, on account of escalating number of installations of multifunctional and advanced in the rooms, rising associations among the organizations to set up a strong presence throughout the region, and surging foothold of international hotel chains.
Meanwhile, the residential sector is likely to expand further at a constant rate over the coming years, creditable to burgeoning demand for premium kitchen and bathroom fixture products by customers and increasing number of houses. Furthermore, establishment of smart city plan by the government is anticipated to add to Latin America faucet market size in the approaching years.
Speaking of the geographical ambit, Latin America faucet market country-level bifurcation consists of Peru, Chile, Argentina, Brazil, Mexico, and others.