Smart Bathroom Market Overview:
According to the new report released by Market Research Future (MRFR), the global smart bathroom market is projected to reach a significant market value of USD 10.93 billion by 2023 at a substantial CAGR of 10.74% over the review period.
The global smart bathroom market has witnessed gradual growth in recent years and is expected to observe a steady increase in the forecast period. The market is mainly driven due to rapid growth in the construction industry, with an increasing demand for deluxe features as one of the prime growth factors. The Smart Bathroom Marketis fueled by the broad adoption of smart bathroom products in metropolitan areas.
To tackle the increasing emphasis on infrastructure and utilities, construction enterprises are investing in the expansion of smart buildings with properties such as smart bathrooms to support sustainable development and efficient energy management. Smart bathrooms optimally enclose several integrated solutions such as automated flush systems, smart toilets, and automatic faucets. These systems help conserve water and energy. Increasing concern regarding hygiene maintenance, energy conservation, and sustainable development has given rise to the demand for smart bathrooms.
The crippling effect of the global COVID-19 pandemic has detained the growth potential of the Smart Bathroom Market. This MRFR report on the Smart Bathroom Market indicates critical pointers that may emerge as growth hubs in the future. Moreover, in-depth data analysis is estimated to offer a clearer growth perspective to market participants.
Smart Bathroom Market Competitive Analysis:
The major market players operating in the global smart bathroom market, as identified by MRFR are Roca Sanitario SA (Spain), Kohler Co. (US), Toto Ltd (Japan), Duravit AG (Germany), LIXIL Group Corporation (Japan), Fortune Brands (Canada), Bradley Corporation (US), and Masco Corporation (China).
Smart Bathroom Market Segmental Analysis:
The global market smart bathrooms have been segmented on the basis of connectivity, product type, and end-user.
· Based on end-users, the market has been bifurcated into commercial and residential. The commercial segment accounted for the maximum market share in 2017, with a market value of USD 4.8 billion; it is slated to record a significant CAGR during the review period. The residential sector expected to lead the smart bathroom market. The considerable rise in the global population, with the growth of multibillion-dollar luxury and semi-luxury sanitary equipment manufacturing industry, will be the primary driving factor for the growth of the residential segment of the market over the review period. Also, the increasing urbanization with growth in the construction industry and growing demand for luxurious smart bathrooms, as one of the primary growth factors for the residential sector, will lead to the smart bathroom market over the forecast period.
· Based on product type, the global smart bathroom market has been segmented as hi-tech toilets, digital faucets, soaking tubs, and others (including smart windows, and smart mirrors). The hi-tech toilets accounted for the maximum market share in 2016; it is expected to register the fastest CAGR during the forecast period. Soaking tubs are the second-largest segment by product type over the review period.
· Based on connectivity, the market for smart bathrooms has been segmented as Wi-Fi, Bluetooth, and 3G. The Bluetooth segment accounted for a significant market share in 2016. Wi-Fi segment is expected to record the second-largest market share, and it is poised to register the fastest CAGR over the assessment period owing to its ease and flexible characteristics.
Smart Bathroom Market Regional Analysis:
The geographical analysis of the global smart bathroom market has been analyzed in four major regions, namely, North America, Europe, the Asia Pacific, and the rest of the world (including Latin America and the Middle East and Africa).
North America is estimated to dominate the global market for smart bathrooms, owing to the early adoption of technological innovations in the construction sector in the region. Moreover, the evolution of consumer demands is also encouraging manufacturers to incorporate advanced technologies in their offered products and services.
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
Market Research Future
Office No. 524/528, Amanora Chambers
Magarpatta Road, Hadapsar
Pune - 411028
+1 646 845 9312