Smart Bathroom Market Projected to Touch USD 9201.6 Million by 2027 at 12.56% CAGR – Report by Market Research Future (MRFR)
Sub Head: Increasing Construction of Smart Homes to Boost Smart Bathroom Market Growth
New York US, May 04, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Smart Bathroom Market” information by Product Type, by Connectivity, by End User and Region – Forecast to 2027” market size to reach USD 9201.6 million, growing at a compound annual growth rate of 12.56% by 2027.
Market Scope:
The growing popularity of home improvement projects and bathroom renovations, especially in Western countries, is resulting in various smart bathrooms in both the residential & commercial sectors. Product demand is being driven by increased spending on home remodeling projects or renovations as a result of rising housing & mortgage prices.
Besides the different benefits that smart bathrooms offer such as increased energy efficiency, cost savings, control, convenience, and creation of a flexible environment for disabled & aging users are also boosting market growth.
Dominant Key Players on Smart Bathroom Market Covered are:
- Lixil Group (Japan)
- Kohler Co. (US)
- Toto Ltd. (Japan)
- Masco Corporation (US)
- Roca Sanitario SA (Spain)
- Duravit AG (Germany)
- Fortune Brands (US)
- Bradley Corporation (US)
- Cera Sanitaryware Ltd (India)
- Jacuzzi Inc. (US)
- Sloan (US)
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Market USP Exclusively Encompassed:
Market Drivers
Increasing Construction of Smart Homes to Boost Market Growth
Increasing construction of smart homes will boost market growth over the forecast period. As smart houses turn more popular as a result of rising luxury lifestyles, smart bathrooms are becoming more common. Consumers are increasingly interested in bathrooms with faucets, toilets, built-in smart fittings, and soap dispensers that function on sensors to create a spa-like experience.
High Cost of Implementation to act as Market Restraint
The high price of implementation coupled with the lack of awareness regarding smart bathrooms may act as market restraints over the forecast period.
Constant Maintenance Requirement to act as Market Challenge
The constant need for maintenance may act as a market challenge over the forecast period.
Browse In-depth Market Research Report (135 Pages) on Smart Bathroom Market:
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Segmentation of Market Covered in the Research:
The global smart bathroom market is bifurcated based on product type, connectivity, and end user.
By product type, hi-tech toilets will lead the market over the forecast period.
By connectivity, Bluetooth will dominate the market over the forecast period.
By end user, commercial will spearhead the market over the forecast period.
Regional Analysis
North America to Spearhead Smart Bathroom Market
North America possesses the highest share in the market for smart bathrooms. This region has a high level of awareness about smart toilets. This market has a high smartphone penetration rate. This region has a thriving telecommunications industry. As a result, the smart bathroom is becoming more popular. North America, in particular, has a significantly higher penetration of cloud infrastructure. During the projected period, the North American market is expected to develop significantly and occupy the greatest share of the market. Because of the presence of several established important companies such as Kohler Co. & Bradley Corporation, among others, the United States & Canada are expected to drive the smart bathroom market growth in North America. The market is expected to increase significantly in the near future as a result of the region’s stable and well-established economies. Furthermore, North America has a highly established infrastructure, allowing for greater device penetration and, as a result, improved connectivity. The market’s expansion is also due to a growing emphasis on urbanization and an ageing population. With a 40.2 percent share in 2019, North America spearheaded the market. This is due to increased spending in the business sector on renovations and remodeling. The need for smart bathrooms is predicted to rise as the number of business buildings within the region grows due to the region’s growing tourism industry. Hotels, restaurants, & shopping malls have all invested in renovation initiatives to improve the customer experience. Improved public restrooms are also part of this initiative. Smart bathroom accessories like smart soap dispensers & digital faucets are anticipated to see an increase in demand as a result of this. The need for smart bathrooms is predicted to rise as the number of business buildings within the region grows due to the region’s growing tourism industry.
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APAC to Have Favorable Growth in Smart Bathroom Market
The APAC region will have favorable growth in the smart bathroom market over the forecast period. From 2020 to 2027, Asia Pacific is predicted to grow at the fastest rate of 11.5 percent. Since 2005, Asia Pacific tourism has seen exponential increase in foreign arrivals, as per a report by the UNWTO in collaboration with the GTERC. According to the GTERC/ UNWTO Asia Tourism Trends: 2018, international tourist arrivals in Asia Pacific increased by 6% in 2017, reaching 323 million. The increasing inflow of several tourists has fueled the growth of the lodging business, which has fueled the adoption of smart bathroom technology. In the near future, the region’s smart bathrooms market will be driven by customers’ growing preference for energy-efficient houses. This regional market will benefit significantly from increased investments in non-residential real estate industries. The growing use of smart toilets in the hospitality industry is likely to propel the Asia Pacific smart bathroom market forward. Furthermore, the market in the region is expected to increase significantly throughout the forecast period. Countries like China and Japan are expected to contribute rapidly to market growth in the coming years.
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COVID-19 Impact on the Global Smart Bathroom Market
Supply chain disruptions, fluctuations in the share of demand, economic situations, and the immediate & long term effect of the novel coronavirus possessed a negative impact on the smart bathroom market growth. This outbreak has put a halt in the economic activity, thus pushing the economy across the globe in a steep recession. Further, with the roots being in China, the supply chain all over the world is facing shutdown & unprecedented disruption. With the relaxation in lockdowns & restrictions the world over, the market is likely to get back to usual in the days to come.
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