Smart Bathroom Market Scenario:
Smart bathrooms are gaining popularity owing to the adoption of advanced technologies for smart conservation of water. It is likely to witness a rising demand in the years to come with the rising urban population. Market Research Future (MRFR) states that the global smart bathroom market is set to expand at 10.74% CAGR over the review period. The valuation of the global market is expected to reach USD 10.93 Bn by 2023 up from USD 5.92 Bn in 2017.
Increasing per capita income, coupled with rising standards of living, is expected to lead the growth of the Smart Bathroom Market Size over the next couple of years. Technological advancements and rising inclinations towards luxury are poised to emerge as driving factors of the global market in the years to come. In addition, the rising commercial applications are likely to provide impetus to the expansion of the smart bathroom market in the upcoming years.
The rising adoption of advanced technologies such as IoT, sensors, etc. are anticipated to resonate growth potential for the market players. Increasing investments in research & developments assure an attractive future trajectory for the market.
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Smart Bathroom Market Competitive Dashboard:
Roca Sanitario SA (Spain), Fortune Brands (Canada), Kohler Co. (US), Toto Ltd (Japan), LIXIL Group Corporation (Japan), Bradley Corporation (US), Duravit AG (Germany), and Masco Corporation (China) are few of the leading players of the global smart bathroom market. these players are studied in the share analysis covered in this MRFR report.
The growth approaches used by key players to gain an edge over others include product development, mergers & acquisitions, technological innovations, strategic partnerships, collaborations, etc. Increasing focus on regional expansion is also anticipated to catalyze competitiveness in the smart bathroom market over the next couple of years.
Smart Bathroom Market Segmentation:
The global smart bathroom market has been divided on the basis of end-users, which include commercial and residential. Among these, the commercial segment accounted for the largest share of the global market in 2017 and is likely to hold the pole position through the assessment period.
The segments of the smart bathroom market, based on product type, are hi-tech toilets, digital faucets, soaking tubs, and others. The hi-tech toilets are the largest segment of the global market and are anticipated to secure the pole position through the assessment period. In addition, the soaking tubs segment is also anticipated to register a substantial CAGR and hold the second spot over the next few years.
Smart Bathroom Market Regional Analysis:
The geographical assessment of the global smart bathroom market spans across Asia Pacific (APAC), North America, Europe, and the Rest of the World (RoW). Europe is anticipated to hold the pole position in the market place over the next couple of years.
The regional smart bathroom market was valued at USD 2.42 Bn in 2017 and is likely to scale a decent valuation by 2023. Increasing adoption of smart technology in the region is poised to boost the growth rate of the regional market over the next few years. In addition, Asia Pacific is also expected to witness substantial growth pace in the years to come. The smart bathroom market in Asia Pacific is expected to expand at 12.13% CAGR across the forecast period.
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In May 2019, building materials group Brickworks has collaborated with Perth robotics firm for providing ‘wall-as-a-service’ to the Australian market.