June 09, 2021
As cited by the research report titled ‘Global Smart Bathroom Market Size study, by Product(Smart Toilet, Smart Soap Dispenser, Smart Faucet, Smart Shower, Others), Application(Residential, Commercial) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global smart bathroom market was worth USD 46.99 billion in 2019 and is projected to grow with a CAGR of 19.60% over 2020-2027 to accumulate USD 196.72 billion by the end of study duration.
Increasing adoption of smart homes and numerous home renovation projects are the primary factors driving the growth of global smart bathroom market. Additionally, inclination towards smart bathroom construction is augmenting the demand in the worldwide market.
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For instance, as stated by Berg Insight AB, in 2018, there were around 64 million smart homes in Europe and North America.
For the record, smart bathrooms have several advantages such as improved controls, energy savings, and environmental friendliness.
However, high costs for development as well as installation is a factor restraining the growth of worldwide smart bathroom market.
Apart from expounding on growth catalysts and restraints, the research literature also encompasses a detailed study on market segmentation. Based on product range, global smart bathroom industry is classified into smart showers, smart faucets, smart soap dispensers, and smart toilets, among others. Speaking of application ambit, the marketplace is divided into residential, and commercial.
Geographically, Europe, Asia Pacific, North America, and Latin America are major contributors towards the valuation for worldwide smart bathroom industry. Of these, North America is likely to be a major growth hub for the market over 2020-2027, owing to increasing expenditure on renovations in the commercial sector.
Whereas, Asia Pacific market is anticipated to bolster at a strong CAGR through 2027, on account of growing tourism, and flourishing hospitality sector in the region.
Speaking of the competitive landscape, leading players in global smart bathroom industry include Toto Ltd., Roca Sanitario S.A., Spectrum Brands Holdings Inc., Kohler Co., The Jaquar Group, Jacuzzi Brands LLC, Lixil Group Corporation, Moen Incorporated, Cera Sanitaryware Ltd., and American Standard Brands. These market colossuses are planning various strategies like merger & acquisition, collaboration & partnerships, and investments to amplify their profits.