Pune, India, April 18, 2019 (GLOBE NEWSWIRE) -- According to Market Research Future (MRFR)’s study, the global smart bathroom market has been projected to strike a CAGR of 11% during the forecast period 2017 to 2023. The growth of the market is in line with the rising concerns associated with water and energy conservation. In addition, the proliferating applications across residential and commercial sectors are expected to boost the growth pattern of the market in the years to come.
The escalating demand for hygiene maintenance in conjunction with the shift observed towards urbanization is likely to support the expansion of the smart bathroom market over the next couple of years. Furthermore, the exponential population growth is poised to act as a growth catalyst for the market players.
Key players are capitalizing on the developments of sensor technology for increasing their consumer base. The introduction of key advanced features such as automatic hand dryers, touchless faucets, etc. are prognosticated to catapult the smart bathroom market on an upward trajectory. Also, the market is likely to attract investments for research & development activities to facilitate product development and innovations. Case to the point is, Lixil Group Corporation, a Japanese manufacturer of water and housing products, has established a new R&D Hub facility in Shanghai. Nevertheless, high implementation cost remains an impediment to market growth.
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Market Segmentation:
This report offers a detailed segmental analysis of the global smart bathroom market based on product type, connectivity, and end-user. By product type, the market has been segmented into hi-tech toilets, soaking tubs, digital faucets, and others. Among these, the hi-tech toilets segment signifies promising potential for growth and holds the lion’s share of the market. It is anticipated to thrive substantially over the forecast period reflecting a CAGR of 12.12%.
The smart bathroom market, by connectivity, has been segmented into Wi-Fi, Bluetooth, and 3G. The Bluetooth segment is prognosticated to lead market growth in the foreseeable future. It is expected to strike a CAGR of 10.44% during the projection period.
Based on end-user, the Smart Bathroom Market has been segmented into residential and commercial. Among these, the commercial segment has gained traction of the market and is likely to retain the forefront position over the next few years. It is anticipated to mark a CAGR of 10.67% across the review period.
North America expected to exhibit a steep rise in the growth curve
The regional assessment of the global smart bathroom market encompasses four regions - Europe, Asia Pacific, North America, and the Rest of the World (RoW). North America currently holds the pole position and is likely to retain it through the assessment period. It is anticipated to grow substantially over the next few years which can be ascribed to the technical brilliance of the region. An upsurge in the adoption of smart home solutions is expected which is forecasted to propel the expansion of the market in the foreseeable future. The U.S. and Canada are the major country-level markets of the region. The presence of developed technological infrastructure in these economies facilitates easy installation of smart bathroom solutions. This, in turn, is likely to boost the expansion of the smart bathroom market in the years to come.
Key Players:
The noted players operating in the global smart bathroom market are Roca Sanitario S.A. (Spain), Kohler Co. (U.S.), Toto Ltd. (Japan), Fortune Brands (Canada), LIXIL Group (Japan), Bradley Corporation (U.S.), Duravit AG (Germany), and Masco Corporation (China)
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Latest Industry News:
Kohler, a 146-year-old plumbing company, has unveiled Numi 2.0 Intelligent Toilet which comes with ambient lighting, built-in speakers, and Amazon Alexa support.
Duravit AG, a manufacturer of porcelain bathroom fittings, has presented a new shower-toilet generation in association with Philippe Starck. It is available in two versions, viz. SensoWash® Starck f Plus and SensoWash® Starck f Lite.
Germany-based Duravit AG has collaborated with Matteo Thun and Antonio Rodriguez for the introduction of D.1 faucet range. Its D.1e electronic variant leverages extra state-of-the-art technology for greater operating comfort.
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Smart Toilet Market: By Type (Wall Hung Toilet, Close-Coupled, Single Floor Standing Toilet, One-Piece Toilet), By Connectivity (Wi-Fi, Bluetooth), Usage (Residential, Commercial), Distribution Channel (Online, Offline) – Global Forecast Till 2023.
https://www.marketresearchfuture.com/reports/smart-toilet-market-5720
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