With the advent of advanced technologies such as Internet of Things and growing demand for automation, the market smart bathroom is anticipated to witness significant growth during the forecast period. Introduction of hi-tech toilets and soaking tubs is believed to have a positive impact on the growth of smart bathroom market. Also, the increase in popularity of digital faucets is expected to drive the growth of smart bathroom market. Giants like Kohler, LIXIL, and TOTO among others are coming up with various smart bathroom products and accessories in order to make the bathrooms smarter.
The global smart bathroom market is expected to reach approximately USD 10.93 billion by 2023, growing at 10.74% CAGR from 2017 to 2023.
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The market has been divided into various segments based on product type, connectivity, end-user, and region.
By product type, the market is segmented into hi-tech toilets, soaking tubs, digital faucets, and others. The hi-tech toilets accounted for the largest market share valued at USD 2,806.30 million in 2017. The segment is anticipated to grow at CAGR of 12.12% during the forecast period to reach USD 5,576.01 million by 2023. Soaking tubs constitute the second largest segment by product type and are expected to grow at a CAGR of 10.34% during the forecast period 2017-2023.
By connectivity, the market is segmented as Bluetooth, Wi-Fi, and 3G. According to MRFR analysis, Bluetooth is the prime connectivity method used to connect smart bathroom accessory components and generated USD 3,761.25 million in 2017 which is estimated to grow at a 10.44% CAGR in the forecast period. Whereas, Wi-Fi is expected to gain substantial market demand in the coming years due to its ease of use and flexibility and is projected to grow at a 12.06% CAGR during the forecast period 2017-2023.
By end-users, the market is segmented into commercial and residential segments. The commercial sector is estimated to be the prominent end-user segment for smart bathrooms. Commercial sector accounted for the largest market in 2017, with a market value of USD 4,883.45 million which is projected to grow at CAGR of 10.67% during the forecast period. Whereas, the residential segment is expected to grow at a 11.08% CAGR during the forecast period 2017-2023.
The key players of smart bathroom market include Roca Sanitario S.A (Spain), Toto Ltd (Japan), Kohler Co. (US), LIXIL Group Corporation (Japan), Duravit AG (Germany), Bradley Corporation (US), Fortune Brands (Canada) and Masco Corporation (China) among others.
Global Smart Bathroom Market Analysis & Forecast, from 2017 to 2023
> To provide a detailed analysis of the market structure along with a forecast of the various segments and sub-segments of the active electronic components market
> To provide insights into factors affecting the market growth
> To analyze the active electronic components market based on Porter’s five force analysis
> To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries? North America, Europe, Asia-Pacific, and the rest of the world
> To provide country-level analysis of the market with respect to the current market size and future perspective
> To provide country-level analysis of the market for a segment on the basis of product type, connectivity, end-user, and region
> To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
> To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the active electronic components market
> Technology Investors
> Research/Consultancy Firms
> Government Bodies
> Consulting Service Providers
> Technology Providers
> System Integrators
> Service Providers
> The global smart bathroom market is expected to reach USD 10,937.84 million by 2023
> By product type, hi-tech toilet is leading the market by generating the highest revenue of USD 2,806.30 million in 2017 and is expected to be the fastest growing segment at 12.12% CAGR
> By connectivity, Bluetooth is leading the market by generating the highest revenue of USD 3,761.25 million in 2017, however, Wi-Fi is expected to be the fastest growing segment at 12.06% CAGR during the forecast period
> By end-user, residential segment is expected to witness a high market growth in coming years. It is expected to grow at the highest CAGR of 11.08%. Whereas, the commercial segment is leading the market by generating the highest revenue of USD 4,883.45 million in 2017 and is expected to dominate the market during the forecast period
> Geographically, Europe has been projected to hold the largest market share in the global smart bathroom market followed by Asia-Pacific
Regional and Country Analysis of Smart Bathroom Market Estimation and Forecast
Geographically, Europe is dominating the smart bathroom market owing to the high adoption rate of smart bathroom devices such as high-tech toilets, soaking tubs and digital faucets in this region. Also, high growth in urban and aging population is fueling the adoption of smart bathrooms owing to the convenience they provide. Germany is the leading economy in the market and has generated the highest revenue of USD 770.82 million in 2017 and is expected to be the fastest growing country in Europe with 11.70% CAGR during the forecast period.
Asia-Pacific is the fastest growing region, accounting for a 12.13% share of the overall market where major contribution is witnessed from countries like Japan, India, and China, owing to developing construction industry and increasing investment by government to build rural and urban infrastructure equipped with advanced technologies in this region.
The report on the global smart bathroom market also covers the following country-level analysis:
> North America
o Rest of Europe
o South Korea
o Rest of Asia-Pacific
> Rest of the World
o Middle East & Africa
o Latin Countries
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Table of Content
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research Objectives
2.3 Market Structure
3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
3.5 Forecast Model
4 Market Dynamics
4.2.1 Concern Regarding Energy Conservation & Hygiene Maintenance
4.2.2 Increasing Aging Population
4.2.3 Growing Population & Urbanization
4.3.1 High Costs of Implementation
4.3.2 Dominance of Traditional Bathrooms over Smart Bathrooms
4.4.1 Increasing Awareness of Sanitization in Rural Sector
4.5.1 Technical Complexity
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