(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Smart Bathroom Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Smart Bathroom Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further projected to touch USD 6 million by 2023
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 .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 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.
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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.
Key Players
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
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Target Audience
• Technology Investors
• Research/Consultancy Firms
• Government Bodies
• Consulting Service Providers
• Technology Providers
• System Integrators
• Service Providers
Key Findings
• 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:
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• North America
US
Canada
Mexico
• Europe
UK
Germany
France
Spain
Italy
Rest of Europe
• Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
• Rest of the World
Middle East & Africa
Latin Countries
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Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products' demand, growth and opportunities for new and existing players.
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Darlene Dooley
Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.
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