Smart Bathroom Market
As per Market Research Future (MRFR), the global smart bathroom market was valued at USD 5.92 billion in 2017 and is expected to reach USD 10.93 billion by 2023 at a CAGR of 10.74% from 2017 to 2023 (forecast period). The research report offers a succinct analysis of the influence of COVID-19 on current/future market situations. The report identifies some of the key market factors that will influence the growth of this sector, such as market share, major regions, and key players.
Smart bathrooms are equipped with automated plumbing and sanitary ware that can be operated through smartphones or other smart devices using the Internet.
Market Dynamics
With the introduction of the Internet of Things and increasing demand for automation, the smart bathroom market is predicted to grow exponentially over the forecast period. The introduction of hi-tech toilets and soaking tubs has had a positive effect on the smart bathroom industry's growth. In addition, the rise in the popularity of digital faucets is anticipated to propel the growth of the smart bathroom industry. Giants such as Kohler, LIXIL, and TOTO, among others, come up with a spectrum of smart bathroom products and accessories to make the bathrooms smarter.
Market Segmentation
The global smart bathroom market has been segmented into end-users, product type, and connectivity.
Based on end-users, the global smart bathroom market has been bifurcated into commercial and end-users. The commercial segment held the largest market share in 2017, with a market value of USD 4,883.45 million; it is expected to post a significant CAGR over the forecast period.
By product type, the global smart bathroom market has been segmented as hi-tech toilets, soaking tubs, digital faucets, and others (including smart windows and smart mirrors). The hi-tech toilets held the largest market share in 2016; it is expected to post the highest CAGR during the forecast period. Soaking tubs are the second-largest segment by product type.
Based on connectivity, the global smart bathroom market has been segmented as Bluetooth, Wi-Fi, and 3G. The Bluetooth segment accounted for the largest market share in 2016. Wi-Fi is the second-largest segment, and it is expected to post the highest CAGR during the forecast period owing to its ease and flexible characteristics.
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Regional Analysis
By region, the global smart bathroom market has been segmented into Asia Pacific, North America, Europe, and the rest of the world.
Europe accounted for the most considerable market value of USD 2.42 billion in 2017; however, Asia Pacific is expected to register a CAGR of 12.13% during the forecast period.
Europe is leading the smart bathroom market due to the high rate of adoption of smart bathroom devices such as high-tech toilets, soaking tubs, and digital faucets in the region. In addition, high growth in urban and aging populations is fueling the adoption of smart bathrooms due to the comfort they offer. Germany is the leading market and has generated the highest revenue in 2017 and is projected to be the fastest-growing country in Europe during the forecast period.
Asia Pacific is the fastest-growing region, accounting for a large share of the overall market, with major contributions from countries such as Japan, India, and China, due to the growth of the construction industry and rising government spending in rural and urban infrastructure equipped with advanced technologies in the region.
Key Players
The industry giants in the global smart bathroom market are Roca Sanitario SA (Spain), Toto Ltd (Japan), Kohler Co. (US), LIXIL Group Corporation (Japan), Duravit AG (Germany), Bradley Corporation (US), Fortune Brands (Canada), and Masco Corporation (China).