The industry of consumer products and retail market is growing more significantly with effective development in the technology of home and office furnishing products. The effective development in the technology the market of home and office furnishing is taking a positive growth and make the market more competitive. Whereas, with the arrival of advanced technologies such as Internet of Things and increasing demand for automation and the industry of smart bathroom is expected to observed a significant growth in the forecasted period. Moreover, the establishment of hi-tech and soaking tubs is supposed to have a significant influence on the growth of smart bathroom market. The market of the smart bathroom has been split into the various aspects which is based on product type, end-user, connectivity and region. Whereas, by product type, the market is divided into hi-tech toilets, soaking tubs, digital faucets and several others. Meanwhile, the hi-techs toilets anticipated for the highest market share valued at USD 2,806.30 million in 2017. Therefore, in the recent trend the global market of smart bathroom has grown more significantly.
According to the report analysis, ‘GLOBAL SMART BATHROOM MARKET RESEARCH REPORT – FORECAST TO 2023’ states that some of the main companies which are currently functioning in this sector more actively for acquiring the highest share by defeating the wide-ranging demand of potential buyers includes 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. Moreover, the increase in popularity of digital faucets is anticipated to operate the growth of smart bathroom market. The key players are adopting the effective technologies and techniques for making effective products for dominating the market of smart bathroom across the globe. Giants like LIXIL, Kohler and TOTO among others are approaching with numerous smart bathroom products and trappings in order to make the bathrooms smarter and innovative.
The smart bathroom market across the globe is anticipated to reach around USD 10.9 billion by 2023, increasing at CAGR of 19.7% during the period 2017 to 2023. Whereas, the segment of soaking tubs institute the second largest segment by product type and are observed to increase at a CAGR of 10.3% in the forecasted period 2017-2023. Moreover, with the significant growth the market of smart bathroom is spread across the globe which includes some effective and most developed regions such as North America, Europe, Asia Pacific region and rest of the world. The Europe and North America is doing effective working and introducing the new advanced technologies for dominating the market more significantly.
The key players are analysis and forecast the active electronic components and market structure along with a forecast of the various sectors of the active electronic components which increase the demand and supply. Therefore, in the coming years it is expected that the global market of smart bathroom will grow more significantly with the effective working of the key player and introduction of new advanced technology.
For more information on the research report, refer to below link:
Ankur Gupta, Head Marketing & Communications