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smart-bathroom-market-projected-expansion-to-10-88-billion-market-value-by-2030-with-a-11-2-cagr
Smart Bathroom Market generated $3.77 billion in 2020, and is expected to reach $10.88 billion by 2030, registering a CAGR of 11.2% from 2021 to 2030.
WILMINGTON, DELAWARE, UNITED STATES, February 15, 2024 /EINPresswire.com/ — The Global Smart Bathroom Market generated $3.77 billion in 2020, and is expected to reach $10.88 billion by 2030, registering a CAGR of 11.2% from 2021 to 2030.
Increase in consumer awareness regarding health hygiene, energy conservation, and water conservation along with use of touchless faucets in non-residential facilities drives the growth of the global smart bathroom market. However, high cost of installation hinders the market growth. On the contrary, use of smart windows to manage heat inflow & outflow and keep bathroom at comfortable temperature would unlock new opportunities in the future.
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The report segments the global smart bathroom market on the basis of product type, sales, application, and region.
Based on application, the commercial segment held the largest share in 2020, contributing to nearly three-fifths of the market. However, the residential segment is estimated to portray the highest CAGR of 12.2% from 2021 to 2030.
Covid-19 scenario:
The Covid-19 pandemic hampered the market due to strict lockdown measures across several countries and delay in production and manufacturing of smart bathrooms.
During the pandemic, several companies halted the production of many products due to lack of raw materials and workforce.
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On the basis of product type, the faucet segment is projected to manifest the highest CAGR of 13.3% during the forecast period. However, the toilet segment held the lion’s share in 2020, accounting for more than two-thirds of the market.
Based on material, the solid segment held the largest market share in 2020, holding more than two-thirds of the total market share, and is expected to continue its leadership status during the forecast period. Moreover, the liquid segment is projected to register the highest CAGR of 5.9% from 2021 to 2030.
Based on region, North America contributed to the highest share in terms of revenue in 2020, holding one-third of the global aircraft tires market, and is estimated to continue its dominant share by 2030. Moreover, LAMEA region is projected to manifest the fastest CAGR of 7.8% during the forecast period.
The global smart bathroom market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in 2020, contributing to nearly two-fifths of the market. However, the market across Asia-Pacific is projected to showcase the highest CAGR of 13.8% during the forecast period.
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The global smart bathroom market report includes an in-depth analysis of the prime market players such as Toto Ltd., Roca Sanitario, Jacuzzi Brand LLC, Jaquar, Cera Sanitaryware Ltd., Kohler CO., Pfister (Spectrum Brands), LIXIL Corporation, MASCO Corporation and Delta Faucet Company.
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February 15, 2024
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