Smart Bathroom Market To Hit Value .69 Billion By 2027Posted by Mrudula Anil Karmarkar on May 9th, 2022 The global smart bathroom market size is anticipated to reach USD 6.69 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 10.5% from 2020 to 2027. Rising evolution of IoT owing to high internet penetration across countries and regions in developing a wider application of digital technology into various bathroom fittings and fixtures, thereby growing popularity of smart bathrooms. In addition, rising penetration of smart homes across regions is paving the way for smart bathrooms in these smart households. Increasing smart home penetration across the developed nations of America and Europe is positively impacting the demand for the devices. According to the European Commission, Europe Smart Home revenue is expected to represent USD 19 billion by 2021 with the help of its massive markets in the U.K. and Germany. Additionally, the surge in home furnishing and fittings is expected to positively impact the growth of the market. According to the Leading Indicator of Remodeling Activity (LIRA), home improvement spending rose at 6% annually in 2020. Moreover, significant investment in lifestyle-enhancing projects compared to traditional necessary maintenance is seen rising among homeowners. Moreover, rising adoption of water-saving plumbing fixtures, which offer sustainable and eco-friendly features in remodeling or construction projects, is helping increase market penetration. The flow rate set by the national standards of the U.S. Energy Policy Act, 1992 set by the federal government for plumbing fixtures has led to water conservation and sustainability. This act also provides rebates to consumers who have replaced plumbing with low-flow alternatives. Thus, the rising need for low flow plumbing fixtures is expected to increase the inclination towards intelligent or smart bathroom fixtures. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/smart-bathrooms-market/request/rs1 In terms of product, the smart toilet held a dominant position in the market in 2020. High-tech or smart toilets are widely being used among households and commercial properties owing to various features incorporated in the fixture, such as hands-free flushing, heated seats, motion-activated seats, and built-in night lights. Smart Bathroom Market Report Highlights
The commercial application segment emerged as the largest application segment with a revenue-based share of 61.2% in 2020. According to a report published by TOPHOTELCONSTRUCTION, in 2018, Brazil had witnessed significant hotel construction in the country, thereby representing about 50% of the Central and South America’s construction pipeline. As of 2020, there were about 329 hotels with 57,735 rooms under construction, and new projects were scheduled to start construction in the next 12 months, which will include 207 hotels and 34,712 rooms, wherein 181 hotels with 31,357 rooms are in their early planning stage. In addition, an increasing number of companies entering the industry as well as strategizing on new product launches is fueling the market growth. For instance, in January 2020, Kohler Co., launched an intelligent toilet, Numi 2.0 with built-in surround sound speakers, ambient mood lighting, heated seat, warm water cleansing with a dryer, and automatic lid opening/closing and flushing. The product line Numi 2.0 is a part of the company’s connected bathrooms, which include a smart tub, smart shower, and smart mirror. Some of the prominent players in the smart bathroom market include:
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