What are the Influencing Factors of Smart Bathrooms Market Growth - 2023? American Standard Brands, Cera Sanitaryware Ltd., Delta Faucet, Jacuzzi, Kohler, Bradley, Grohe, Jaquar, Novellini

Increase in investments to build smart homes, surge in development of non-residential infrastructure, and rise in awareness for energy & water conservation and hygiene have boosted the growth of the global smart bathroom market. Moreover, trend of lavish and state-of-the-art home products owing to surge in consumer disposable income supplements the market growth. However, high installation & maintenance costs hamper market growth. On the contrary, rapid technological advancements and growing urbanization are expected to create lucrative opportunities for the market players in the near future. Global smart bathrooms market is expected to reach $2.52 billion by 2023, registering a CAGR of 10.7% during the forecast period.

It has been observed that intelligent bathroom products have become a style statement in regions including North America, Asia-Pacific, Europe, and LAMEA. Furthermore, the industry participants are offering innovative hygiene technologies including UV lighting, auto flush, Bluetooth connectivity, and auto open seat covers to provide better bathroom experience to the consumers.

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Hand dryers segment held lion's share
The hand dryers segment held the largest share in 2017, contributing more than one-fourth of total market share, owing to its advanced features that help save energy costs and eliminate bacteria from the surface of hands. However, the touchless faucets segment is expected to register the fastest CAGR of 11.9% during the forecast period, owing to increased concerns regarding health hygiene, especially in the commercial building. Moreover, the report includes other segments such as smart windows, touchless cisterns, touchless soap dispensers, smart toilets, and others.

The residential segment is projected to register the fastest CAGR of 11.2% during the study period, owing to increasing expenditure by consumers to enhance the aesthetic appeal and surge in disposable income in the developed and developing economies. However, non-residential segment held the largest share, contributing about three-fifths of the total revenue in 2017. This is attributed to high adoption rate of smart bathroom products by facilities such as hotels, hospitals, and offices to enhance the appearance of washrooms.

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Asia-Pacific region is expected to manifest the fastest CAGR of 12% during the forecast period, owing to growth in awareness and rise in government support about health & hygiene and increase in adoption of smart bathrooms in restaurants, offices, and hotels. However, North America region dominated the market in terms of revenue, contributing more than one-third of the market share, owing to rapid technologically advanced products such as hand dryers, smart toilets, and touchless soap dispensers and increase in concerns regarding high water consumption that encourage home and business owners to replace older and inefficient toilets with newer models that consume less water.

The major companies analyzed in the report include American Standard Brands, Cera Sanitaryware Ltd., Delta Faucet Company, Jacuzzi, Kohler, Bradley Corporation, Cleveland Faucet Group (MOEN), Grohe, Jaquar, Novellini, Roca Sanitario, Toto Ltd., Pfister (Spectrum Brands), and Sloan Valve.

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