Global Smart Toilet Market Overview
The smart toilet is an arrangement of ceramic toilet with finest material and advanced features such as warm water and air drying among others. Bathroom forms an essential part of one’s life. Sanitary wares have become a lifestyle statement in various developed and developing countries across the globe. Smart toilets are equipped with various comfort and hygiene technologies such as auto flush, UV light, auto open seat covers, bluetooth connectivity and several other innovations. The bath fitting products has showcased advancement over the past few decades from being designed as an operating value product to more innovative features added to it. The smart toilet provides most favorable integrated solutions which helps in conservation of water and energy.
The smart toilet has showcased an inclination in terms of demand (primarily from elite class population) over the past few years. Consumers prefer smart toilet products on the back of growing health and hygiene concerns. For instance, smart toilet is loaded with numerous features such as anti-bacterial seat, UV bacterial killing light nozzle and others. Moreover, the fashion of adopting lavish and state of art home products along with swelled disposable income of the consumers and growing popularity amongst the consumers towards smart household products is paving a positive wave for the growth of smart toilet market.
Market Size and Forecast
Geographically, Asia Pacific accounted for the highest share of 53.9% in global smart toilet market in 2016 and is slated to account for a leading share of 50.1% by 2024 in the smart toilet market. China and India will contribute combined market share of 38.7% in the total revenue of Asia Pacific organized smart toilet market by 2024. Expansion of hospitality sector and enhanced disposable income of the consumers in the region is anticipated to provide growth opportunities for the key players. Further, changing lifestyle of the consumers along with adoption of luxury products is expected to positively drive the growth of the market.
Further, rising adoption of innovative washroom technologies is expected to fuel the growth of Europe smart toilet market during the forecast period. France & Germany are the major contributors to the growth of smart toilet market. Besides, with 13.8% CAGR, North America is anticipated to grow at highest pace in overall smart toilet market between 2017 and 2024.Factors such as increasing demand for smart toilet due to the increasing utilization of smart toilet in the hospitality sector and growing premium commercial real estate sector are anticipated to drive the future adoption of smart toilets. Further, penetration of internet of things (IoT) into washroom is also expected to positively impact the growth of the global smart toilet market over the forecast period.
According to a recent study by Research Nester, the global smart toilet market reached USD 1,197.1 Million in 2016 and is anticipated to register a CAGR of 12.1% across the globe. Moreover, the market is expected to garner USD 2,917.8 Million by the end of 2024.Based on technology, the global smart toilet market is segmented into mobile application based market and non-mobile application based market. The non-mobile application based segment is expected to dominate the overall smart toilet market.
Our in-depth analysis of the global smart toilet market includes the following segments:
By Distribution Channel
The global smart toilet market is further classified on the basis of region as follows:
Growth Drivers and Challenges:
The growth of the market is driven by increasing awareness about health & hygiene which is creating substantial opportunities for the growth of the smart toilet market. Additionally, rising acceptance of hygienic and comfortable smart toilet combined with continuous technological advancement and enhancement in hygiene and comfort is predicted to augment the market growth prospects in the years ahead.
Rapid growth in high net worth individual population is providing opportunities to the advanced technological products and luxury goods manufacturers to cater and target wealthy population. According to International Monetary Fund (IMF), in 2016, the number of global high net worth individuals (HNWI) reached to 16.5 Million, registering a growth rate of 7.5% as compared to the last year. Some of the major trends which have been observed among high net worth individuals include high demand for personalized products and services. Moreover, high net worth individuals are focusing on premium real estate which is sharply increasing the demand for advanced and smart home products. These factors are anticipated for the growth of smart toilet market all over the globe.
Additionally, growing trend of adoption of smart technologies in airports is propelling the demand for smart toilets.
However, availability of low cost alternatives such as normal toilets, high adoption rate of normal toilets and hikes in electricity tariffs is anticipated to negatively impact the demand for smart toilet across the globe.
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