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Smart Shower Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecasts, 2023 - 2030
Smart Shower Market Size, Share & Trends Analysis Report By Application (Commercial, Residential/Domestic), By Region, And Segment Forecasts, 2023 - 2030 Smart Shower Market Growth & Trends
New York, Jan. 05, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Smart Shower Market Size, Share & Trends Analysis Report By Application, By Region And Segment Forecasts, 2023 - 2030" - https://www.reportlinker.com/p06378005/?utm_source=GNW
The global smart shower market size is anticipated to reach USD 2.71 billion by 2030., and expanding at a CAGR of 11.8% from 2023 to 2030. An increase in the average number of bathrooms in U.S. households is also resulting in the greater adoption of newer and smart bathroom products, including smart showers. In the past half-century, the number of bathrooms per person in America has doubled. Moreover, the share of houses with 10 or more bathrooms has doubled in the past decade, according to a January 2020 blog post by The Atlantic. According to the U.S. Census Bureau, of the 970,000 single-family homes completed in 2021, 27,000 had one and one-half bathrooms or less and 320,000 homes had three or more bathrooms. This trend is projected to fuel the demand for smart showers.
Manufacturers in the industry are including a variety of combinations pertaining to material, technology, and designs in their portfolios, as well as focusing on developing innovative smart showers.This, in turn, is upping the adoption of products with advanced technologies, resulting in the introduction of smart concepts catering to consumer needs.
For instance, in February 2021, Moen Incorporated highlighted the touchless technology, spa-like showers, and many other innovations at the Kitchen & Bath Industry Show (KBIS) 2021.
Although the COVID-19 pandemic resulted in a temporary slowdown in April 2020, home prices continue to rise due to record-low mortgage rates and inventory across the U.S. According to a CoreLogic report, U.S. homeowners gained USD 9,800 in equity at the end of Q2 2020, an increase of 6.6% year over year. According to the 2020 Home Improvement Trends Study by LightStream, 92% of millennials planned home improvements in 2020. Bathroom renovations are expected to be the most popular indoor project, with more than two in five respondents indicating plans to update their bathrooms.
In terms of application, the residential/domestic application segment emerged as the largest application segment with a revenue-based share of 63.9% in 2022. Tech-savvy homeowners choose products integrated with smart technologies primarily for their efficiency and convenience. Emphasis is also laid on the aesthetics of these smart solutions. Innovative offerings in smart household products, which save time and energy, will boost the consumption rate among households. Remodeling activities are undertaken by new and old homeowners to elevate their experience and personalize their homes fueling the installation of smart home fixtures like smart showers. According to the data presented by the National Association of Realtors, in 2020, more than 6.76 million existing housing units were sold in the U.S.
North America dominated the market with a revenue-based share of 39.5% in 2022. The increase in the number of bathrooms and a stronger preference for installing smart bathroom accessories owing to their advantages in the long term, especially for the elderly fuels the smart shower market growth over the next few years.
Smart Shower Market Report Highlights
• The residential/domestic dominated the global market with the highest revenue share in 2022.
• This growth is due to the growing number of remodeling activities undertaken by new and old homeowners to elevate their experience and personalize their homes.
• North America led the global market with the highest revenue share owing to an increasing number of commercial buildings in the region.
• The rising growth rate of the remodeling industry across North America indicates a surge in residential home furnishing and fittings, which is expected to impact the smart shower market’s growth positively.
Read the full report: https://www.reportlinker.com/p06378005/?utm_source=GNW
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