$760.0 Mn Global Smart Toilet Seat Cover Market is Expected to Grow at a CAGR of over 11.80% During 2022-2028 | Vantage Market Research – GlobeNewswire
WASHINGTON, Aug. 31, 2022 (GLOBE NEWSWIRE) — Vantage Market Research’s recent analysis of the Global Smart Toilet Seat Cover Market finds that the increase in construction activities is expediting market growth. Primarily driven by utilization of smart toilets in the hospitality sectors, the total Global Smart Toilet Seat Cover Market is estimated to reach USD 760.0 Million by the year 2028.
The Global Market revenue stood at USD 389.2 Million in the year 2021; the Market is expected to exhibit a Compound Annual Growth Rate (CAGR) of 11.80%.
Furthermore, the growing technological advancements worldwide are also anticipated to augment the growth of the Global Smart Toilet Seat Cover Market, states Vantage Market Research, in a report, titled “Smart Toilet Seat Cover Market Size, Share & Trends Analysis Report by Function (Cleansing, Nightlight, Heated seat, Deodorizing seat), by Connectivity (Remote control, Mobile phones, Others), by End-use (Residential, Commercial), by Price (Low, Medium, High), by Distribution Channel (Online, Offline), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Assessment (2016 – 2021) & Forecast (2022 – 2028)”.
Key Industry Findings & Insights from the report:
- The global Smart Toilet Seat Cover Market was valued USD 389.2 Million in 2021 and is all set to surpass USD 760.0 Million by 2028, exhibiting a CAGR of 11.80% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- Asia Pacific captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Smart Toilet Seat Cover industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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Increase in the Construction Activities to Fuel Global Smart Toilet Seat Cover Market
The considerable increase in the construction activities is expected to fuel the growth of the Smart Toilet Seat Cover Market during the forecast period. This is attributable to the increased focus of the government on infrastructure projects and smart recovery of demand which is expected for both residential as well as commercial segments. Furthermore, the rising automation in public spaces and rising awareness about antibacterial construction materials is also expected to support the demand for smart toilet seat covers in the years to come. More hygienic technologies have been deployed in many public infrastructure improvement projects to achieve lower carbon footprint. Additionally, the rising urbanization and disposable income of the consumers is also allowing consumers to spend more on luxurious lifestyles with smart homes that are equipped with more smart products and features.
Growing Utilization of Smart Toilets in the Hospitality Sectors to Augment Market Growth
The rising utilization of smart toilets in the hospitality sectors is anticipated to …….