The rise in disposable income, increase in the urbanization sector and rapidly changing lifestyle of consumers resulted in more inclination towards smart products including smart beds. As per OCED, the household disposable income across several countries such as Australia, Austria, Canada, France, and many others witnessed a significant rise during 2018-2019. In Canada, the gross adjusted household disposable income per capita was USD 39,005.5 in 2020, up from USD 35,892.5 in 2019
The rapid growth in the real estate sector due to 100% foreign direct investment for the township, smart cities, commercial buildings, and settlement development project is attracting investors in the real estate sector, which increase the quality of residential apartments, therefore emerging number of smart beds. In 2021, there were 258.54 million smart homes across the world. Moreover, By 2023, the smart home industry automation in US homes will be 53.9%.
The demand for smart beds is witnessing an uptick as the geriatric population is increasing all over the world and is also anticipated to overtake the infant population in the upcoming years. For instance, the number of people aged 65 or more will be 795.78 million surpassing the population of infants aged 0-4 (690.19 million) by 2023.
ArjoHuntleigh AB, BodiTrak, Hi-Interiors SRL, Hill Rom Holdings Inc, Invacare Corporation, Joerns Healthcare LLC, LINET spol. s r.o., Paramount Bed Co.Ltd, Sleep Number Corporation, Stryker Corporation, etc., are some of the prominent players operating in the Smart Bed market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products.
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