Published Date: 31-Mar-23
Industry Insights | Market Trends | Highest number of Tables | 24/7 Analyst Support
According to a new report, published by KBV research, The Global Smart Trash Bin Market size is expected to reach $125.4 Million by 2028, rising at a market growth of 12.1% CAGR during the forecast period.
The Residential segment is showcasing a CAGR of 12.7% during (2022 - 2028). The potential of smart trash cans to automate waste disposal processes in residential settings is one of its key benefits, responsible for the segment's growth. These bins may have sensors that can identify when they are overflowing or when a certain kind of waste is present, enabling more effective and efficient sorting and disposal. Residents may need less time and effort to manage their scrap, making the process more convenient and hassle-free.
The Offline segment acquired maximum revenue share in the Global Smart Trash Bin Market by Sales Channel 2021 thereby, achieving a market value of $65 Million by 2028. The segment's rise is owed to the fact that because customers may receive their purchases quickly in an offline physical store, retailers can reach out to them and provide them with instant experiences. Also, the retailer offers customers a simple way to return things and offers individualized assistance with decision-making, installation, and maintenance.
The 8 to 13 gallon segment has shown the growth rate of 12.3% during (2022 - 2028). Smart trash bins with capacities of 8 to 13 gallons are widely used in homes, particularly in kitchens, bedrooms, and other spaces. In addition, they can be found in abundance in various professional contexts, including offices, cabins, hotels, and medical facilities. Increased demand for trash bins with a capacity of 8 to 13 gallons is anticipated due to growing public knowledge of smart trash bins and potential price reductions.
The Automatic segment is generating highest revenue share in the Global Smart Trash Bin Market by Operation 2021 thereby, achieving a market value of $85.9 Million by 2028. Growth of the segment is owed to the rising use of automatic smart trash bins. By eliminating the need to touch the trash can when disposing of waste, an autonomous smart trash can reduces the quantity of waste in landfills, streamlines waste management, and improves cleanliness. A smart trash can is also made to make waste management simpler by automatically identifying and classifying recyclables and waste materials.
The Single-compartment segment is poised to grow at a CAGR of 10.8% during (2022 - 2028). Waste disposal units with a single compartment for all waste types are known as single-compartment bins. These bins often contain sensors that may automatically start the compaction mechanism to save space when the trash is loaded to the bin and detect when it is added. The single-compartment smart trash bins are typically used in workplaces, hotels, and other business settings to dispose of specific trash like paper, cardboard, waste cloth, etc.
The North America market dominated the Global Smart Trash Bin Market by Region 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $40.5 Million by 2028. The Europe market is exhibiting a CAGR of 11.7% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 12.6% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/smart-trash-bin-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Ausko Pte Ltd, iTouchless Housewares and Products, Inc., Ecube Labs, Simplehuman, EKO North America, EvoEco, CleanRobotics Technologies, Inc., Home Depot, Inc., Sensortec s.r.o. (Binology.com), and Big Belly Solar, Inc.
By Sales Channel
Unique Offerings from KBV Research
North America Smart Trash Bin Market size & Opportunities 2022-2028
Europe Smart Trash Bin Market & Growth Forecast 2022-2028
Asia Pacific Smart Trash Bin Market Share & Industry Outlook to 2028
LAMEA Smart Trash Bin Market Growth, Trends & Forecasts 2022-2028