Smart Drying Racks: Introduction
- Smart drying racks are increasingly becoming popular in the last couple of years. Such racks are quite effective in areas facing a space crunch. Collapsible drying racks, also known as convertible drying racks that can be used and removed as and when needed are becoming popular worldwide.
- Smart drying racks are nowadays remotely controlled through mobile applications. Smart drying racks are also equipped with LED strips with color temperature that provides additional light source.
Key Drivers of the Global Smart Drying Racks Market
- Rising demand for small, effective, and efficient racks that can easily be fitted in smaller spaces have resulted in growing demand for portable smart drying racks. Increasing demand for convenience while drying clothes in confined areas is one of the prime reasons for the growth of the smart drying racks market.
- Additionally, demand for residential housing units have increased at tremendous rates with rising urbanization. Demand for smart drying racks in confined spaces is expected to increase during the forecast period due to growth in the number of housing units.
Low awareness regarding smart drying racks to hamper the growth of the market
- However, low awareness about the usage of smart drying racks is a key factor restraining the growth of the market. Smart drying racks are still a luxury product for many people in developing regions. Affordability is one of the prominent reasons responsible for the slow growth of the market.
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Increasing technological innovation improving convenience offers attractive opportunities for the growth of the market
- Technological innovation in smart drying racks is creating numerous growth opportunities for the growth of the smart drying racks market. Rain detecting smart racks that retract itself during rain, is one such innovation in smart drying racks. Similarly, remotely controlled smart racks, smart internal motors that allows drying racks to move the rods to dry the cloths etc. are some of the latest technologies that creates new business opportunities for the growth of the smart drying racks market.
Asia Pacific offers growth avenues for the global smart drying racks market
- Geographically, the global smart drying racks market can be divided into five regions: North America (NA), Europe (EU), Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SA).
- Countries in North America and Europe boast some of the major companies specialized in smart drying racks
- Asia Pacific on the other hand is one of the strongest regions for the growth of smart drying racks. Countries such as China, Japan, and South Korea as well as many other Southeast Asian countries are specialized in manufacturing smart racks.
- Other regions such as South America and Middle East & Africa have strong potential growth for the smart drying racks market.
Key Players Operating in the Global Market
The smart drying racks market is highly fragmented with presence of many key global players and presence of many regional manufacturers. A few of the key players operating in the global smart drying racks market includes:
- Xiaomi Corporation (Mr.Bond)
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Global Smart Drying Racks Market: Research Scope
Global Smart Drying Racks Market, by Product Type
- Free Standing
- Wall Mounted
- Mix (Wall mounted & retractable etc.)
Global Smart Drying Racks Market, by Material Type
- Others (Polycarbonate & Bamboo etc.)
Global Smart Drying Racks Market, by Application
- Bathroom & Bedrooms
- Laundry Room
- Others (Office & Living Room etc.)
Global Smart Drying Racks Market, by Price Level
- Less than US$ 25
- Between US$25 – US$ 50
- Between US$ 50 – US$100
- Above US$ 100
Global Smart Drying Racks Market, by Distribution Channel
- Company Owned Sites
- E-commerce Sites
- Supermarkets & Hypermarkets
- Specialty Stores
- Other Retail Stores
Global Smart Drying Racks Market, by Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
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The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
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The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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