The demand for new homes is significantly influenced by the spending power of people in industrialized nations and their preference for clever and environmentally friendly architecture to drive bathroom vanities market. It is expected that the rapid change in lifestyles in developing countries like China and India will fuel regional market expansion.
Newark, Feb. 15, 2023 (GLOBE NEWSWIRE) -- The Bathroom vanities market was estimated at around USD 35.8 billion in 2021, growing at a CAGR of nearly 6.4% during 2022-2030. The market is projected to reach approximately USD 62.5 billion by 2030. Antique Bathroom Sink Faucets
A cabinet that is placed beneath the sink in the bathroom is called a vanity. It frequently has a marble or tiled top where goods like toothbrushes, soap, or makeup can be kept close at hand. The majority of the time, a sink and faucets are supplied separately, yet occasionally a vanity will be provided with a sink receptacle. Due to the rising demand for residential housing and supporting infrastructure, the market expansion is anticipated to be fueled by the expanding trend of multi-utility bathroom and home décor products. Additionally, the installation of specialty counters such mirror vanities is anticipated to be encouraged by the increased need for more useful furniture units, fueling the expansion of the sector.
The rising customer demand for a functioning bathroom, the rising awareness of hygiene, and the rising choice for modern facilities are the main elements that are anticipated to propel the expansion of the bathroom vanities market in the forecast year. Additionally, the rising customer preference for contemporary services like specialized countertops that include sinks and the rising customer demand for eco-friendly items such as engineered marble and recycled glass are a few additional factors that are anticipated to fuel the growth of the bathroom vanities market. As residential restoration and remodeling activities rise, developed economies like the U.S. and Germany are expected to experience significant development. This is predicted to change consumer attitudes toward different types of bathroom vanities and spur industry expansion. In the upcoming years, rising advancements in raw materials and a shift in emphasis on creating cozy yet durable bath cabinet designs are also anticipated to promote market growth in North America. Bathroom mirror vanities with LED lighting are becoming more popular in the high-end market. LED lighting is activated by infrared devices, making it more dependable. Additionally, LCD clocks and anti-rust metals are becoming very popular.
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A moderate increase in home building projects around the world is driving demand for high-end household amenities, which is driving growth in the market for bathroom vanities. The increasing rate of home construction and completion in developed areas is one of the main factors boosting the market's rise. The demand for new homes is significantly influenced by the spending power of people in industrialized nations and their preference for clever and environmentally friendly architecture. In the developed sections of the world, activities related to remodeling and renovation increased. Home interior renovation initiatives have been spurred by rising demand for functional bathrooms and modern bathroom amenities, which in turn is boosting the industry.
The market for bathroom vanities market is segmented into the material, size and application. According to the material, the wood segment is expected to increase at the quickest rate. The availability of MDF (Medium-Density Fibreboard) of higher quality is anticipated to increase demand for hardwood vanities in the near future. Various types of wood, including MDF, plywood, chipboard, etc., are used to build bathroom vanities. A higher standard of life and solid economic conditions are driving up the revenue share of wooden furniture. Additionally, the inventive interior designs of modern residential structures and the availability of low-cost labor are contributing to the industry's growth.
According to the size, the 38-47-inch segment is expected to increase at the quickest rate. The segment is primarily being driven by products with ample storage and those that can fit effectively in small bathrooms. Because they are designed to be compact and take up less space than larger vanities, medium-sized vanities stand out in terms of the room's visual appeal.
Over the projected period, it is anticipated that the 24 to 35 inch sector will expand. Bathroom vanities in the 24- to 35-inch range, which are favored by consumers for domestic use, enable single-sink vanity tops. According to the general trend, small-sized bathroom vanities are often preferred for residential use.
During the forecast period, the bathroom vanities market by application is expected to be dominated by the residential sector. It is advantageous to utilize a bathroom cabinet to keep a bathroom clutter-free. Most residential regions choose vanities with mirror fronts and compartments to manage toiletries and other items, and over the foreseeable period, significant increase is anticipated.
It is anticipated that the commercial segment would grow significantly. Customers visiting at hotels and resorts as well as many others across the world like bathroom vanities with smart technology like scent diffuser machines, chromo lights, and built-in sounds. In the following years, such technological developments are anticipated to support market expansion.
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In the bathroom vanities market, Asia-Pacific represented the largest market share of the whole market. This expansion is a result of increased demand from developing nations like China and India, where the construction of infrastructure and the real estate markets are booming. Rising urbanization in the Asia Pacific region and rising disposable income in countries like China, India, and other nations are predicted to be the key drivers of demand growth over the anticipated timeframe. The industry's rapid expansion in countries like China, India, and Japan is also projected to have a positive impact on the market.
Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
By Material By Size By Application
List of the prominent players in the Global Bathroom vanities market:
• American Woodmark Corporation • Avanity Corporation • Bellaterra Home, LLC • Design Element Group, Inc. • Design House (DHI Corp.) • DuPont • Empire Industries, Inc. • JSG Oceana • Kohler Company • Wilsonart International LLC
The global Bathroom vanities market is segmented as follows:
• Stone • Ceramic • Glass • Wood • Metal
• 24 - 35 Inch • 38 - 47 Inch • 48 - 60 Inch
o The U.S. o Canada o Mexico
o France o The UK o Spain o Germany o Italy o Rest of Europe
o China o Japan o India o Australia o South Korea o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia o UAE o Egypt o Kuwait o South Africa o Rest of the Middle East & Africa
o Brazil o Argentina o Rest of Latin America
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The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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