The rise in middle-class population and increase in population density in metro cities have been major drivers of the bathroom vanities market's growth. People are primarily migrating from rural areas to urban areas in search of job opportunities, and they are purchasing property in urban areas is further fueling the growth of the market.
Bathroom Vanities Market Overview 2022 to 2031
According to a new report published by Allied Market Research, titled, “Bathroom Vanities Market," The bathroom vanities market was valued at $10.2 billion in 2021, and is estimated to reach $18.4 billion by 2031, growing at a CAGR of 5.6% from 2022 to 2031. Bathroom vanities are pieces of bathroom furniture that include a sink on top of it or on the surface of the counter and storage areas around the counter or beneath the counter. It also covers up exposed pipework, which makes the bathroom room appear clean, organized, and more sophisticated. Personal grooming items, products for personal hygienic care, and oftentimes, several types of medications are commonly kept in bathroom vanities. This migration opens new bathroom vanities market opportunity for the purchase of the real estate, hotels, restaurants, hospitals, and clinics, all of which require various types of furniture, including bathroom vanities.
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Increasing Demand, Emerging Trends, Growth Opportunities and Future scope
Manufacturers of bathroom vanities encounter a wide range of issues and difficulties as a result of the high price of wood as well as the lack of high-quality wood in ample supply. Moreover, marble is a widely used raw material for bathroom vanities. Michael Angelo, Golden Flawless White, Statuario, Fantastic Silver, Grey Picasso, Manhattan, Grey Frappuccino, and Colatina are some of the most popular varieties of marbles used in the bathroom vanities industry. However, due to its rarity, resilience, and timeless beauty, marble is very expensive. Furthermore, it elevates any environment and real stone is in high demand. These are some of the main explanations for marble's unusually high price as a result. The surge in purchasing power and worldwide urbanization drive an increase in bathroom vanity popularity in residential regions and are one of the essential bathroom vanities market trends across the globe. In addition, innovation and modernization are continually needed in the bathroom vanity industry to suit consumer demand.
The bathroom vanities market is segmented on the basis of material, application, distribution channel, and region.
*By material, the bathroom vanities market is classified into stone, ceramic, plastic, wood, and others.
*Depending on the application, the market is categorized into commercial, and household & residential.
*According to the distribution channels used for the sale of bathroom vanities, the market is segmented into offline and online channels of sale.
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Ceramic bathroom vanities accounted for the highest bathroom vanities market size of bathroom vanities in terms of materials while stone bathroom vanities are predicted to have a steady growth with a CAGR of 5.9% during the forecast period as the popularity of stone bathroom vanities is increasing due to the rustic and attractive look it provides to the bathrooms. Household and residential applications of bathroom vanities market share were higher in 2021 and accounted for 79.2% of the market share, while the commercial sector is predicted to have the highest growth at a CAGR of 6.1% due to the rapidly expanding hospitality sector and the implementation of interior designs that incorporate bathroom vanities. Offline sales channels were the most popular mode of purchase of bathroom vanities in 2021, however, the sale of bathroom vanities through online sales channels is expected to grow with a CAGR of 6.3% in the future owing to the ease of design selection and availability of a magnitude of the option of bathroom vanities available online, hence propelling the bathroom vanities demand across the globe.
Regional Analysis:-
1- Europe was the largest shareholder in terms of bathroom vanities market size in the base year as bathroom vanities are frequently employed in residential applications and come with a variety of customization possibilities.
2- Germany dominates the bathroom vanities industry in terms of revenue due to the high penetration of bathroom vanities in the residential application sector.
3- North America was the second largest in bathroom vanities market analysis, while the
4- Asia-Pacific region is expected to have the highest growth rate with a CAGR of 6.2% at the end of the forecast period.
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The global bathroom vanities market is witnessing substantial growth over the forecast period, as per this recent MRFR analysis.
Demand for bathroom vanities is anticipated to be driven by the rising consciousness among people regarding appearance and hygiene.
Apart from that, increased expenditure on the remodelling and retrofitting of existing bathrooms all over the globe is also expected to drive the global bathroom vanities market.Furthermore, growing urbanization, the demand for residential construction projects is expected to proliferate, further fuelling the global bathroom vanities market over the review period.
Homeowners are expected to focus on the upgradation of their bathrooms through the installation of modern amenities for aesthetic enhancements, hence driving the market.Moreover, various reforms and regulations that are introduced by the government in many countries all over the globe for raising their infrastructure and real estate industries are propelling the growth of the construction industry.
Owing to the improving standard of living of consumers in various countries and a growing inclination towards the large size and modern style of bathrooms, mainly for bathroom furniture and bathroom vanity lights, and bathroom vanity mirrors is also anticipated to drive the global bathroom vanities market.
The residential segment is expected to lead the global bathroom vanities market over the forecast period.Detailed Regional AnalysisThe bathroom vanities market is segmented into the regions of North America, Europe, Asia Pacific, and Rest of the World.
Bathroom vanities form an integral part of any designing projects for your new or existing bathroom as it is designed to become the centre of attractions to store necessary grooming items along with a fresh and enthralling appearance.
