Global Bathroom Vanities Market to Expand at 4.5% CAGR During Forecast Period
Global Bathroom Vanities Market Overview
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. Further, growing preference towards modern bathroom vanities is also contributing to the ascension of the global bathroom vanities market. Growing number of housing projects all over the globe is also anticipated to drive the global bathroom vanities market. 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. Hence, the residential application is expected to be the highest contributor to the ascension of the global bathroom vanities market. 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. This, in turn, is supplementing the global bathroom vanities market. 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 report published by MRFR has suggested that the global bathroom vanities market is expected to exhibit a growth rate of 4.5% over the forecast period.
Market Segmentation
The global bathroom vanities market is segmented by material, application, and region. Based on material, the global bathroom vanities market is segmented into ceramic, glass, wood, and metal. The wood segment is expected to rule the global bathroom vanities market owing to its properties such as ease of recyclability and durability. Based on application, the global bathroom vanities market is segmented into residential and non-residential. The residential segment is expected to lead the global bathroom vanities market over the forecast period.
Detailed Regional Analysis
The bathroom vanities market is segmented into the regions of North America, Europe, Asia Pacific, and Rest of the World. Asia Pacific dictated the bathroom vanities market during the forecast period, as stated by the report developed by the experts at Market Research Future (MRFR). China and India are expected to dominate the country-specific markets for bathroom vanities during the forecast period. Such ascension can be accredited to the rising economic growth and rapid growth in the industrialization within these countries. Apart from this, the market for bathroom vanities in Asia Pacific is witnessing growth owing to the growing urbanization of various countries and fast paced development of emergent economies residing in the region. The consumers residing in the region are also witnessing rising disposable income which has enabled a higher adoption of bathroom vanities in the region during the forecast period.
North America is expected to follow Asia Pacific and garner the second-largest share of the global bathroom vanities market owing to the increasing hygiene consciousness and growing preference towards modern amenities. Further, significant growth in the construction industry, owing to the increased home improvement and renovation projects in the region have also aided the growth of the bathroom vanities market in North America.
Key Players
Some prominent players present in the global bathroom vanities market include Wilsonart LLC. (US), Virtu USA (US), MasterBrand Cabinets Inc. (US), DuPont de Nemours, Inc. (US), Masco Corporation (US), STRASSER WOODENWORKS (US), American Woodmark Corporation (US), Water Creation, Inc. (US), Kohler Co. (US), and Foremost Groups, Inc. (US).