The bathroom vanities market comprises cabinets that are used for storage purposes in bathrooms. Bathroom vanities provide countertops and under-sink storage spaces for bathroom accessories and products. They are made up of various materials including wood, metals, ceramic, and natural stone. Bathroom vanities offer an organized and appealing storage solution for the bathroom. The growing home remodeling and replacement activities are driving the demand for bathroom vanities.
The bathroom vanities market is estimated to be valued at USD 43.82 Bn in 2024 and is expected to reach USD 72.05 Bn by 2031. It is expected to grow at a compound annual growth rate (CAGR) of 7.36% from 2024 to 2031.
Key players operating in the bathroom vanities market are Kohler, American Standard Brands, IKEA, Duravit, Foremost Groups, KraftMaid Cabinetry, and Avanity Corporation.
The growing demand for stylish and spacious bathroom fixtures from the millennial population is fueling the sales of Bathroom Vanities Market. Various technological advancements such as smart cabinets with lighting and touch sensors have increased their popularity.
Market Trends
One of the major trends witnessed in the bathroom vanities market is the rising popularity of customized cabinets. Manufacturers offer customized vanities, drawer configurations, and finishes as per consumer requirements. Another trend gaining traction is the increasing use of eco-friendly materials such as recycled wood, bamboo, and engineered quartz for vanity tops.
Market Opportunities
The growing remodeling activities of bathrooms represent a major opportunity for bathroom vanities manufacturers. According to recent surveys, nearly 75% of millennials are inclined towards remodeling their bathrooms. Furthermore, the increasing sales of luxury homes equipped with high-end bathrooms and shower areas will augment the demand for premium bathroom vanities in the coming years.
Impact Of COVID-19 On Bathroom Vanities Market:
The COVID-19 pandemic has significantly impacted the bathroom vanities market. During the initial phases of the pandemic when strict lockdowns were imposed globally, the production and supply chain of bathroom vanities was disrupted. Manufacturing facilities had to shut down temporarily which led to a decline in supply. With people confined to their homes, the demand for home improvement products including bathroom vanities also saw a dip initially.
Going forward, companies are expected to focus on digital marketing, virtual consultation services and customizable product offerings to cater to evolving consumer needs. Emphasis will also be on reducing lead times, ensuring supply chain resilience and implementing innovative financing options. While challenges persist, the pandemic has made homeowners prioritize home renovations which is likely to drive long term growth of the bathroom vanities market.
North America Dominates Bathroom Vanities Market In Terms of Value:
Geographically, North America accounts for the largest share of the global bathroom vanities market in terms of value. This is mainly attributed to factors such as high disposable incomes, rising home remodeling expenditures and growing importance given to bathroom aesthetics in the US and copyright.
Asia-Pacific Emerging As Fastest Growing Region For Bathroom Vanities:
Among regions, Asia-Pacific is expected to witness the fastest growth in the bathroom vanities market during the forecast period. Rapid urbanization, rising middle class population with increased spending power on home interiors and growing construction industry are some of the key factors fuelding demand. Countries such as China, India and Indonesia will spearhead the APAC bathroom vanities market on account of rising homeownership rates, changing consumer lifestyles and premiumization trend in bathroom fixtures.
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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)