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.
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. The growing urban population is driving up demand for bathroom vanities. As consumers’ purchasing power grows, the demand for bathroom vanities will grow as well as consumers will want to purchase high-quality and aesthetically pleasing products.
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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. There are numerous uses for adding technology into bathroom accessories in the market for vanities. Sensor-based faucets are commonly used in business structures, although this technology has not yet become common in homes. In addition, a number of cutting-edge touchless faucet designs are anticipated to lessen the level of discomfort felt by homeowners by instantly recognizing hands nearby by swapping out the conventional infrared sensor with a high-tech field. As a result, cutting-edge technology, such as faucet technology, is anticipated to accelerate market expansion and the bathroom vanities market growth.
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.
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. Germany dominates the bathroom vanities industry in terms of revenue due to the high penetration of bathroom vanities in the residential application sector. North America was the second largest in bathroom vanities market analysis, while the Asia-Pacific region is expected to have the highest growth rate with a CAGR of 6.2% at the end of the forecast period.
The players operating in the Bathroom Vanities industry have adopted various developmental strategies to increase their Bathroom Vanities Market Share, gain profitability, and remain competitive in the market. The key players operating in the FUAO SANITARYWARE PRIVATE LIMITED, Baden Haus S.P.A, Alya Bath, Masco Corporation, Master Brand Cabinets Inc., American Wood Mark Corporation, Silkroad Exclusive, virtu USA, Bath Sense, Native Trails, Inc., Greentouch Home, Strasser, and Bertch Cabinet, LLC.
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Key findings of the study
- By material, the ceramic segment dominated the market in 2021 and the stone segment is expected to have the highest growth rate during the bathroom vanities market forecast period.
- By application, the household and residential is the larger segment and the commercial segment is anticipated to be the fastest-growing segment during the forecast period.
- By distribution channel, offline channels had the highest market share in 2021 while the online channel is predicted to have the highest bathroom vanities market growth during the forecast period.
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