Bathroom vanities sales have been increasing in recent years, and the trend is predicted to continue as consumers keep investing in household decorations. In 2018, approximately 55% of the global population lived in cities; however, this figure is expected to exceed 68% by the end of 2050.
PORTLAND, Ore., Jan. 31, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Bathroom Vanities Market by Material (Stone, Ceramic, Plastic, Wood, Others), by Application (Commercial, Household, and Residential), by Distribution Channel (Offline Channels, Online Channels): Global Opportunity Analysis and Industry Forecast, 2021-2031″. According to the report, the global bathroom vanities industry generated $10.2 billion in 2021, and is anticipated to generate $18.4 billion by 2031, witnessing a CAGR of 5.6% from 2022 to 2031.
Prime determinants of growth
There is a rise in the adoption of bathroom vanities due to increased interest in home decor and modifications. Customers all over the world prefer various styles and designs of bathroom vanities. Companies constantly introduce new bathroom vanities patterns, styles, and designs to meet consumer demand. Furthermore, the vintage style is extremely popular among consumers because of its unique appearance. A bathroom vanity is a popular choice for customers looking to add retro style to their bathrooms. Furthermore, contemporary, modern, hygge, and Japanese aesthetic styles are popular in the bathroom vanity market.
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The pandemic outbreak gave way to a steep decline in demand for bathroom vanities, negatively impacting the global market.
Disruptions in the supply chain also hampered the manufacturing of bathroom vanities worldwide. However, the market has been growing post-COVID and is likely to experience growth in the future.
The wood segment to maintain its dominance during the forecast period
By material, the wood segment garnered the highest share in 2021, holding over one-third of the global bathroom vanities market revenue. This is because of its inherent warmth and beauty; wood is one of the most popular materials for use in bathrooms. However, due to its natural pattern, the stone segment is projected to manifest the highest CAGR of 5.9% from 2022 to 2031. A diverse range of stones in bathroom vanities adds a distinct visual appeal.
The household and residential segment to maintain its leadership status throughout the forecast period
Based on application, the household segment held the highest market share in 2021, accounting for more than two-thirds of the global bathroom vanities market, and is estimated to maintain its leadership status throughout the forecast period. An increase in the average number of bathrooms globally in households resulted in the greater adoption of bathroom vanities. However, the commercial segment is expected to portray the highest CAGR of 6.1% from 2022 to 2031.
The offline store segment to maintain its lead position during the forecast period
Based on the distribution channel, the offline segment held the highest market share in 2021, accounting for more than two-thirds of the global bathroom vanities market, and is estimated to maintain its leadership status throughout the forecast period. Offline bathroom vanities sales channels have several advantages, including delivering and returning products quickly. Customers can also visit furniture stores to inspect the quality of the products by touching them and comparing them to other alternatives. However, the online segment is expected to portray the highest CAGR of 6.3% from 2022 to 2031. This is due to the ease of availability and benefits such as product information, time-saving features, and the online platform’s home delivery facility.
Europe to maintain its dominance by 2031
Based on region, Europe held the highest market share in terms of revenue in 2021, accounting for nearly one-third of the bathroom vanities market, and is estimated to maintain its leadership status throughout the forecast period. Bathroom vanities are widely used in residential applications because of the wide range of customization options available in Europe. However, the Asia-Pacific region is expected to witness the fastest CAGR of 6.2% from 2022 to 2031, owing to the increase in disposable income and the rise in popularity of materials such as wood, ceramic, and stone.
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Leading Market Players: –
FUAO SANITARYWARE PRIVATE LIMITED
Native Trails, Inc.
Master Brand Cabinets Inc
Bath Sense, virtu USA
Baden Haus S.P.A
American Wood Mark Corporation
Bertch Cabinet, LLC
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SOURCE Allied Market Research