Apr 22, 2023 (Heraldkeepers) —
The global Bathroom Vanities market is forecast to reach USD 48.65 Billion by 2030, according to a new report by Reports and Data. The market is witnessing a surge in demand due to the growing trend of bath utilities and multi-utility home decor units. Rising demand for more functional bathrooms is expected to increase the number of installations of specialized countertops that contain sinks.
Increasing house completion rates in the developed countries is expected to drive the demand for the market. Growing investments in the retrofitting and remodeling of existing bathrooms in the developed and developing countries will boost the demand for the market. An increase in disposable incomes, especially in the developing countries, and various promotional activities undertaken by the real-estate sector, are also expected to lead to a surge in the demand of the market.
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The COVID-19 impact Analysis: The growing COVID-19 pandemic has led to the weakening demand for coatings in electronics, automotive, construction, and white goods. The market has the capacity to bounce back, but it completely depends on the duration of the lockdown, and also the impact of the virus on the economy. Even though the overall demand of the market is falling, the demand for Bathroom Vanities Market is expected to rise in the coming years.
Further key findings from the report suggest
- Non-residential applications occupied 19.5% of the market share in 2019. These include renovation and construction of hotels, retail shops, offices, healthcare facilities, and schools.
- The stone material is likely to grow at a rate of 5.6% in the forecast period. Engineered stone, such as quartz, finds extensive applications in bathroom vanities. This is due to the properties it offers, such as low upkeep, uniform inward structure, non-porous structure, and solid polymer resin binding. These are expected to increase the demand for the segment.
- 48-60-inch sized vanities are likely to grow at a rate of 3.6% in the forecast period. These find applications in commercial areas where a countertop requires more than one sink. These are used in corporate offices, R&D centers, and IT companies and are rarely used for residential applications.
- North America occupied 27.6% of the market share in 2019. The region is expected to have a high growth rate, owing to the increase in house completion rates. Large investments made in retrofitting and remodeling of existing bathrooms are also likely to lead to a higher market growth rate. The region is also the house of major operators of the market, which leads to larger market size for it.
- Key participants include RSI Home Products, Inc., Kohler Company, JSG Oceana, Foremost Groups, Empire Industries, Inc., Design House (DHI Corp.), Design Element Group, Inc., Bellaterra Home, LLC, Avanity Corporation, and American Woodmark Corporation, among others.
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Material Outlook (Revenue, USD Billion; 2019-2030)
- Metal
- Wood
- Glass
- Ceramic
- Stone
Size Outlook (Revenue, USD Billion; 2019-2030)
- 24-35 inches
- 38-47 inches
- 48-60 inches
Application Outlook (Revenue, USD Billion; 2019-2030)
- Residential
- Non-Residential
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Regional Outlook
For comprehensive understanding of market dynamics, the global Bathroom Vanities market is analysed across key geographies namely: North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, and Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa). Each of these regions is analysed on basis of market findings across major countries in these regions for a macro-level understanding of the market.
Significant Features that are under Offering and Key Highlights of the Reports:
– Detailed overview of the Bathroom Vanities Market
– Changes in industry market dynamics
– Detailed market segmentation by type, application, etc.
– Historical, current and projected market size in terms of quantity and value
– Recent industry trends and developments
– Competition situation of Bathroom Vanities Market
– Key companies and product strategies
– Potential niche segment/region showing promising growth.
Finally, the Bathroom Vanities Market Report is the authoritative source for market research that can dramatically accelerate your business. The report shows economic conditions such as major locales, item values, profits, limits, generation, supply, requirements, market development rates, and numbers.
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