Pune, June 10, 2021 (GLOBE NEWSWIRE) — COVID 19 Exacerbated Market Demand
Global Bathroom Vanities Market is expected to witness a ~ 5.6% CAGR during the forecast period. The bathroom vanities market size is expected to be valued at ~USD 13.1 billion by the end of the forecast period.
The bathroom vanities market outlook appears highly positive. The market growth attributes to the increasing installations of bathroom vanities in residential sectors. Besides, the rising demand for iconic style, values, and creative experience in the home category elevates the bathroom vanities market value to new heights. Besides, the rapid growth in the global economy has fostered the demand for lifestyle brands and iconic styles.
Even before COVID-19, access to safe and affordable housing was a priority, and the pandemic has only exacerbated the need further. To make the most of this opportunity, industry players are increasingly collaborating and forming joint ventures with globally recognized personalities and home furnishing experts to leverage their manufacturing expertise and deliver consumer luxury products.
Rising uptake of vanities produced with the high-quality craftsmanship and attention to detail that customers have are major bathroom vanities market trends. Increasing product developments and launches of designer bathroom furnishing collections distinguishing style and values push the bathroom vanities industry. Additionally, the spurring rise in residential and commercial construction sectors globally influences the market growth.
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With the wide availability of signature collections representing a diverse range of bath vanities and storage solutions, the bathroom vanities market size is projected to substantiate further. In this regard, Market Research Future (MRFR) asserts that the global bathroom vanities market valuation is estimated to appreciate exponentially by 2027, growing at an impressive CAGR during the anticipated period (2020 to 2027).
The COVID-19 disruption severely affected the bathroom vanities industry. Industry players faced major challenges, such as broken supply chains, logistic issues in delivering end products, and attracting workers from quarantines. On the other hand, the coronavirus-driven lockdowns offered ample opportunities in the form of DIY projects. The demand for bathroom vanities is on the rise.
People increasingly took up DIY projects to give their bathrooms a new look. Whether it is home, commercial premises, or public building, property owners wanted to try new furnishing designs. This, as a result, significantly increased the product demand in residential sectors worldwide. The market is rapidly returning to normalcy post the lockdown mandates getting relaxed.
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Increasing technology upgrades and R&D investments in developing modern bathroom vanities allow the market to capitalize on the tremendous growth opportunity. Rapidly improving standard of living of people across the globe undoubtedly increases the bathroom vanities market sales. Despite the promising prospects, the bathroom vanities market still witnesses several challenges.
These growth impeding factors include high costs associated with bathroom vanities. Also, the demand-supply gap and price volatility in raw materials act as major headwinds for the market. Nevertheless, government support for technology development and installations in infrastructures would support the market growth. Besides, the growing demand for bathroom vanities from healthcare sectors globally would boost the market’s growth.
Increasing initiatives by the governments for infrastructure developments, such as building, airports, and metro infrastructures, along with increasing numbers of malls, increase the market value. Homeowners are continuously focusing on upgrading their bathrooms by installing modern amenities for aesthetic enhancement, driving market growth.
The bathroom vanities market analysis is segmented into material, application, and region. The material segment is sub-segmented into glass, ceramic, stone, wood, and metal. The wood segment accounts for the largest market share owing to its durability and ease of recyclability. The application segment is sub-segmented into residential and non-residential.
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The Asia Pacific region dominates the global bathroom vanities market and is estimated to maintain its market position throughout the anticipated period. The largest market share attributes to the growing demand due to vast renovation activities and the presence of several key players. The region witnesses ample availability of raw materials and a cost-competitive labor force.
Besides, vast industrialization across the region adds to the bathroom vanities market growth. Japan, China, and India are key bathroom vanities markets in the region. Especially, China and India have recently seen significant bathroom vanities market growth due to the rising economy and rapid growth in industrialization. In India, bathroom vanities are highly preferred for the growing upgrades.
North America accounts for the second-best position in terms of the bathroom vanities market value. The strong presence of notable industry players, such as Wilsonart, Virtu USA, MasterBrand Cabinets, Water Creation, and Kohler Co., alongside the well-established economy offering higher penetration of luxury epic glass-and-chrome vanities and cabinets, boost the bathroom vanities market size. Additionally, increased home improvements and renovation projects and the high growth in the construction industry boost the region’s bathroom vanities market share.
Europe demonstrates a positive growth in terms of bathroom vanities market revenues. The market growth is bolstered by the surging sales and demand for lavish vanities from commercial and residential sectors. Germany, among other European countries, holds the largest share in the regional market. Furthermore, escalating consumer spending on bathroom renovations and increasing installments of modern bathroom cabinets are major bathroom vanities market trends.
The bathroom vanities market experiences several strategic initiatives, such as mergers & acquisitions, collaboration, expansion, and product launches. Key industry players make strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on June 01, 2021, RTA Cabinet Store, a leading provider of Ready-To-Assemble bathroom vanities & kitchen cabinets, renovation products, launched a new program that guarantees a customer’s complete order leaves the warehouse in three days or less.
In another instance, on May 06, 2021, FTK Construction Services, LLC, a full-service General Contractor specializing in Low-Income Housing Tax Credit rehabilitation projects, announced a contract award for the rehabilitation of Bridgeview Village Apartments in Charleston, SC. Additional interior updates include new bathroom vanities, toilets, tub surrounds, updated kitchens with new appliances, cabinets, and countertops.
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