The global bathroom vanities market size is expected to reach USD 65.54 billion by 2030. The market is expected to expand at a CAGR of 6.9% from 2023 to 2030. The increasing disposable income and changing consumer lifestyles in Asia Pacific and Europe are projected to drive demand for bathroom vanities. Also, the growth of the leisure and hospitality industries across the globe is expected to boost the demand for bathroom vanities.
The rising disposable income and proliferating economic growth are escalating the purchasing power, as a result, there is a rise in demand for high-end and aesthetic home and bathroom products, which is likely favoring the growth of the market across the globe. The National Kitchen and Bath Association (NKBA) predicted bath product spending to reach USD 199 billion in 2022. Moreover, house construction and remodeling projects to be major growth factors in the market for bathroom vanities.
Additionally, consumers' purchase decisions are mainly impacted by their changing lifestyles and the equal importance they place on interior and exterior décor. However, with rising home prices, homes are becoming compact, and the number of rooms-and their size-is decreasing. As a result, consumers are increasingly investing in storage and furniture items that are multifunctional, have enough storage, and can be easily assembled at home.
In terms of design and style, although traditional and modern bathroom vanities are popular among consumers, they mainly prefer modern styles. According to data published by Bathroom Planet, a bathroom furniture and accessories retailer in the U. K., around 79% of consumers purchased modern-style bathroom vanities in 2021. Bathroom vanities have evolved over the years, and in response, key manufacturers have been introducing new styles, patterns, and designs to meet the changing demands of consumers. Vintage-style bathroom vanities are popular among consumers who prefer unique and retro-style bathrooms.
Furthermore, with the increasing expansion of real estate as well as commercial construction, the market is bound to witness growth in the bathroom fittings industry, which is likely to propel the demand for bathroom vanities in commercial and residential settings. According to a Global Real Estate report published by Morgan Stanley Capital International (MSCI) in 2021, the efficiently managed real estate market's size increased to USD 11.4 trillion from USD 10.5 trillion in 2020.
The rising disposable income and proliferating economic growth are escalating the purchasing power, as a result, there is a rise in demand for high-end and aesthetic home and bathroom products, which is likely favoring the growth of the market across the globe. The National Kitchen and Bath Association (NKBA) predicted bath product spending to reach USD 199 billion in 2022. Moreover, house construction and remodeling projects to be major growth factors in the market for bathroom vanities.
Additionally, consumers' purchase decisions are mainly impacted by their changing lifestyles and the equal importance they place on interior and exterior décor. However, with rising home prices, homes are becoming compact, and the number of rooms-and their size-is decreasing. As a result, consumers are increasingly investing in storage and furniture items that are multifunctional, have enough storage, and can be easily assembled at home.
In terms of design and style, although traditional and modern bathroom vanities are popular among consumers, they mainly prefer modern styles. According to data published by Bathroom Planet, a bathroom furniture and accessories retailer in the U. K., around 79% of consumers purchased modern-style bathroom vanities in 2021. Bathroom vanities have evolved over the years, and in response, key manufacturers have been introducing new styles, patterns, and designs to meet the changing demands of consumers. Vintage-style bathroom vanities are popular among consumers who prefer unique and retro-style bathrooms.
Furthermore, with the increasing expansion of real estate as well as commercial construction, the market is bound to witness growth in the bathroom fittings industry, which is likely to propel the demand for bathroom vanities in commercial and residential settings. According to a Global Real Estate report published by Morgan Stanley Capital International (MSCI) in 2021, the efficiently managed real estate market's size increased to USD 11.4 trillion from USD 10.5 trillion in 2020.
Bathroom Vanities Market Report Highlights
- The glass segment is expected to expand at the fastest CAGR over the forecast period. The growing inclination toward elegant, stylish, modern, and fancy bathrooms is anticipated to widen the scope of premium-quality bathroom vanities over the forecast period
- The residential segment accounted for the largest market share in 2022 and is expected to dominate the market over the forecast period. An increasing number of millennials buying homes, particularly pre-owned homes, is also fueling the demand for bathroom vanities
- The Asia Pacific region accounted for the largest share in the global market in 2022. The growth is attributed to the rising spending on home renovation projects in the region. Moreover, the increasing population and improved standard of living have spurred the growth prospects of the construction sector in the region
Table of Contents
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Bathroom Vanities Market Variables & Trends
Chapter 4. Consumer Behavior Analysis
Chapter 5. Bathroom Vanities Market: Application Analysis & Estimates
Chapter 6. Bathroom Vanities Market: Material Analysis & Estimates
Chapter 7. Bathroom Vanities Market: Size Analysis & Estimates
Chapter 8. Bathroom Vanities Market: Regional Estimates & Trend Analysis
Chapter 9. Bathroom Vanities Market: Competitive Landscape
List of Tables
List of Figures
Companies Mentioned
- American Woodmark Corporation
- Avanity Corporation
- Bellaterra Home, LLC
- Design Element Group, Inc.
- Design House (DHI Corp.)
- Empire Industries, Inc.
- Foremost Groups
- Wyndham Collection
- Kohler Company
- Water Creation, Inc.
- Wilsonart LLC
- Dupont Kitchen and Bath Fixtures
- Caesarstone
Methodology
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 75 |
| Published | May 2023 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 38.57 Billion |
| Forecasted Market Value ( USD | $ 65.54 Billion |
| Compound Annual Growth Rate | 6.9% |
| Regions Covered | Global |
| No. of Companies Mentioned | 13 |
