San Francisco, 20 May 2024: The Report Bathroom Vanities Market Size, Share & Trends Analysis Report By Application (Residential, Non-residential), By Material (Stone, Ceramic, Glass, Wood, Metal), By Size (24 - 35 inch, 38 - 47 inch), By Region, And Segment Forecasts, 2023 - 2030

The global bathroom vanities market size is expected to reach USD 65.54 billion by 2030, according to a new report by Grand View Research, Inc. 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 increasing trend of bathroom remodeling and home restoration activities across major economies is expected to elevate the demand for bathroom furniture in the coming years. As a fairly consolidated industry, major companies, including Masco, RSI Home Products, American Woodmark, and Kohler, hold sizeable shares in the market as of 2022. Moreover, branding and customized offerings are expected to be key to being competitive in this market. Eco-friendly and durable bathroom vanities are also expected to gain prominence in the market over the forecast period.

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There has been a growing demand for environment-friendly and sustainable home furniture, including bathroom vanities. For instance, according to a 2021 SFC survey, in the U.S., nearly 97% of respondents expressed an interest in purchasing environmentally friendly furniture for their homes, assuming favorable style and cost are about the same. According to the same survey, it was noted that most respondents (87%) were willing to pay at least 5% to 10% more for environmentally friendly furniture products including bathroom furniture.

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

Moreover, key market players are investing in R&D and introducing new products on a regular basis, to stay competitive and grow their business over time. For instance, in July 2022, Wilsonart LLC announced its Wilsonart HPL Commercial Collection and the Wilsonart Traceless Laminate Collection. The designs feature new textures and surfaces that create realistic and authentic spaces. The Aligned Walnut Finish is a highlight of this new portfolio and can be paired with four new colors to create walnut designs.

Additionally, bathroom vanities come in various sizes to accommodate bathrooms of different dimensions. These are typically purchased in colors and accents that complement the bathroom interiors. Customization of bathroom vanities is, therefore, a popular trend among consumers. According to Houzz 2022 study, around 60% of consumers in the UK prefer customizing their bathroom furniture during bathroom remodeling. In response to this trend, major players have been offering personalized options according to the requirements of the consumers.

Furthermore, the popularity of bathroom furniture, including cabinets, shelves, and storage products, is due to rising urbanization and a significant increase in consumer adoption. Product manufacturers operating in this space are taking major initiatives such as advancements in raw materials, manufacturing technologies, and connected technology to cater to ever-growing consumer demand. This is expected to offer key players lucrative business expansion opportunities. The continued emphasis of manufacturers on new product development and improvements will also contribute to the market's future expansion.

Bathroom Vanities Market Report Scope 

The market for bathroom vanities is highly competitive, with a range of companies offering various products. Many big players are increasing their focus on new product launches, partnerships, and expansion into new markets to compete effectively.

• In October 2022, Kohler Company unveiled its new line Anthem, which includes shower controls and valves. The products are created to provide users with an immersive showering experience tailored to their unique requirements. The line is available in both analogue and digital control panels.
• For instance, in January 2023, Caesarstone launched its latest multi-material surfaces portfolio at the Kitchen & Bath Industry Show held at the Las Vegas Convention Center in the U.S. Porcelain and Natural Stone ranges were added to its Quartz and Outdoor Quartz portfolio.

Some of the key players operating in the market include: -

• 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