Global Bathroom Vanities Market Report 2023: Growing Housing Completion Rates Fuels Growth

Jan 30, 2024

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24 May, 2023, 19:00 ET

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DUBLIN, May 24, 2023 /PRNewswire/ -- The "Bathroom Vanities Market- Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Material (Metal, Wood, Glass, Ceramic, Stone), By Installation, By Size, By Application, By Distribution Channel, By Region, By Company" report has been added to ResearchAndMarkets.com's offering.

The global bathroom vanities market is anticipated to grow during the forecast period owing to a rise in development projects and demand for home decor products, increasing spending on renovations.

Companies Mentioned

According to a 2022 Houzz & Home Survey of 70,000 respondents in the United States, homeowners want to spend a staggering USD 15,000 this year on home renovations. That represents an increase of 50% above the USD10,000 spent during the preceding three years and a four-year high.

A sink and the supporting framework for storage make up a bathroom vanity. In addition to serving as storage, it covers exposed piping to maintain a neat appearance. Some bathroom vanities are highly streamlined, mainly concealing the plumbing, and have little to no storage. In other instances, a nice-sized cabinet or a wall-to-wall arrangement will be part of the bathroom vanity.

Small bathrooms look larger when the vanities have a smaller capacity. In this situation, floating or wall-mounted vanities are a good choice. In addition to adding visual depth, the air space beneath the vanity still leaves an area for an under-counter basket or container storage.

Adding necessary storage space to the bathroom and avoiding the installation of a separate basin and storage unit are the primary goals of a vanity unit. Vanity units offer a stylish and helpful method to store toiletries, cosmetics, toilet paper, extra towels, and cleaning supplies.

Increasing Consumer Demand for Multi-Storage Purpose Will Fuel the Market Growth

Bathroom vanities are an essential component of every home, and users can improve the appearance and functionality of their bathrooms by selecting the ideal Size, design, and material. Bathroom vanities also have the added advantage of simplifying the overall bathroom area. A custom bathroom vanity may add extra space. For instance, this item might be changed to include more storage cabinets to keep the site clean.

Another choice is to place it just above the bathroom floor, providing users with more space for storage. Homeowners with little space or bathrooms with more restricted designs will find this very appealing. Bathroom vanities made to order can be helpful in terms of design. Straight corners and a square or rectangular design can give the property a clean, contemporary appearance.

Growing Housing Completion Rates Fuels the Market Growth

It is anticipated that the demand for bathroom vanities will increase in developed nations due to rising housing completion rates. In both developed and developing countries, retrofitting and remodeling existing bathrooms is anticipated to boost market revenue growth.

According to the US Census Bureau and the US Department of Housing and Urban Development, privately owned home completions in June 2022 increased by 4.6% to a seasonally adjusted annual rate of 1,365,000, up from 1,305,000 in June 2021. Therefore, the increasing housing completion rates in developed and developing nations fuel the demand and growth of the bathroom vanities market globally.

Increasing Number of Product Launches Fuels the Market Growth

Companies are launching new products to attract customers, increasing the demand and growth of the bathroom vanities market globally. For instance, in 2021, Somany Ceramics, a company specializing in ceramics and associated accessories, launched a line of vanities that improves the bathroom's aesthetics, functionality, and appeal. The two main lines of the brand are the French Collection and the Signature Collection.

The French Collection includes vanities with a premium feel but at an affordable price. They are broadly divided into Carlton, Canterbury, Flame, Flame Wall, and Sydney categories depending on the components they contain, namely the main cabinet with a basin, a mirror, a side cabinet, a mirror cabinet with light, a mirror with shelf, and a mirror with LED.

At the same time, Signature Collections offers high-quality goods under the Triumph, Arcade, Felista, Dalian, Rhodes, Carine, Iris, Victoria, Havana, Brighton, Count, and Florida brands. There are a variety of styles and products on offer that are made exclusively for bathrooms and restrooms, and they are offered at affordable prices without sacrificing long-term usability. Therefore, Therefore, new product launches are driving the global bathroom vanities market.

Strategic Acquisitions & Partnerships Among Companies Drive the Market Growth

Companies are collaborating and acquiring other companies to increase their revenue share and satisfy the need of consumers. For instance, the leading building supplies online retailer in the UK, CMO Group PLC, acquired Whiteholme Limited, a specialized bathroom basin e-commerce business, in 2022.

Up to USD 1.29 million in cash is due, of which USD 1.03 million was paid upon completion, and USD 0.26 million will be postponed for six months. Therefore, the increasing mergers, acquisitions, and partnerships are driving the market growth of the global bathroom vanities market worldwide.

Report Scope:

In this report, the global bathroom vanities have been segmented into the following categories, in addition to the industry trends, which have also been detailed below:

Bathroom Vanities Market, By Material:

Bathroom Vanities Market, By Installation:

Bathroom Vanities Market, By Size:

Bathroom Vanities Market, By Application:

Bathroom Vanities Market, By Distribution Channel:

Bathroom Vanities Market, By Region:

For more information about this report visit https://www.researchandmarkets.com/r/d44j4r

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