A bathroom vanity refers to a cabinet that is designed to hold wash basin or sink along with other toiletries and is installed in the bathroom. Made from various materials including wood, laminates, engineered stone and other composites, bathroom vanities are an important fixture that adds style, storage and functionality to the bath space. With growing urbanization and increasing disposable incomes, home design trends have evolved significantly over the past few years. Consumers are now willing to spend more on premium bathroom fixtures and fittings to enhance aesthetic appeal and comfort. Additionally, focus on better hygiene and wellness has boosted sales of vanities.
The bathroom vanities market is estimated to be valued at USD 43.82 Bn in 2024 and is expected to reach USD 72.05 Bn by 2031. It is expected to grow at a compound annual growth rate (CAGR) of 7.36% from 2024 to 2031.
Key Takeaways
Key players operating in the bathroom vanities market are Kohler Co., American Woodmark Corporation, IKEA, Target Brands, Inc., Baldwin Hardware and others. Kohler Co. is a global leader in bathroom fixtures and fittings with a wide range of vanity cabinets and tops.
Secondly, residential construction activities have picked up significantly post pandemic in many nations. Growing home improvement and remodeling activities are also propelling demand for Bathroom Vanities Market In the US alone, spending on home renovation is projected to reach over US$ 340 billion by 2024.
Additionally, companies are focusing on expanding into emerging economies to tap the rising spending power of middle class consumers in countries like India, China, Brazil, Mexico and others. Players are investing in new manufacturing facilities, collaborations with local retailers and introducing more affordable product variants.
Market Key Trends:
Customization and personalization are key trends gaining traction in the bathroom vanities market. Leading brands are offering wide variety of design options, surface materials, hardware finishes and extensive planning tools to clients. Customers can now design their vanity online as per their unique bathroom space and aesthetics. This is allowing them to integrate the vanity perfectly into their overall decor. Furthermore, sustainability is also an important consideration for consumers today which is driving demand for green vanities made from recyclable or eco-friendly materials.
Porter's Analysis
Threat of new entrants: High capital requirement for bathroom vanities manufacturing plants poses barrier for new entrants.
Bargaining power of buyers: Large buyers can negotiate for better prices but variety of options available decreases their power.
Bargaining power of suppliers: Major suppliers possess bargaining power due to their expertise and economies of scale in bathroom components manufacturing.
Threat of new substitutes: Substitutes include bathroom cabinets but vanities have established demand due to additional space provision.
Competitive rivalry: Intense competition exists among existing players to gain greater market share.
Geographical Regions
North America accounts for the largest share in the bathroom vanities market owing to high consumer spending and renovations in countries like U.S. and Canada.
The Asia Pacific is expected to grow at the fastest pace during the forecast period. Increasing construction activities and growing housing sector across developing nations such as India and China will drive the demand. Also, rising consumer affordability is augmenting the sales of bathroom vanities in the region.
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About Author:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)
