Bathroom Vanities Market predicted to Reach USD 46.03815 Bn by 2028, at a CAGR of 3.6%, says The Insight Partners

The bathroom vanities market is projected to reach US$ 46,038.15 million by 2028 from US$ 36,047.21 million in 2021

NEW YORK, UNITED STATES, November 2, 2022 /EINPresswire.com/ -- According to The Insight Partners recent study on the “Bathroom Vanities Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Material (Stone, Ceramic, Glass, Wood, and Metal) and Application (Residential and Commercial)” includes factors governing the market growth, revenue estimation and forecast, and market share analysis. It also includes the determination of significant market players and their key developments.

The bathroom vanities market is projected to reach US$ 46.03815 billion by 2028 from US$ 36.04721 billion in 2021; it is expected to grow at a CAGR of 3.6% from 2021 to 2028.

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The key players operating in the global bathroom vanities market include Avanity Corporation; Bellaterra Home, LLC.; Caesarstone.; Foremost Groups, Inc.; Kohler Co.; MasterBrand Cabinets Inc; Roca Sanitario S.A; Wilsonart LLC.; Dupont Plumbing Supplies; and Inter IKEA Systems B.V.

The increasing rate of housing construction and their completion in developed regions is one of the major driving factors for the bathroom vanities market. The rise in housing completion can be attributed to the increasing population of locals and migrants in these regions. In 2019, more than half of all international migrants worldwide lived in Europe and Northern America. According to the report of the United Nations, Europe has recorded around 82 million migrants from 1990 to 2019. Similarly, North America has accounted for 59 million migrants between 1999 and 2019. The rising population in these regions has increased the demand for accommodation, propelling the housing completion rate in Europe and North America. As per the US Census Bureau and the US Department of Housing and Urban Development, the US completed construction of about 1,337,800 housing units work in 2021, whereas construction of 1,702,000 housing units is in progress.

The bathroom vanities market is segmented based on material, application, and geography. Based on material, the global bathroom vanities market is segmented into stone, ceramic, glass, wood, and metal. The wood segment held the largest share of the market in 2020. This can be attributed to the ease of customization and better aesthetic view provided by the material.

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The overall bathroom vanities market is segmented into five main regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South and Central America. In 2020, Europe held the largest share of the market. The high adoption rate of bathroom vanities in the residential sector in the region and increase in construction activities are driving the bathroom vanities market in the region.

Furthermore, the demand for new houses is strongly affected by purchasing power of people in developed regions and the inclination toward smart and green buildings. People in developed countries prefer to construct or buy green buildings that efficiently use energy, water, and materials. Green buildings ensure good indoor air quality and minimize carbon footprints by using renewable energy sources. Green building also adopts household materials that are non-toxic, ethical, and sustainable. According to the report of Knight Frank, in 2018, Europe recorded around 5,000 buildings completed under the green certificate, whereas the US has accounted for 4,000 building constructions under the green certification. Rising green building projects and increasing purchasing power of consumers are accelerating the demand for bathroom vanities.

Report Spotlights

•Progressive industry trends in the bathroom vanities market to help players develop effective long-term strategies
•Business growth strategies adopted by companies operating in developed and developing markets
•Quantitative analysis of the bathroom vanities market from 2019 to 2028
•Estimation of global demand for bathroom vanities
•Porter’s Five Forces analysis to illustrate the efficacy of buyers and suppliers operating in the industry
•Recent developments to understand the competitive market scenario
•Market trends and outlook, as well as factors driving and restraining the growth of the bathroom vanities market
•Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the bathroom vanities marketgrowth
•The size of the bathroom vanities market size at various nodes
•Detailed overview and segmentation of the market, as well as the bathroom vanities industry dynamics
•Size of the bathroom vanities market in various regions with promising growth opportunities

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Bathroom Vanities Market Size is expected to reach US$ 46,038.15 Million by 2028