Key companies profiled are Virtu USA (US), Wilsonart LLC. (US), MasterBrand Cabinets Inc. (US), Masco Corporation (US), Empire Industries Inc. (US), American Woodmark Corporation (US), Kohler Co. (US), Water Creation, Inc. (US), JSG OCEANA (US), Foremost Groups, Inc. (US), STRASSER WOODENWORKS (US), DuPont de Nemours, Inc. (US), Utopia Furniture Ltd (UK), Hangzhou Fame Industry CO., Ltd. (China), Eczacibasi Holding AS (Turkey), and Cabinetsmith (Canada)., among others.
Pune, June 10, 2021 (GLOBE NEWSWIRE) — COVID 19 Exacerbated Market Demand
Global Bathroom Vanities Market is expected to witness a ~ 5.6% CAGR during the forecast period. The bathroom vanities market size is expected to be valued at ~USD 13.1 billion by the end of the forecast period.
The bathroom vanities market outlook appears highly positive. The market growth attributes to the increasing installations of bathroom vanities in residential sectors. Besides, the rising demand for iconic style, values, and creative experience in the home category elevates the bathroom vanities market value to new heights. Besides, the rapid growth in the global economy has fostered the demand for lifestyle brands and iconic styles.
Even before COVID-19, access to safe and affordable housing was a priority, and the pandemic has only exacerbated the need further. To make the most of this opportunity, industry players are increasingly collaborating and forming joint ventures with globally recognized personalities and home furnishing experts to leverage their manufacturing expertise and deliver consumer luxury products.
Rising uptake of vanities produced with the high-quality craftsmanship and attention to detail that customers have are major bathroom vanities market trends. Increasing product developments and launches of designer bathroom furnishing collections distinguishing style and values push the bathroom vanities industry. Additionally, the spurring rise in residential and commercial construction sectors globally influences the market growth.
Get Free Sample PDF Brochure https://www.marketresearchfuture.com/sample_request/8260
With the wide availability of signature collections representing a diverse range of bath vanities and storage solutions, the bathroom vanities market size is projected to substantiate further. In this regard, Market Research Future (MRFR) asserts that the global bathroom vanities market valuation is estimated to appreciate exponentially by 2027, growing at an impressive CAGR during the anticipated period (2020 to 2027).
The COVID-19 disruption severely affected the bathroom vanities industry. Industry players faced major challenges, such as broken supply chains, logistic issues in delivering end products, and attracting workers from quarantines. On the other hand, the coronavirus-driven lockdowns offered ample opportunities in the form of DIY projects. The demand for bathroom vanities is on the rise.
People increasingly took up DIY projects to give their bathrooms a new look. Whether it is home, commercial premises, or public building, property owners wanted to try new furnishing designs. This, as a result, significantly increased the product demand in residential sectors worldwide. The market is rapidly returning to normalcy post the lockdown mandates getting relaxed.
Share your Queries https://www.marketresearchfuture.com/enquiry/8260
Increasing technology upgrades and R&D investments in developing modern bathroom vanities allow the market to capitalize on the tremendous growth opportunity. Rapidly improving standard of living of people across the globe undoubtedly increases the bathroom vanities market sales. Despite the promising prospects, the bathroom vanities market still witnesses several challenges.
These growth impeding factors include high costs associated with bathroom vanities. Also, the demand-supply gap and price volatility in raw materials act as major headwinds for the market. Nevertheless, government support for technology development and installations in infrastructures would support the market growth. Besides, the growing demand for bathroom vanities from healthcare sectors globally would boost the market’s growth.
Increasing initiatives by the governments for infrastructure developments, such as building, airports, and metro infrastructures, along with increasing numbers of malls, increase the market value. Homeowners are continuously focusing on upgrading their bathrooms by installing modern amenities for aesthetic enhancement, driving market growth.
The bathroom vanities market analysis is segmented into material, application, and region. The material segment is sub-segmented into glass, ceramic, stone, wood, and metal. The wood segment accounts for the largest market share owing to its durability and ease of recyclability. The application segment is sub-segmented into residential and non-residential.