The global bathroom cabinets market stood at USD 7150 Mn in 2019 and is anticipated to reach USD 12,164.3 Mn by 2029, at a CAGR of 6.1% during the forecast period of 2021 to 2029. The global bathroom cabinets market is experiencing a moderate growth due to rising housing development projects taking place, which demands high end household amenities. Especially in the countries such as China and India, due to growing real estate market, the market for bathroom cabinets is gaining momentum too.
Moreover, bathroom renovations and remodeling are trending in the market due to growing consumer interest in bathroom décor, rising disposable income of the people which is leading to over spending in the bathroom renovations. Surge in demand for customized countertop materials such as engineered stone, lava stone, granite, marble, etc. owing to wide range of pattern, price affordability and accountability of these products in bathroom application is expected to spur market growth through the forecast period. However, premium pricing of high quality products, high design cost and is expected to hinder bathroom vanities market growth over the forecast period.
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Regardless, of the economic slowdown the consumer spending on leisure products have exploded in popularity. Globally, the household income is experiencing upward growth. For instance, in the OECD countries, the average household net wealth per capita is estimated at US$ 84,547. Adjusted with cost of living, it is estimated that the amount of money to be potentially spent of leisure is rising across all the regions. An average bathroom remodel cost around US$ 15,000 to US$ 18,000 depending on the style and pattern of the renovation. With more money in the pockets, particularly in the developed economies, it is implied that more people are opting to customized and modern furniture and bathroom accessories.
Wood segment accounted for major share of bathroom cabinet market. It accounted for 41.95% market share in 2020. There are various types of woods such as MDF, plywood, or chipboard, etc. used for construction of bathroom cabinet. Availability of improved quality MDF (Medium-Density Fibreboard) is expected to boost the demand for wooden cabinets in near future. Direct commercial real estate market fell by 29 percent globally to approximately US $ 320 billion in the first half on 2020. The key reason of the fall included travel lockdown that influenced cross border investments. Asia Pacific was observed as the largest market for bathroom cabinet in 2020. This growth is attributed to the growing demand from developing economies such as China and India due to surging real-estate industry and developing infrastructure facilities in these countries. Asia Pacific region contributed to 36.22% revenue share in 2020.
Key Market Movements
- Rising Disposable income is expected to boost bathroom cabinets’ demand.
- Premium pricing of good quality products is the key restraint.
- Increasing Consumer Spending on Innovative Bathroom Products is boosting the market opportunities.
- The global bathroom cabinets market stood at USD 7150 Mn in 2019 and is anticipated to reach USD 12,164.3 Mn by 2029, at a CAGR of 6.1% during the forecast period of 2021 to 2029.
- Wood is the major component in the bathroom cabinets market.
- The residential application segment accounted for the majority of the market in 2019 and is further expected to generate high revenue through the forecast period.
- In 2020, Asia Pacific accounted for the largest revenue share in the global bathroom cabinet market and is projected to grow at the fastest CAGR of 6.4% during the forecast period of 2021 to 2029.
The Bathroom Cabinets Market Segmentation:
|Segmentation||Material Segment (2019-2029; US$ Mn)|
|Application Segment (2019-2029; US$ Mn)|
|Regional Segment (2019-2029; US$ Mn)|
|Global Impact of Covid-19 Segment (2020-2021; US$ Mn)|
*Detailed segments are available on the report page
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