North America Bathroom Furniture Market Overview 2023-2031: Estimated Market Size, Major Drivers and Lucrative Segments – By The Business Research Company

Posted on 2024-03-29 by Transparency Market Research in Advertising // 0 Comments

Wilmington, United States, 2024-Mar-01 — /EPR Network/ — The North American bathroom furniture market has witnessed remarkable growth in recent years, driven by factors such as urbanization, increasing disposable income, and evolving consumer preferences for modern and customizable bathroom furnishings. This article delves into the current landscape and future prospects of the industry, highlighting key trends, opportunities, and market dynamics.

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Key Players and Market Developments

key strategies adopted by manufacturers in the bathroom furniture market in North America. Companies operating in the market are American Standards, Apollo, COSO, CRW Bathrooms, Duravit, Hansgrohe, Kohler, Moen, ROCA, Britton Bathrooms, VitrA, Wyndham Collection, and TOTO.

Market Overview:

In 2022, the North American bathroom furniture market was valued at US$ 7.5 billion, with a projected compound annual growth rate (CAGR) of 6.5% from 2022 to 2031, reaching an estimated value of US$ 13.1 billion by the end of 2031. This growth trajectory is attributed to several factors, including rapid urbanization, rising residential construction activities, and the increasing demand for modular and environmentally friendly bathroom furniture.

Drivers of Market Growth:

Urbanization and Residential Construction: The surge in urbanization has led to an increased demand for residential and commercial infrastructure, subsequently driving the growth of the bathroom furniture market. With a rising population and disposable income, there is a heightened focus on home modernization and renovation, contributing to the installation and usage of various bathroom furniture pieces.

Consumer Preferences and Changing Lifestyles: Consumers in North America are increasingly seeking aesthetic and modern home interiors, with bathrooms being no exception. A bathroom is now considered a place for relaxation and luxury, leading to a greater emphasis on the aesthetics and functionality of bathroom furniture. Additionally, the rise in hygiene consciousness among consumers is propelling the demand for high-quality bathroom furniture and bath hardware products.

Technological Innovations: Manufacturers are responding to consumer demands by incorporating innovative features into bathroom furniture, such as Bluetooth speakers, motion sensor lighting, and mirrors with LED lights. These technological advancements enhance the functionality and appeal of bathroom furnishings, driving market growth further.

Market Segmentation:

Product Types: Mirrors and cabinets are the dominant segments in the North American bathroom furniture market. While mirrors accounted for the largest market share in 2022, the cabinets segment is expected to witness the fastest growth rate during the forecast period. This growth is fueled by the rising demand for multi-purpose wall-mounted cabinets and specialized countertops with sinks.

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Country Outlook:

The United States holds a major share of the North American bathroom furniture market, driven by factors such as the increasing standard of living, sustainable consumer income, and investments in modern furniture with advanced features. The market in the U.S. is expected to continue growing rapidly, presenting lucrative opportunities for manufacturers and suppliers.

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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.

Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.

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