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.
Increasing Rate of Housing Completion in Developed Regions to Boost the Global Bathroom Vanities Market
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.
