The Latin America, Middle East and Africa Residential Bathroom Cabinets Market would witness market growth of 9.8% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Residential Bathroom Cabinets Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $2,817.9 million by 2031. The Argentina market is showcasing a CAGR of 11% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 9.5% during (2024 - 2031).
Residential bathroom cabinets are viewed as investments that add value to homes in terms of functionality and resale potential. Well-designed and properly installed cabinets can enhance residential properties' overall appeal and marketability, making them more attractive to prospective buyers. Homeowners recognize the importance of quality cabinets in contributing to the overall value proposition of their homes, leading to increased adoption and investment in this essential fixture.
The residential bathroom cabinets market is experiencing several significant trends that are shaping the industry landscape and affecting consumer preferences. These trends reflect evolving lifestyle choices, design aesthetics, technological advancements, and environmental concerns. For instance, in response to the trend of smaller living spaces and minimalist design aesthetics, bathroom cabinets are becoming more compact, streamlined, and space-saving.
As Dubai experiences a surge in building construction, there's a consequent rise in the number of residential properties being developed. According to the Dubai Statistics Center, in 2022, were 13,236 buildings under construction in Dubai and 1,941 completed buildings. Rapid urbanization has increased demand for housing, commercial spaces, and public amenities. Moreover, increased funding in the housing sector in Saudi Arabia often means more upscale and luxury residential projects. As per the Ministry of Municipal, Rural Affairs & Housing, Kingdom of Saudi Arabia, the amount allocated to the housing sector increased from 30.2 billion SAR to 36.8 billion SAR between 2016 and 2020. Hence, rising construction and increasing funds in the housing sector are driving the market's growth.
Free Valuable Insights: The Worldwide Residential Bathroom Cabinets Market is Projected to reach USD 135.1 Billion by 2031, at a CAGR of 9.0%
Based on Product, the market is segmented into Multi-Door, and Single Door. Based on Type, the market is segmented into Without Mirror, and With Mirror. Based on Material, the market is segmented into Wood, Metal, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
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