According to Mordor Intelligence, a firm that connects businesses with market insights and analysis, the hot tub market is expected to register a compound annual growth rate of 9.63% through 2026. Here's what you need to know to make sure your business is prepared.
What are the reasons for the rise?
A rise in disposable income, an increase in awareness about health, changing lifestyles of individuals, and rapid technological advancements are some of the major factors expected to drive the hot tub market. Manufacturers are focusing on launching innovative hot tubs with energy-efficient features.
The multi-functionality of hot tubs is another factor anticipated to boost the hot tub market as they provide more space for swimming and workouts compared to rectangular hot tubs. These features are also propelling the demand for solar hot tubs across the world.
What are the key market trends?
The commercial end-user segment, which includes hotels, spas and salons, is expected to grow at a faster rate than the residential end-user. The key reason is the rapid growth in those industries.
Geographically speaking, the report shows that Asia-Pacific is anticipated to be the fastest growing region of the market, followed by Europe and North America. The growing urbanization and rising purchasing power of consumers in the region, especially from China and India, are expected to drive the growth of those markets in the region. One of the key factors boosting this growth is the increasing investments in the residential and commercial sectors. This indicates that as the global market grows, product offerings and business opportunities are likely to grow as well.
What is the competitive landscape?
The report covers the major international players operating in the hot tub market. In terms of market share, few of the major players currently dominate the market. However, the demand is driven by consumer income. Large companies compete through volume purchasing, breadth of products, and effective merchandising and marketing. Small companies focus on a market segment and compete through the depth of products and superior customer service.
As outlined by the report, major players include Bullfrog International, Canadian Spa Company, Jacuzzi, Artesian Spas and Blue Falls Manufacturing.