Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the global hot tub market. In addition, complete analysis of changes on the global hot tub market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. The COVID-19 outbreak has been causing an economic slowdown all over the world. As the hot tub market is widely considered a part of the luxury goods sector, the market is highly sensitive to economic cycles. The economic recession worldwide has seriously hampered the demand for these products, especially the high- and premium segments of the market.
The key factor driving the market growth are rapid urbanization across the globe and increased disposable income has certainly contributed in the market growth. Moreover, the global hot tub market is specifically driven by rising consumer preferences for hot tub specifically for hydrotherapy and swimming. The increasing health benefits offered by hot tubs has enhanced the requirement for market across the globe.
The global hot tub market is expected to witness increasing new growth opportunities for market with preferred for hydrotherapy and swimming. Ideally hot tub helps the consumer to energize, refresh and enhance relaxation shifting the mood and state of mind. As most of the hot tub are actually a form of hydrotherapy. Also, hydrotherapy is a simply a form of therapy that uses the water for health and healing purposes.
The major restraining factor for the global hot tub market is high cost. One of major restraining factor for the growth of hot tub market is fluctuations in prices of raw materials. The number of raw material company supplying their material for hot tub manufacturing often have strong fluctuation in prices of raw materials. The raw material mostly has increasing prices in market due to decreased sales prices, supply and demand, short- term peaks in prices has specifically hampered the growth of market across the globe.
One of key challenging factor for the growth of global hot tub market is high electricity cost and initial cost. The use of hot tub on every day basis can certainly increase the electricity bill each month. Whereas running on special occasion might reduce it, but once you get a knack of the therapeutic treatment one might end up running the hot tub each day. Thereby the amount in the electricity bill results in worries, tensions and stress. Hence, the high electricity cost can significantly create a hurdler for the market growth.
The report provides in-depth analysis of global hot tub market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various hot tub in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2028.
The global hot tub market comprises of different market segment like type, application and geography.
The type studied in the global hot tub market are portable hot tubs and fixed hot tub. Fixed hot tubs dominated the hot tub market in 2021 and its dominance is likely to be continued over the forecast period. The segment growth is fuel by growing urbanization and rising purchasing power of consumers. The rising awareness of the product being able to give relief from lower back pain, decrease anxiety and stress is also refueling growth of fixed hot tubs in global hot tub market. The growing investment in residential and commercial sectors is also propelling growth of segment during the forecast period 2022-2028.
The global hot tub market finds its major application in commercial and residential. Commercial application is likely to gain major market share during the estimated time period. The segment growth is driven by flourishing growth of the Spa industry in various hotel or resorts industries across the globe. For instance, as per the data release by the American Med Spa Association, in 2018, the average medical spa revenue generated in the United States is evaluated to be USD 1,526,382. Furthermore, the popularity of providing hot tubs to guest by large number of hotels and resorts is also likely to propel the consumption rate of hot tub.
The global hot tub market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). Asia Pacific is likely to witness rising demand for hot tub market. The growing urbanization and rising purchasing power of consumers in the region, especially from China and India, are expected to drive the growth of the market in the region. One of the key factors boosting this growth is the increasing investments in the residential and commercial sectors.
The competitive landscape analysis of hot tub market is certainly based range of market players operating in the consumer goods market with growing demand for production of hot tub. Besides, number of market players offered wide range of products for different application in various geographic locations. The market has major competitive analysis based on new product launches as well as other developments.
The key players studied in market are Blue Falls Manufacturing, Bullfrog International, Cal Spas, Canadian Spa Co, Coast Spas Inc., Jacuzzi Brands LLC, Marquis Corp, Watkins’s manufacturing, Master Spas and Hot Tubs, CalderaSpas, Viking Spas, Beachcomber, Catalina Spas, Nordic Hot Tubs, PDC Spas, Atera Anytemp, Maax Spas, Marquis Spas and Dynasty Spas among others.
January 2021: Jacuzzi Brands announced to acquire the Vortex Leisure. This acquisition provides Jacuzzi group access to the popular vortex and fisher brands of products.
September 2020: Bullfrog Spas launched the M Series, and new technique line with one-of-a-kind layouts and innovations.
May 2020: Bullfrog Spas launched an artificial reality experience that enables shoppers to view a 3D hot tub model in their backyard before purchasing. With a simple click, visitors to BullfrogSpas.com can see a Bullfrog Spa in the location of their choice using most modern mobile devices.
February 2020: Jacuzzi Brands LLC completed the acquisition of both LMI FLA Holdings Inc. and Leisure Manufacturing Inc., which are the makers of the Dream Maker and Sunrise Spas brands and leaders in the global affordable hot tub market (together, “Leisure Manufacturing”).
Hot tubs are a pool of water used for relaxation and hydrotherapy. A hot tub is designed to be used by more than one person at a time. It is usually heated by natural gas or electricity. However, other types of hot tubs such as submersible wood-fired hot tubs and solar hot tubs are also available in the market. The global hot tub market comprises of different market segment like type, application and geography. The type studied in the global hot tub market are portable hot tubs and fixed hot tub. Fixed hot tubs dominated the hot tub market in 2021 and its dominance is likely to be continued over the forecast period. The global hot tub market finds its major application in commercial and residential. Commercial application is likely to gain major market share during the estimated time period. The global hot tub market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world (RoW). Asia Pacific is likely to witness rising demand for hot tub market.
1) What are the drivers for hot tub market?
The key driving factors of the market are increasing disposable income and rapid urbanization across the globe.
2) Which is the leading application segment for hot tub market?
Commercial segment has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
3) Which region is gaining majority of market share during the forecast period (2022-2028)?
Asia Pacific is expected to gain major market share during the forecast period (2022-2028).
