Hot Tub Market - Growth, Trends, and Forecast (2020 - 2025)
NEW YORK, July 2, 2020 /PRNewswire/ -- The hot tubs are a pool of water used for relaxation. It is also used for hydrotherapy. The 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. Generally, the hot tub is made of wood, cement, stainless steel, and glass fiber. It provides various health benefits. These include relief from stress, minimization of arthritis pain, reduction of diabetic blood sugar levels, and lowering of blood pressure.
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- Rising in disposable income, increase in awareness about health, changing lifestyle of individuals, and rapid technological advancements are factors expected to drive the global hot tub market.
- Manufacturers are focusing on launching innovative hot tubs with energy-efficient features. Multi-functionality of hot tubs is another factor anticipated to boost the hot tub market.
- Multi-functional hot tubs provide more space for swimming and workout compared to rectangular hot tubs. These features are propelling the demand for solar hot tubs across the world.
- Rapid urbanization is also anticipated to drive the global hot tub market during the forecast period. However, fluctuation in prices of raw materials is projected to hamper the market growth during the forecast period.
Key Market Trends
Commercial End-User Segment is Anticipated to Grow at Higher Rate
Based on end-user segment, the hot tub market can be divided into residential and commercial. The commercial segment includes hotels, spas and salons, and other commercial end-users. Under the end-use segment commercial segment is expected to grow a faster rate during the forecast period. As rapid growth in hotel and salon and spa industry is the key factor of accelerating the global hot tub market during the forecast period.
Asia-Pacific is Expected to Witness the Highest Growth
By geography, the hot tub market is divided into Asia-Pacific, Europe, North America, the Middle East and Africa, and South America. The Asia-Pacific is anticipated to be a rapidly growing region of the market, followed by Europe and North America, during the forecast period.
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. Some of the key factors that are boosting this growth include the increasing investment in the residential and commercial sector.
Competitive Landscape
The report covers major international players operating in the Hot Tub Market. In terms of market share, few of the major players currently dominate the market. However, 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.
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