Market Snapshot
| Study Period: | 2017- 2026 |
| Base Year: | 2021 |
| Fastest Growing Market: | Asia Pacific |
| Largest Market: | North America |
| CAGR: | 9.63 % |
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Market Overview
The hot tub market is projected to register a CAGR of 9.63% over the forecast period, 2021-2026. Generally, hot tubs are made of wood, cement, stainless steel, and glass fiber, and they provide various health benefits. These include relief from stress, minimization of arthritis pain, reduction of diabetic blood sugar levels, and lowering of blood pressure.
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. Many governments and health organizations are suggesting not to travel and as there are still restrictions on holiday travel. There is crashing in the commercial segment of the market as many wellness centers, luxury hotels, spas, and gymnasiums are closed to reduce human contact, as the main prevention for COVID-19 is physical distancing. A temporary shift in consumer behavior in terms of luxury products is forecasted but it may last for a shorter period, and once the economy starts to bounce back, the demand for the products may increase with gaining consumer interests.
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 multi-functional hot tubs provide more space for swimming and workout compared to rectangular hot tubs. These features are also propelling the demand for solar hot tubs across the world.
Rapid urbanization is also anticipated to drive the hot tub market during the forecast period. However, fluctuations in prices of raw materials are likely to hamper the market growth during the forecast period.
Scope of the Report
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 market is segmented into portable hot tubs and fixed hot tubs. by end-user, the market is segmented into residential and commercial, by geography, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle-East, and Africa. The report offers market sizing and forecasts for hot tubs in value (USD million) for all the above segments.
| Type | |
| Portable Hot Tubs | |
| Fixed Hot Tubs |
| End User | |
| Residential | |
| Commercial |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| Latin America | |
| Middle-East and Africa |
Key Market Trends
The Commercial End User Segment is Anticipated to Grow at a Higher Rate
Based on end-users, 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-user segments, the commercial segment is expected to grow at a faster rate during the forecast period. The rapid growth in the hotel and salon and spa industry is the key factor expected to accelerate the hot tub market during the forecast period.
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Asia-Pacific is Expected to Witness the Highest Growth
By geography, the hot tub market is divided into Asia-Pacific, Europe, North America, Middle-East and Africa, and Latin America. Asia-Pacific is anticipated to be the 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. One of the key factors boosting this growth is the increasing investments in the residential and commercial sectors.
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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.
Major Players
Bullfrog International
Canadian Spa Company
Jacuzzi
Artesian Spas
Blue Falls Manufacturing
Recent Developments
- In 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.
- In 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”).
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS AND DYNAMICS
4.1 Market Overview
4.2 Drivers
4.3 Restraints
4.4 Opportunities
4.5 Trends Influencing the Hot Tub Market
4.6 Porter's Five Forces Analysis
4.7 Supply Chain/Value Chain Analysis of the Hot Tub Market
4.8 Technological Innovations
4.9 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Portable Hot Tubs
5.1.2 Fixed Hot Tubs
5.2 End User
5.2.1 Residential
5.2.2 Commercial
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 Latin America
5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Bullfrog Spas
6.1.2 Canadian Spa Company
6.1.3 Jacuzzi Brands
6.1.4 Artesian Spas
6.1.5 Blue Falls Manufacturing
6.1.6 Cal Spas
6.1.7 Nordic Hot Tubs
6.1.8 Coast Hot Tubs
6.1.9 Caldera Spas
6.1.10 PDC Spas
6.1.11 Other Companies (Beachcomber, Viking Spas, Catalina Spas, Master Spas and Hot Tubs, Atera Anytemp, Maax Spas, Marquis Spas, and Dynasty Spas)
*List Not Exhaustive7. FUTURE OF THE MARKET
8. DISCLAIMER
Frequently Asked Questions
What is the study period of this market?
The Global Hot Tub Market market is studied from 2017 - 2026.
What is the growth rate of Global Hot Tub Market?
The Global Hot Tub Market is growing at a CAGR of 9.63% over the next 5 years.
Which region has highest growth rate in Global Hot Tub Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Hot Tub Market?
North America holds highest share in 2021.
Who are the key players in Global Hot Tub Market?
Bullfrog International, Canadian Spa Company, Jacuzzi, Artesian Spas, Blue Falls Manufacturing are the major companies operating in Global Hot Tub Market.
