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The hot tub market share is expected to increase by USD 739.54 million from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 4.63%.
This hot tub market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the hot tub market segmentation by product (above-ground hot tubs, portable hot tubs, and In-ground hot tubs), end-user (residential users and commercial users), distribution channel (offline and online), and geography (Europe, North America, APAC, South America, Europe, North America, APAC, South America, Europe, North America, APAC, and South America). The hot tub market report also offers information on several market vendors, including Artesian Spas, Blue Falls Manufacturing, Bullfrog International LC, Cal Spas, Canadian Spa Co., Coast Spas Inc., Jacuzzi Brands LLC, Marquis Corp., Masco Corp., and Watkins Manufacturing among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The product innovation to improve the features of hot tubs is notably driving the hot tub market growth, although factors such as high complications in logistics and supply chain operations may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the hot tub industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Hot Tub Market Driver
The product innovation aimed at improving the features of hot tubs is one of the key factors driving growth in the global hot tube market. Automation and integration of technology in hot tub models have become major factors in attracting consumers, which has become one of the standards in hot tubs design. Energy-efficient features manufacturers are incorporating energy-efficient features into their hot tub models. Energy-efficient light-emitting diode (LED) lights are fixed to these furnishings to amplify their aesthetics. This sets the mood for several parties, making them attractive for kids and illuminating water jets and drink holders by saving energy. Moreover, automated water treatment technology and some other major technological advances like built-in chlorine generators and automated testing and dosing have made water treatment procedures convenient and easy. This technology enables the hot tubs to get cleaned automatically, with real-time measurements of water quality evaluated through web-connected devices like smartphones, tablets, and laptops. Such factors will increase the demand for the market in focus during the forecast period.
Key Hot Tub Market Trend
The advent of multifunctional hot tubs will fuel the global hot tube markets growth. Hot tubes are good for health, for example, according to the world health organization, hot tubes are good for pain relief such as hip pain, knee pain, and others. Due to this some of the market players are designing hot tubs that will have a hot tub on one end and a training platform on the other end for workout purposes. However, these are available with more space for swim and workouts as compared to normal rectangular hot tubs. Such innovations can help consumers can avail swimming facilities and also experience aerobic training or rowing. For example, MARQUIS designs aquatic training vessels (ATVs) that include both the facilities of hot tubs and aerobic training. The target consumers of these hot tubs include those that prefer buying multifunctional products. The above factors will increase the demand for the global hot tube market during the forecast period.
Key Hot Tub Market Challenge
High complications in logistics and supply chain operations are a major challenge for the global hot tubes market's growth. Due to the lack of proper infrastructure and poor distribution networks and facilities, the key competitors face high logistics costs. This leads to delayed supplies. The transportation costs involved in the entire supply chain are high because they include the cost of transportation of raw materials to the plant of the manufacturer, transportation of the finished goods to the warehouse, and delivery to retailers and end-users. Moreover, the threat of product damage, also adds to the complexity of the supply chain process. Many manufacturers of spa equipment, including hot tubs, operate globally and are exposed to varying costs of fuel, taxes, duties, fees, and different government policies. Owing to the global nature of many MNCs that are exposed to different regulations, taxes, fuel charges, and duties, key competitors find it difficult to align on-time deliveries. This increases the selling price of the end product, thereby putting pressure on consumers and sellers. Such factors will hinder the market in focus during the forecast period.
This hot tub market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.
Technavio categorizes the global hot tub market as a part of the global leisure products industry within the global household durables market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the hot tub market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the hot tub market encompasses successful business strategies deployed by the key vendors. The hot tub market is fragmented and the vendors are deploying growth strategies such as launching retail stores and e-commerce websites to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The hot tub market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the hot tub market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global household durables market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by End-user
7 Market Segmentation by Distribution channel
8 Customer landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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