Hot Tub Market Size, Share & Industry Analysis, By Product Type (Portable Hot tub, Fixed Hot Tub), By Application (Household, Commercial), By Distribution Channel (E-commerce Stores, Retail Stores) And Regional Forecast, 2024-2032

Hot tub products demand expanded in recent years as people are increasingly attracted to the relaxation, and cozy feel that hub tub offers to the body. The growing awareness of the product being able to give relief from lower back pain, decrease anxiety and stress, and others are also assisting to have a positive influence among consumers. Manufacturers are increasingly directed towards smart innovative hot tubs that can be integrated with smart-phone for controlling and monitoring purposes, which in turn is acting as an opportunity for market growth. For instance, Sundance company comes up with SmartTub System with smart-phone connection capability, which is assisting to monitor and control hot tub, give alert and notifications to users, and also has the ability to operate using cell towers to eliminate any wifi connection issues.

The flourishing growth of the Spa industry in various countries across the globe is assisting to propel the demand for hot tub. For instance, according to the data released 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.  Additionally, the popularity of providing hot tubs to guests by large number of hotels and resorts is likely to fuel the consumption rate.  Furthermore, the intense cold weather climatic condition experienced by various countries such as Canada, Russia, Ireland, Finland, and others has resulted in generating more traction.

Nevertheless, the high cost of the product is repelling large number of people for its use in residential places, especially in under-developed and developing countries, which act as a restraining factor for the market growth.

Key Market Driver -

The thriving growth of Spa industry around the world is acting as a driving factor for the market growth.

Key Market Restraint -

The high cost of the product is acting as a hampering factor for the market growth.

Key Players Covered:

Canadian Spa Company, Artesian Spas, Blue Falls Manufacturing, Premium Leisure, Jacuzzi Brands LLC, ThermoSpas Hot Tub Products, Inc., and others are the key companies operating in the hot tub market.

The hot tub market is segmented into by product type, application, distribution channel, and geography.

On the basis of product type, the market is fragmented into the portable hot tub and fixed hot tub. Portable hot tube is estimated to be the dominant segment owing to the product being easy to move around in various locations,  owning easy cleanability low maintenance and high quality, which in turn has boosted its preference rate.

Based on application, the market is bifurcated into household and commercial. The commercial is projected to be the larger segment as large number of commercial places such as spas, hotels, resorts, and others are increasingly consuming the product to attract more customers or clients. Likewise, the high spending power of commercial places also boosted the consumption rate for this segment.

By distribution channel, the market is divided into e-commerce stores and retail stores. Retail stores are anticipated to be the leading segment due to a large number of consumers possessing the desire to check product features physically at a store rather than directly purchasing it from e-commerce websites

Regional Analysis:

On the basis of region, the market is divided into North America, Europe, Asia Pacific, South America, and Middle East & Africa.

North America is assessed to be the prominent market shareholder and is projected to be dominant throughout the forecast period of 2020-2027. The growing number of people in this region owning million-dollar homes is anticipated to have a vital contribution to market growth. For instance, according to the data issued by USA Today in November 2018, the number of homes which are worth USD 1 million or more has increased by 400,702 in 2018. Additionally, the escalating expenditure made on consumer products, including hot tub, is likely to accelerate the demand for the product. For instance, according to the data released by the United States Bureau of Labor Statistics, in 2019, the average expenditure made on all consumer units in the United States was USD 63,036

Europe is expected to have substantial growth in the hot tub market owing to the booming growth of tourism in this region, which is estimated to play a significant role in the escalating demand and usage. For instance, according to the World Travel and Tourism Council data, in 2018, the European Tourism industry contributed 9.7 percent to the European Gross Domestic Product. Furthermore, the high per capita income of various countries of this region is helping to propel the consumption rate. For instance, according to the data published by Trading Economics, in 2019 per capita income of the European countries was USD 11,4482 for Luxembourg, USD 53,815 for Germany, USD 42,413 for Italy, USD 46,184 for France, and USD 46,699 United for Kingdom.

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Segmentation

Key Industry Developments-

• In May 2019, Lidl declared the launch of four whirlpool hot tubs which have  118 dynamic air jets that massage the body and create 360° all-round bubbles.


• In January 2020, Jacuzzi brands announced the acquisition of Leisure Manufacturing Inc. which is a prominent manufacturer of affordable spas in North America.