The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the Asia Pacific hot tub market. In addition, complete analysis of changes on the Asia Pacific hot tub market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on Asia Pacific 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 rapid urbanization across the Asia Pacific has ultimately propelled the increasing demand for hot tub market. The rapid development of urban cities, growing pollution, changing population dynamics, increasing arthritis, depression and anxiety, muscle injuries, back pain has increased the requirement for the market products. Also, hot tub products offer several advantages like environment friendly among other factors has fuel the market demand. For instance, the modern hot tubs are made up of recyclable materials and consume less power than old ones. They come with the advanced technologies that makes them more energy efficient. Also, modern hot tubs use less water as compared to the older ones and could even run them from solar power, either electric PV or solar thermal however solar thermal is by far the most cost effective. Likewise, increasing consumer spending, rapid development of residential and non-residential has ultimately accelerated the growth of Asia Pacific hot tub market during the forecast period (2022-2028).
The Asia Pacific 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 Asia Pacific 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 region.
One of key challenging factor for the growth of Asia Pacific 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.
The report provides in-depth analysis of Asia Pacific 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 Asia Pacific hot tub market comprises of different market segment like type, application and country.
The type studied in the Asia Pacific 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 Asia Pacific 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 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.
Geographically, the Asia Pacific hot tub market is studied across the countries of the China, India, Japan, and Rest of Asia Pacific. The China dominates the Asia Pacific hot tub market, followed by India. The growing urbanization and rising purchasing power of consumers in the region are expected to drive the growth of the market in the region. One of the key factors boosting this growth is the increasing investment 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, 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, 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 Asia Pacific affordable hot tub market (together, “Leisure Manufacturing”).
Hot tubs are ideally made from stainless steel, cement, fiberglass or PVC (inflatable). The hot tubs are known by different names like Japanese bathtub, Nordic Tub, Scandinavian bath, Norwegian bath, Outdoor Spa, Ofuro, Patagonian bath, Hot water Jacuzzi, Wood fired Spa etc. The hot tub is a tub that’s big enough to fit at least two people or more and that is filled with the heated water. The Asia Pacific hot tub market comprises of different market segment like type, application and geography. The type studied in the Asia Pacific hot tub market are portable hot tubs and fixed hot tub. Fixed hot tubs dominated the hot tub market in 2021and its dominance is likely to be continued over the forecast period. The Asia Pacific 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. Geographically, the Asia Pacific hot tub market is studied across the countries of the China, India, Japan, and Rest of Asia Pacific. The China dominates the Asia Pacific hot tub market, followed by India.
1) What are the drivers for Asia Pacific hot tub market?
The key driving factors of the market are increasing disposable income and rapid urbanization across the region.
2) Which is the leading application segment for Asia Pacific 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 country is gaining majority of market share during the forecast period (2022-2028)?
China is expected to gain major market share during the forecast period (2022-2028).