The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors on the United States hot tub market. In addition, complete analysis of changes on the United States hot tub market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on United States 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.
One of the major factors accelerating the United States hot tub market is increased disposable income. The rapid development of market, new products innovation, deign, wide of range of product availability, rising requirement for market products has led the rise in disposable income of consumer. For instance, in August 2021, Jacuzzi Group had mentioned that majority of Americans believe having a hot tub would have a role in improving their lifestyle according to that survey commissioned by the company and conducted online by The Harris Poll. Besides, according to survey of more than 2,000 Americans adults, 71% says that hot tub would improve their lifestyle and 73% say if they were planning to purchase a hot tub, they would more likely do so if they could try it first in an acceptable environment over one that does not.
The United States 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 United States 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 United States 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 United States 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 United States hot tub market comprises of different market segment like type and application.
The type studied in the United States hot tub market are portable hot tubs and fixed hot tub. The portable hot tubs are likely to witness rising opportunity in the upcoming years attributing to it growing uses to meet the needs of the product manufacturers. Furthermore, the primary use of portable hot tubs is to provide hydrotherapy by lowering of blood pressure and reduction in level of blood sugar levels. Adding to this increase in awareness about health is also contributing to the growth of portable hot tub segment in global hot tub market during the forecast period.
The United States hot tub market finds its major application in commercial and residential. The residential application segment is likely to witness emerging opportunity in the upcoming years attributing to it is majorly used to meet the needs of the hot tub manufacturers. Addition to that the primary use of residential hot tubs is for relaxation, back pain, decrease anxiety and stress and also aids to have a positive influence among consumers. Manufacturers are increasingly directed towards smart innovative hot tubs which can be integrated with smart-phone for controlling and monitoring purposes, which in turn is acting as an opportunity for growth of market during the forecast period 2022-2028.
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 United States 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 United States hot tub market comprises of different market segment like type and application. The type studied in the United States hot tub market are portable hot tubs and fixed hot tub. The portable hot tubs are likely to witness rising opportunity in the upcoming years. The United States hot tub market finds its major application in commercial and residential. The residential application segment is likely to witness emerging opportunity in the upcoming years.
1) What are the drivers for United States 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 United States 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.