LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global swimming pool market to grow at a CAGR of close to 4% during the forecast period, according to their latest report.
The market study covers the present scenario and growth prospects of the global swimming pool market for 2017-2021. The report also lists motor pumps, filters, pool ladders, and overflow gratings as the four major segments based on equipment type. In 2016, the motor pump segment held the largest share of the global swimming pool market by equipment type, accounting for a revenue share of close to 42%.
According to Ujjwal Doshi, a lead analyst at Technavio for media and entertainment services research, “The global swimming pool market is heavily influenced by the real estate industry, which is experiencing exponential growth, due to various factors such as an increase in urbanization and increased spending capability of individuals.”
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Technavio media and entertainment analysts highlight the following three market drivers that are contributing to the growth of the global swimming pool market:
- Large-scale urbanization
- Increase in hotel construction
- Swimming for fitness
Large-scale urbanization
The global economic growth has resulted in large-scale urbanization. According to the UN estimates, as of 2016, 55% of the world's population resides in urban areas, which is likely to increase to more than 62% by 2021. Around 90% of the global urban population is from APAC and Africa.
With the rise in urbanization, there will be an increased demand for residential infrastructures. This is expected to support the growth of the swimming pool market during the forecast period.
Increase in hotel construction
The number of international travelers reached 1.2 billion in 2016, and it is expected to increase by more than 2% during the forecast period. The construction of new hotels has become the main focus of the growing tourism industry. This has resulted in the construction of many hotels that offer facilities, such as sports centers, spa pools, and swimming pools. Moreover, several resorts are offering rooms with private pools. This is attracting tourists to opt for such accommodation, which is supporting the growth of the market.
Swimming for fitness
People are increasingly becoming conscious about their fitness and health. The increase in motivation among the population to regularly exercise and maintain their fitness is positively influencing the growth of the global swimming pool market. Many individuals are choosing swimming for fitness as it is one of the best and most effective workouts. Apart from managing weight, swimming helps in regulating stress, builds endurance, improves muscle strength, and lowers the risk of diseases.
“Apart from apartments and personal pools, there are various clubs that offer sports facilities, such as swimming pools and gym, on a paid basis. The popularity of these facilities augurs well for the growth of the swimming pool market,” says Ujjwal.
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