LONDON--(BUSINESS WIRE)--The hot tub market is expected to grow by USD 739.54 million during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Vendors in the market are focusing on integrating new and technologically advanced features in bath tubs to attract customers. The introduction of innovative products is also crucial for vendors to gain an advantage over their competitors. For example, some of the new products launched in the market have built-in wireless technologies that provide alerts about the maintenance of the spa and other related equipment through a smartphone app. Similarly, some vendors are furnishing their products with energy-efficient features that enable users to monitor and control temperature levels. Such product innovations are attracting consumer interest, which is driving the growth of the global hot tub market.
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As per Technavio, the availability of customization in hot tubs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Hot Tub Market: Availability of Customization in Hot Tubs
The rising demand for custom-made hot tubs has encouraged several vendors to offer customization in terms of design, shape, and size or other features based on customer requirements. For example, specialty lighting, waterfalls, built-in illuminated jets, infinity edges, drink holders, seating configurations, acrylic or glass sides, and type of tile are some of the customization options offered by vendors to attract customers. This growing trend will have a positive impact on the global hot tub market during the forecast period.
“Advent of multifunctional hot tubs and the growing tourism and hospitality industry will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Hot Tub Market: Segmentation Analysis
This market research report segments the hot tub market 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, and MEA).
The Europe region led the hot tub market in 2019, followed by North America, APAC, South America, and MEA respectively. During the forecast period, Europe is expected to register the highest incremental growth due to the rise in the working population and an increase in consumer expenditure in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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