LONDON--(BUSINESS WIRE)--The global swimming pool market is expected to grow by USD 3.56 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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The global economic growth has resulted in large-scale urbanization. It was estimated that, as of 2019, 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. The urban population in APAC is expected to grow from 42% in 2010 to 53% in 2021. The urban population in other developing countries, such as countries in Africa and South America, is expected to grow from 40% in 2010 to 49% in 2021. 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.
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As per Technavio, the increase in hotel construction 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.
Swimming Pool Market: Increase in Hotel Construction
The growth of the tourism industry is leading to intense competition among construction companies and hotel owners. This has, in turn, has resulted in increased construction hotels that offer facilities such as sports centers, spas, and swimming pools. In addition, a large number of resorts are offering rooms with private pools. For instance, Dubailand in Dubai is 278 sq.km in size, and the estimated project cost is USD 64 billion. The project includes the world's largest hotel, with 6,500 rooms, and a 10-million-sq. ft mall. To maintain the revenue inflow, hotel owners are focusing on providing occupants an enhanced experience by investing in amenities like swimming pools and gyms. This is attracting many tourists to opt for such accommodation, which is supporting the growth of the market.
“Factors such as the high growth in the tourism industry, and the growing consumer spending capability will have a significant impact on the growth of the swimming pool market during the forecast period,” says a senior analyst at Technavio.
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Swimming Pool Market: Segmentation Analysis
This market research report segments the swimming pool market by revenue source (construction and equipment) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the swimming pool market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to the presence of developed infrastructure 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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