Hot Tub Market
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The global hot tub market was valued at around USD 4.3 billion in 2023. The market is expected to grow from USD 4.5 billion in 2024 to USD 6.4 billion in 2032 and is estimated to grow at a CAGR of 4% from 2024 to 2032.
The surge of importance given to health and wellness has elevated the demand for relaxation spaces at home, hot tubs included. As published by BEA, personal income in the US went up by 0.4% in September 2023, which indicates that consumer spending has continued to grow. There has been a significant increase in the amount of money spent on home-grade spas, which has in turn increased the popularity of hot tubs. With an increasing emphasis on wellness and self-care, hot tubs have also become more popular for relaxation and stress relief. The National Center for Complementary and Integrative Health (NCCIH), provides ample further evidence stating that stress management and relaxation are the two leading motivating factors for adopting wellness practices, signifying increasing support towards hot tub usage.
While self-care and mix-and-match relaxation is becoming a bigger deal, people are more inclined to improve their homes, making hot tubs one of the most popularly desired items to have. It has been just a few years since hot tubs were considered a sign of ostentation and luxury. Now, they are becoming increasingly more common. Homeowners with higher disposable income are comfortable spending money, and so it is not surprising to see homes with upgraded facilities like hot tubs. This leads to further growth in the home improvement industry, especially when it comes to affordable luxury.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Hot Tub Market size in 2023: | USD 4.3 Billion |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2023 - 2032 CAGR: | 4 |
| 2023 Value Projection: | USD 6.4 Billion |
| Historical Data for: | 2018 – 2023 |
| No of Pages: | 204 |
| Tables, Charts & Figures: | 212 |
| Segments Covered: | Type, Price Range, Application, and Distribution Channel |
| Growth Drivers: |
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| Pitfalls Challenges: |
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Hot tubs are now being effortlessly incorporated into outdoor spaces alongside the growing trend of creating outdoor friendly spaces altogether. According to the U.S. Census Bureau’s 2022 American Housing, around 58% of the homeowners surveyed reported working on DIY home improvements with a focus on exterior revisions. As homeowners spend money improving their outdoor areas for leisure and hosting, there is increased interest in buying outdoor furniture, landscaping, and other home services. In addition to relaxation, hot tubs can significantly increase a property’s resale value. The data from National Association of Realtors (NAR) suggests that outdoor home renovation projects, including new hot tubs, can have an ROI of as much as 50% at the time of selling. Those who wish to increase the value of their homes are turning to renovating projects like the installation of hot tubs to entice potential buyers and increase the listing price. This causes even more homeowners to begin renovation projects which increases growth in the market.
Based on type, the market is divided into above-ground hot tubs, portable hot tubs, and in-ground hot tubs. Above-ground hot tubs dominated the market, with the segment revenue of USD 2.2 billion in 2023 and expected to reach USD 3.3 billion by 2032.
Based on price range, the hot tub market is categorized into low, medium, and high. In 2023, the medium segment accounted for a market share of about 55% and is expected to gain market share of 59% by 2032.
North America dominated the global hot tub market, generating USD 1.4 billion in 2023 and is expected to reach USD 2.1 billion by 2032.
North America: The U.S. dominated the hot tub market with revenue of around USD 1.14 billion in 2023 and with a CAGR of 4% for the forecast period of 2024 to 2032. In the United States, the hot tub industry has grown significantly because of several factors. Most important of these factors is the increased focus on health and wellness by customers. There is a greater appreciation regarding both mental and physical well-being nowadays, and hot tubs are increasingly being recognized for their relaxing and therapeutic effects. At the same time, the increased incidence of stress, anxiety, and musculoskeletal conditions, like back pain, has created a demand for products that can provide relief. Warm water immersion is especially beneficial for your musculoskeletal system, for chiropractic care and physical therapy. That is one of the biggest reasons for purchasing hot tubs – hydrotherapy. Besides, improved blood flow, decreased muscle tension, and deep and sound sleep can also be achieved by using a hot tub.
Europe: Germany dominated the market with a market share of 22% in 2023 and with a CAGR of 4.2% for the forecast period of 2024 to 2032. In Germany, there is a need for hot tubs due to wellness priorities, social movements, and the growth of wellness tourism. Germans are known to prioritize health and wellness, and hot tubs are considered an effective means to alleviate physical issues such as muscle strain and joint pain. Just like in the US, hydrotherapy is gaining acceptance for its positive outcomes on the body and mind. Germans place high value on illness prevention, therefore their healthcare system is designed to encourage precautions. This system works well with wellness hot tub usage which increases consumer interest.
Asia Pacific: China spearheaded the market with revenue of around USD 0.3 billion in 2023 and is growing at a CAGR of 4.7% for the forecast period of 2024 to 2032. In China, the hot tub market is still relatively new when compared to Germany or the United States. Still, the developing middle class with high purchasing power is a hot tub industry motivator. With more wealth, there is higher spending on luxury and wellness products; hot tubs are considered an indulgence and a status symbol for the wealthier urban citizens.
Major players operating in the hot tub industry include:
These prominent companies are proactively involved in strategic endeavors including mergers & acquisitions, facility expansion, and partnerships to diversify their product offerings, expand their customer reach, and solidify their market position. Together, the top five mentioned companies collectively possess a market share ranging between 5% to 10%. They consistently allocate resources to research & development, enhancing their products and integrating innovative technologies to maintain a competitive edge.
Market, By Type
Market, By Price Range
Market, By Application
Market, By Distribution Channel
The above information is provided for the following regions and countries:
Some of the major players in the industry include American Standard, Bella Group, Brizo Kitchen & Bath Company, Bullfrog Spas, Canadian Spa UK, CERA Sanitaryware Limited, Freuer Faucets, Jaquar, Kerovit, Kohler Co., LIXIL Corporation.
The Above-ground segment is anticipated to cross USD 3.3 billion by 2032.
The North America market is likely to reach USD 2.1 billion by 2032.
The market size for hot tub was valued at USD 4.3 billion in 2023 and is expected to reach around USD 6.4 billion by 2032, growing at 4% CAGR through 2032.