Outdoor hot tub market has been gaining increasing momentum in the recent years with rising consumer spending confidence backed by high disposable income. Growing adoption of hot tub in new residential construction as well as in the remodeling of existing homes is an important factor driving the outdoor hot tub market. As outdoor hot tub is a luxury goods, its market completely depends on consumer income.
On the other hand, growing demand for outdoor hot tubs from hospitality sector is expected to fuel the market growth. Significant advantages of such tubs in providing relief from stress, lowering of blood pressure, and even in the minimization of arthritis pain are favoring the growth of outdoor hot tubs market.
With concentration of leading market players, outdoor hot tub market is expected to witness significant growth in the North America region. Asia Pacific will possibly project fast-growing market for outdoor hot tub due to rapid growth in hotel, salon, and SPA industry across the region. The outdoor hot tubs are mainly used for soaking, relaxation, and massages which have been receiving higher adoption among businessmen and other professionals. Further, economic growth and rising dual-household income levels along with technological advancements are likely to boost growth of outdoor hot tub market.
The demand within the global market for outdoor tubs has been rising on account of the quest of the residential sector to equip houses with the latest technologies, fittings, and devices. Outdoor hot tubs, also known as Jacuzzis, are a commendable option for relaxation as they offer machine-generated massage therapy, healthy steam, and even acupuncture. The rising disposable income of the masses has enabled them to spend huge sums of money on equipping their houses with better facilities. Furthermore, the preference of the allied classes for state of the art apartments and houses has also fetched demand within the global market for outdoor hot tubs.
It is expected that the demand for outdoor hot tubs would increase as businessmen and other professionals resort to the usage of these tubs for relaxation and relief from mental stress. Furthermore, the extensive use of outdoor hot tubs by the hospitality sector is also projected to aid the growth of the global market. In Europe and North America, outdoor hot tubs are gradually becoming a necessity for the masses rather than a luxury. This shall play a pivotal role in enhancing the growth prospects of the outdoor hot tub market in North America and Europe.
Growing Popularity of Spa and Hydrotherapy to Broaden Growth Opportunities for Leading Companies
With the fast-paced and hectic lifestyle, individuals continue to experience stress, tensions, increased muscle soreness. In order to detoxify the body, individuals prefer spending on outdoor spa services and hydrotherapy. Growing popularity of spa and hydrotherapy among individuals will intensify demand for the outdoor hot tubs in the spa and wellness industry. As hydrotherapy and outdoor spa therapies help in relieving muscle pains and tensions, individuals are replicating these relaxing techniques and accommodating at their residence.
Growing need for effective stress relieving hydrotherapy has led spa and therapeutic centers to invest in outdoor hot tubs that are equipped with innovative and novel technological features. As per a recent survey conducted, the citizens of Britain spent nearly £7.6 billion on the spa and salon treatments in 2017. This trend is expected to be followed in various countries over the coming years.
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Self-Cleaning, Hydrowise Thermal Shield, Whisper, and JetPak Technologies: Key Companies to Narrow their Focus towards Diversifying their Product Line
Ongoing advancements in technology have reflected on the decisions of leading outdoor hot tub manufacturers. To pace ahead in the competitive market, major manufacturers are focusing on leveraging cutting-edge technologies such as JetPak-technology, self-cleaning, and Hydrowise Thermal Shield Technology. For instance, a major manufacturer of ceramics, Villeroy & Boch is focused towards equipping the outdoor hot tubs with JetPak technology to offer effective back massage to the end users.
In addition, a leading corporation, Jacuzzi is focused on diversifying their product line with the integration of various novel technologies such as Aquasystem multi-program and Whisper technology. With the incorporation of leading technological solutions, the company is focusing on offering multi-sensorial experience and enhanced comfort. Besides innovative technological features, the companies are also differentiating their product line by incorporating ergonomic designs in a range of their tubs. To sustain their lead in the competitive market, major manufacturers are investing in the product innovation and development.
Wifi Touch Panels, Specialty Blowers, & Soft Air Technology to Offer Multi-Sensory Experience and Intensify Demand
In order to offer enhanced experience and convenience to the end users, leading brands such as Jacuzzi, Aquavia, and Villeroy & Boch are focusing on incorporating intelligent and innovative features in the outdoor hot tubs. For instance, Jacuzzi is mainly focusing on integrating an effective control panel that enables the end users to control the functions and temperature of the water. In addition, the company is concentrating on equipping a range of these tubs with the specialty blowers that is equipped with a soft air technology equipped with soft massage experience.
Also, a leading hot tubs manufacturer, Aquavia is focused on equipping an array of outdoor hot tubs with the Wifi touch panel. With the incorporation of innovative touch panel, end users can conveniently control the basic features of the outdoor hot tubs to configure the filtration cycle while switching on massage pumps. In addition, incorporation of this touch panel enables the customers to optimize the energy efficiency.
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Product Launch and Strategic Acquisition: Key Players to Focus on Improving Customer Touch Points and Brand Perception
To sustain their lead in the competitive market and improve their brand recognition, leading market players are focusing on engaging in strategic acquisitions and product launches. For instance, Jacuzzi Brands LLC has acquired BathWraps and Hydropool Hot Tubs and Swim Spas. Through this strategic acquisition, the companies are focusing on developing innovative and novel custom bathtubs and showers. This acquisition will enable the companies to improve their growth prospect and brand perception.
In addition, leading companies such as B&M is focused on developing and offering a range of outdoor hot tubs that are equipped with 81 air jets. The company is focused towards incorporating the heating and bubbling features that offers comfortable and effective massage experience. In order to increase their customer touch point, leading companies are focusing on offering novel and innovative products at various e-commerce platforms at a discounted prices.
While major companies are concentrating on expanding their customer base, market players in the unorganized sectors and new companies in various countries can pose significant challenges for the leading brands. As customers prefer purchasing products equipped with intelligent technological solutions offered at cheaper prices, small market players and new companies such as Splash & Relax and Shenzhen Keya Sauna & Swimming Pool Equipment are focusing on offering technologically enhanced outdoor hot tubs at discounted or reasonable costs along with verification certificates.
To improve their position in the competitive market, leading companies such as Jacuzzi, Aquavia, and Villeroy & Boch are also focusing on expanding their customer base by offering these products at comparatively cheaper prices through e-commerce platforms such as Amazon.com, Alibaba.com, Overstock.com, and Homedepot.com. Through offering lucrative offers at discounted prices, leading brands are focusing on improving their brand recognition and increasing their customer touchpoints.
Some of the major market players identified in the global outdoor hot tub market include Acquavia, Jacuzzi, Lifesmart, Villeroy & Boch, and Apollo Spas.
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