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What Does the Bathtub Market Look Like in Near Future?
The bathtub market has demonstrated consistent growth over the recent years. Estimates indicate a rise from a market size of $8.51 billion in 2023 to approximately $8.74 billion in 2024, reflecting a compound annual growth rate CAGR of 2.7%. Several factors account for this growth in the historic period such as a housing construction boom, economic prosperity, changing lifestyles, an aging population, dynamics in the real estate market, and cultural influences.
The bathtub market size is expected to see steady growth in the next few years. It will grow to $9.83 billion in 2028 at a compound annual growth rate (CAGR) of 3.0%. The growth in the forecast period can be attributed to health and wellness focus, water conservation initiatives, e-commerce growth, global health concerns, regulatory standards. Major trends in the forecast period include smart bathtubs, compact and space-saving designs, customization options, innovations in material and construction, luxury and spa-like features, accessible bathtub designs.
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What is Driving the Robust Growth in the Bathtub Market?
One of the significant growth drivers in the global bathtub market is the continued expansion of the hospitality industry. The industry spans a wide array of businesses and services aiming to provide top-notch accommodations, sumptuous meals, intriguing forms of entertainment, and unparalleled support to guests.In this industry, bathtubs are considered a significant aspect that enhances the overall guest experience, offering numerous amenities contributing to comfort, relaxation, and satisfaction. As per reports from the American Hotel and Lodging Association, a US-based industry trade group, there was a rise in hotel revenue from $189.07 billion in 2022 to $197.48 billion in 2023. This evidence underscores the influence of the hospitality industry in driving the growth of the bathtub market.
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Who are the Major Players Operating in the Bathtub Market?
Some of the key industry players operating in the bathtub market include Johnson Controls International plc, Apollo Global Management LLC, Kohler Co., MUNK Group AG, TOTO Ltd., Lixil Group Corporation, Jaguar Land Rover Limited, Eczacibasi Holding A.S., Roca Sanitario S.A., Hansgrohe SE, Villeroy & Boch AG, Mingyoung Conservation Inc., RAK Ceramics Public Joint Stock Company, Cheviot Corporation, Teuco Group SpA, Duravit AG, Jacuzzi Inc., American Bath Group LLC, Maax Bath Inc., Kaldewei GmbH & Co. KG, Cera Sanitaryware Limited, AQUAPLUS PVT. LTD., Orans Group S.r.l., Mirolin Industries Inc., Colston Group, Arrow Valves Inc., Royal Manufacturing Inc., Americh Corporation, Jade Bath & Shower Products, Ariel Shower Doors & Bathtubs.
What are the Emerging Trends in the Bathtub Market?
The emergent trend of technological advancement is gaining traction in the bathtub market. Companies are focusing on innovative technologies, aiming to enrich the customer experience. As an illustration, Kohler introduced the PerfectFill technology bathtub in January 2022. This bathtub utilizes voice command technology, facilitated by Alexa, to fill and drain water from the bathtub. PerfectFill comprises a drain kit and a digital valve working in synergy to regulate bath temperature and depth according to customer preference.
How Is the Bathtub Market Segmented?
The global bathtub market is categorized into numerous segments:
1 By Type: Acrylic, Cast Iron, Fiberglass
2 By Shapes: Rectangular, Square, Oval
3 By Installation: Free Standing, Alcove, Drop In
4 By Application: Residential, Commercial
What Does the Regional Analysis of the Bathtub Market Indicate?
In 2023, North America was the largest region in the bathtub market. Asia-Pacific, however, is expected to be the fastest-growing region during the forecast period. The regions included in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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