USD 9.7 billion
Report ID:
SQMIG25I2014 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
143
|Figures:
79
Bathtub Market size was valued at USD 10.3 Billion in 2022 and is poised to grow from USD 10.9 Billion in 2023 to USD 17 Billion by 2031, growing at a CAGR of 5.8% in the forecast period (2024-2031).
A bathtub, also known as a tub, is a water-filled container in which a person or animal can bathe. The majority of modern bathtubs are thermoformed acrylic, porcelain enamelled steel, fiberglass-reinforced polyester, or porcelain enamelled cast iron. Bathtub consumption is particularly high in the developed world, owing to citizens' higher standard of living, which is propelling the bathtub market to rapid growth. One of the major factors driving the growth of the bathtub market is its ability to provide the bather with both mind and body relaxation.
Furthermore, there are many bathtub market trends of using bathtubs, one of which is its detoxification ability, as soaking the body in warm water detoxifies the body and also makes the liver, kidney, colon, and lungs healthier. Bathing relieves body inflammation in arthritis patients because submerging the body in water creates hydrostatic pressure and reduces the gravity effect on the body, which aids in relieving the day-to-day sore joint pressure experiences.
US Bathtub Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 9.7 billion
Largest Segment
Commercial
Fastest Growth
Commercial
Growth Rate
5.7% CAGR
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The bathtub market is segmented based on the material type, application, type, shape, distribution channel, and region Based on material type, bathtub market is segmented into acrylic, cast iron, fiberglass, and others. Based on application, the bathtub market is segmented into residential and commercial. Based on type, the market is segmented into Free-standing bathtubs, alcove bathtubs, drop-in bathtubs, and corner bathtubs . Based on shape, the market is segmented into Rectangular, oval, square, and others . Based on distribution channel, the market is segmented into offline and online. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Bathtub Market Analysis by Material Type
Based on material type, Acrylic tubs are extremely durable and resistant to changing heat and water temperatures. Because of these advantages, the acrylic segment is expected to dominate the market. Furthermore, consumers prefer acrylic-based tubs because they are smoother and more comfortable than other types. As a result, segmental revenues increase.
Bathtub Market Analysis by Application
Based on application, The commercial application segment accounted for the majority of the market and is expected to grow significantly over the forecast period. The growing number of hotels, spas, and other commercial facilities around the world will drive product demand in this segment. The residential application segment was valued higher due to increased awareness of the health benefits associated with hot tubs, as well as rising consumer spending capacity on home remodelling activities. new residential construction projects combined with high consumer disposable income levels are expected to drive market growth Over the forecast period.
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Countries such as China, India, and Australia, Asia Pacific is expected to hold a significant market share Because of the large production capacities of various sanitaryware products such as faucets, bathtubs, toilets, and others. This significantly boosts bathtub consumption among the region's population, resulting in higher product revenues. Furthermore, the region's growing middle-income population and urbanisation rate fuel the region's market growth.
In newly purchased homes, people primarily require stylish and innovative bathing items. countries such as the United States and Canada, the North America region is expected to grow faster for the bathtub market Because of rising demand for residential housing facilities. This will drive the region's market growth by increasing bathtub consumption among the population in these countries. the rising home decoration and remodelling trends among the population drive consumer demand in the region for newer bathtubs.
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Bathtub Market Drivers
Social Media Influence to Bolster Market Growth
Bathtub Market Restraints
High Cost to Hinder Market Growth
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Global bathtub market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Bathtub Market Top Player's Company Profiles
Bathtub Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our bathtub market analysis, in terms of material type, the acrylic tubs segment held larger market share because of its durability facility and changing heat resistance and in terms of application, the commercial segment dominates the market but it is expected that the residential segment will also grow more due to rising health benefits. The growing disposable income of consumers and home improvement projects are propelling the bathtub market forward. Moreover, high cost is the only restraint to the market expansion.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 10.3 Billion |
Market size value in 2031 | USD 17 Billion |
Growth Rate | 5.8% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
Bathtub Market Recent Developments
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Bathtub Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Bathtub Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Bathtub Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Bathtub Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG25I2014