The global bathtub market is set to grow from $7.6 billion in 2019 to $8.9 billion by 2027, driven by the hospitality industry's expansion.
According to a new report published by Allied Market Research, titled, “Global Bathtub Market by Product Type, End User, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2021–2027,” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape.
The bathtub market size was valued at $7.6 billion in 2019, and is estimated to reach $8.9 billion by 2027, registering a CAGR of 4.3% from 2021 to 2027.
The demand for bathtubs in the bathtub market is driven by the expansion of hospitality industry. The desire for travelling is rising by the influence of social media; thereby, increasing the number of travelers globally. Moreover, with rise in number of travelers the service demand for hospitality is rising, which is driving the key players in providing best services at minimum cost. Therefore, the hospitality industry is installing the bathtubs with the facility of spa and skin care for relaxation and comfort to provide better facilities to its customers. Thus, growing hospitality industry is driving the demand for both basic and luxurious bathtubs globally.
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The global bathtub market has been majorly impacted amidst the outbreak of the coronavirus. The COVID-19 pandemic resulted in lockdown and widespread restrictions across the world. The offline sales of bathtubs have nosedived across the world, owing to the downfall of consumer goods industry across the world.
The bathtub market is segmented on the basis of type, material, end user, distribution channel, and region.
Based on type, the global market is divided into free-standing tubs, alcove tubs, drop-in tubs, and corner tubs. On the basis of material, it is divided into marble, acrylic, ceramic, and others. On the basis of end user, the market is bifurcated into residential and commercial. By distribution channel, it is bifurcated into offline and online. Region wise, the global market is studied across North America, Europe, Asia-Pacific, and LAMEA. North America consists of the U.S., Canada, and Mexico. Europe is studied across the UK, Germany, France, Italy, Spain, and the rest of Europe. India, China, Japan, ASEAN, Australia, and the rest of Asia-Pacific are the countries analyzed under Asia-Pacific, while LAMEA includes Brazil, Argentina, Saudi Arabia, South Africa, and rest of LAMEA.
Furthermore, recent development in resurgence of the second wave of coronavirus in Europe and North America is one of the major challenges the industry is expected to face in the coming days.
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Key Market Players Profiled In The Report:
• Americh Inc.
• HSIL Limited
• Jacuzzi Inc.
• Jaquar Group
• Kohler Co.
• Ove Decors ULC
• RAK Ceramics P.J.S.C.
• Roca Sanitario S.A.
• TOTO Ltd.
• Villeroy & Boch AG.
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The article discusses the growth and opportunities in the global bathtub market from 2021 to 2027.
The pandemic led to a decline in offline sales due to lockdowns and restrictions.
The expansion of the hospitality industry and increased travel influence bathtub demand.
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