Walk Bathtub market size will be USD 1.5 billion in 2023 and will grow at a CAGR of 4% from 2023-2030: Cognitive Market Research
Cognitive Market Research
We are the Finest and Most Efficient Market Research and Consulting Firm!
Introduction of Walk In Bathtub Market
The senior population's growing need for walk-in bathtubs and growing knowledge of the advantages of utilizing walk-in bathtubs are responsible for this market's expansion. Throughout the forecast period, the walk-in bathtub market is anticipated to expand globally. The growing need for walk-in bathtubs among the elderly population in many nations worldwide is the reason for this expansion. Furthermore, customers' increasing knowledge of the advantages of walk-in bathtubs is fuelling the market's expansion.
For instance, in 2020, the United States Trade Representative (USTR) gave the United States, Mexico, and Canada Agreement (USCMA) a chance to redesign and rebuild global supply chains, as well as improve product traceability and transparency and reduce environmental impact.
Key Insights from Walk In Bathtub Market Report
The Worldwide Walk Bathtub market size will be USD 1.5 billion in 2023 and will grow at a CAGR of 4% from 2023 to 2030.
Increase in Bathroom Renovations and Home Remodeling to Provide Viable Market Output.
Instead of purchasing new houses, consumers are choosing to spend their money on home restoration and remodeling projects as property prices rise. Despite a brief downturn brought on by the COVID-19 epidemic in April 2020, record-low mortgage rates and enough supply across the country have protected and even increased property values.
For instance, U.S. homeowners made USD 9,800 more at the end of Q2 2020, up 6.6% over the previous year, according to a CoreLogic analysis. According to LightStream's 2020 Home Improvement Trends Study, homeowners are optimistic and plan to finish more home improvement projects in 2020 than in 2019.
It is anticipated that remodeling bathrooms would be the most common interior project, with more than 2/5th of respondents indicating plans to update their bathrooms.
The commercial market, namely the hotel business, is seeing rapid expansion, which is driving the need for smart bathrooms. The building of new hotels is fueled by the hotel business, which makes a significant contribution to the hospitality sector. Over the course of the projection period, the expansion of smart bathrooms is expected to be fueled by the thriving real estate and tourist sectors, as well as a number of infrastructure projects in the hospitality industry.
For instance, in the upcoming years, 1,704 hotels with 364,274 rooms are planned to expand across North America, which is expected to promote the expansion of the bathtub industry, according to a blog post by TOP HOTEL PROJECTS.
Market Dynamics of Walk In Bathtub
The frequency of bathtub accidents is rising, which is slowing the market's expansion. For example, every year in Japan, almost 14,000 people pass away while taking a bath—three times as many as the nation's road accident death toll. Even while bathtubs appear to be soothing fixtures, the number of people dying in bathtub accidents—like drownings when users fall asleep—is also steadily rising. In addition, 43,000 incidents of children in the United States each year receiving injuries from falling and slipping in bathtubs are reported.
Impact of COVID–19 on the Walk In Bathtub Market
Worldwide supply networks faced serious difficulties as a result of the COVID-19 epidemic. Production is being disrupted by many outages that continue to impede or even stop the flow of finished goods and raw materials across the nation. However, more people living in more places have boosted the market, particularly since the COVID-19 epidemic. The fact that more local manufacturers are producing more bathroom goods is a significant factor propelling the market for bathing tubs. Companies have been obliged to refocus their innovation and restructuring efforts in order to preserve company continuity by fostering flexibility and resilience as a result of the pandemic's existential crisis. Furthermore, reduced expenses and increased efficiency prompted investments, digitalization, and process enhancements in the supply chain.
We have various report editions of Walk In Bathtub Market, hence please contact our sales team and author directly to obtain/purchase a desired Edition eg, Global Edition, Regional Edition, Country Specific Report Edition, Company Profiles, Forecast Edition, etc. Request for your Free Sample PDF/Online Access .
Competitive Landscape of the Walk In Bathtub Market
Market participants are also undertaking various organic or inorganic strategic approaches to strengthen and expand their worldwide footprint, with significant market developments including new Material portfolios, contractual deals, mergers and acquisitions, capital expenditure, higher investments, and strategic alliances with other organizations. Businesses are also coming up with marketing strategies such as digital marketing, social media influencing, and content marketing to increase their scope of profit earnings. Because of automation and technological advancement, businesses compete fiercely to deliver innovative products.
Top Companies Market Share in Walk In Bathtub Industry:
Walk In Bathtub Market Analysis
Type Segment Analysis:
According to Cognitive Market Research, independent bathtubs held the major market share over the forecast period. Since independent bathtubs are freestanding, they can be put wherever one likes in the bathroom. Compared to integrated bathtubs, this kind of walk-in bathtub is bigger and frequently has amenities like heated surfaces, massaging jets, and built-in seats.
Embedded bathtub gel is the fastest-growing category over the forecast period as?these bathtubs are installed inside a space created in the floor. This kind of walk-in bathtub is perfect for use in bathrooms with limited space since it is often more compact and smaller than other sorts.
Application Segment Analysis:
Material Segment Analysis:
Door Type Segment Analysis:
领英推荐
Feature Segment Analysis:
Installation Segment Analysis:
North America dominated the market in 2023 and accounted for around 50% of the worldwide revenue.
According to Cognitive Market Research, North America dominated the market in 2023 and accounted for around 50% of the worldwide revenue. This is explained by the growing need for walk-in bathtubs among the elderly population in the U.S. and Canada, for example. The region's product demand is anticipated to soar due to the burgeoning desire for sophisticated and intelligent bathroom solutions, along with the rapid advancements in technology. The growing need for inclusive bathroom solutions combined with the trend towards smart and pleasant products has led to a need for accessible products that improve functionality and user-friendliness in the bathroom.
Asia-Pacific is the fastest-growing category as the region's Rising disposable incomes and an aging population in nations like China and India are the main causes of this rise. Data from the India Brand Equity Foundation (IBEF) in 2021 shows that the Indian government provided USD 1.89 billion to promote programs, including the Smart Cities Mission and Housing for All. Additionally, the Indian Parliament passed legislation creating the National Bank in March 2021 to finance the nation's infrastructure and development initiatives.
Frequently Asked Questions (FAQs)
What is the market size for the Walk-in Bathtub market in 2023?
What is the growth rate for the Walk-in Bathtub market over the forecast period?
Which is the leading region of the market for Walk-in Bathtubs?
Which region is projected to detect the fastest growth in the Walk-in Bathtub market over the forecast period?
Which country is leading in the Walk-in Bathtub market in 2023?
What are the key drivers for the growth of the Walk In Bathtub market?
Which is the significant Walk-in Bathtub market segment by Application?
Which is the significant segment in the Walk in Bathtub market by type?
Contact Us
Nicolas Shaw
Cognitive Market Research
20 N State Street, Chicago,
Illinois, 60602
United States
USA: +1 312-376-8303
Europe and UK: (+44) 20-8144-9523
Asia Pacific: (+852) 81930785
Email: [email protected]
About Cognitive Market Research Company:
Cognitive Market Research has evolved as one leading market research and consulting firm and it provides services across multiple domains. Cognitive Market Research gathers and analyzes data about customers, competitors, distributors, and other market actors and forces operational across the value chain. As a market research company, we follow a complete process of gathering information about the target market and end-use industries to verify the complete journey of the product or service in the global market. It helps our readers understand the demand and viability of their product/service and how it might perform in the real world and helps them to build business strategies accordingly.