The global bathtub market is set to experience significant growth in the coming years, with a CAGR of 5.77% during the forecast period from 2023 to 2033. The market is expected to rise from US$ 10.79 billion in 2023 to US$ 18.91 billion by 2033.
The increasing adoption of bathtubs in the construction and hospitality industries is a significant driver of this growth. Additionally, changing consumer preferences, new product launches, and government initiatives promoting the use of sanitary ware are expected to bolster market growth further.
In 2021, the residential segment contributed significantly to the global bathtub market, accounting for 58.65% of the revenue. The segment is expected to continue growing steadily at a CAGR of 5.9%, driven by the expansion of the housing sector worldwide.
The demand for smart and intelligent bathroom products that are easy to install and incorporate digitization is also expected to fuel the overall demand for bathtubs in residential applications.
Request a Report Sample to Gain Comprehensive Insights!
https://www.futuremarketinsights.com/reports/sample/rep-gb-16982
The alcove bathtub segment accounted for almost 35% of the global bathtub market share in 2021, with their ease of installation, affordable cost, and versatility in design. All these features of bathtubs make them a popular choice for residential bathrooms, particularly for small spaces.
Fiberglass and acrylic bathtubs are the two important materials dominating the market, with fiberglass bathtubs accounting for 31.73% of the global market, and acrylic bathtubs holding a significant share of 46.7%.
North America held a significant share of the global bathtub market in 2020, accounting for 31.9%, with the residential segment being the notable contributor to market growth. The increasing demand for luxury bathroom fittings, rising disposable income, and growing awareness about bathroom aesthetics are driving market growth in North America.
Europe held a significant share of the market in 2021, accounting for 31.5% of total market revenue. Europe bathtub market is expanding due to several factors, including rising demand for luxurious bathroom products and increased residential and commercial construction activity.
Asia Pacific is the region with the swift-growing bathtub market, with a CAGR of 6.55%, driven by the increasing demand for modern bath ware in the region.
In conclusion, the global bathtub market is set to experience robust growth in the coming years. Additionally, market growth is fuelled by the factors such as changing consumer preferences, new product launches, and increasing investments.
Get Your Comprehensive Brochure!
https://www.futuremarketinsights.com/reports/brochure/rep-gb-16982
The demand for smart and intelligent bathroom products, the expanding residential construction sector, and rising disposable income in various regions are also significant contributors to the growth of the bathtub market.
Competitive Landscape
Major companies in the market are increasingly focusing on sustainable business practices, partnerships, and innovation as a means of achieving growth. In particular, they are concentrating on sustainable manufacturing by using high-quality raw materials in the production of bath ware products that can be recycled in the future. These companies are also continuously improving their recycling techniques to maintain a strong position in the overall market.
- In October 2021, the Porcelanosa Group expanded its product offerings in Mexico with new designs of ceramics, tiles, construction systems, sustainable bathrooms, and infinite kitchens. By diversifying its product range, the company aims to provide a wide selection of products, including kitchen and bathroom equipment that meet the expectations, tastes, and needs of consumers.
- In November 2022, Fox Valley Home Services introduced a new acrylic walk-in bathtub designed for adults of all ages and capabilities.
- In September 2022, Kaldewei launched its new Meisterstück Oyo Duo bathtub made from recyclable Kaldewei steel enamel. This new product offering aligns with the company’s commitment to sustainable manufacturing practices.
Key Segments Covered in the Bathtub Market Report
By Type:
- Free Standing
- Alcove
- Drop-in
- Others
By Application:
- Residential
- Commercial
By Material Type:
- Fiberglass
- Acrylic
- Cast Iron
- Others
By Shape:
- Rectangular
- Oval
- Square
- Others
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Japan
- The Middle East & Africa (MEA)
For any Queries Linked with the Report, Ask an Analyst! https://www.futuremarketinsights.com/ask-question/rep-gb-16982
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube