A lead analyst at AMR highlighted that the bathtub market in Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
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Allied Market Research published a research report on the bathtubs market. The findings of the report states that the global market for automotive cybersecurity generated $7.6 billion in 2019, and is estimated to reach $8.9 billion by 2027, registering a CAGR of 4.3% from 2021 to 2027The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
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The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Increase in the standard of living among people, rise in housing construction and renovation activities, surge in demand for luxury plumbing fixtures, and growth of disposable income among people in both developing and developed countries are expected to drive the growth of the global bathtubs market. On the other hand, rise in the number of bathtub accidents are expected to hinder the growth to some extent. However, growing popularity of smart bathtubs with artificial intelligence is expected to create ample opportunities for the industry.
“High entry barrier and ease of substitute among consumers in developing regions remain the major challenges for the bathtub market players operating in North America,” says Shankar Bhandalkar, Team Lead-Research, Consumer goods at Allied Market Research.
The report provides a detailed scenario of the impact of the Covid-19 pandemic on the bathtub market globally. The outbreak of COVID-19 has had a negative impact on the growth of the global bathtub market, owing to the presence of lockdowns in various countries across the globe. Lockdowns resulted in the closure of various manufacturing facilities, including those of bathtubs, aggravating its demand during the pandemic. This was majorly due to the stringent social distancing restrictions imposed by the government, in order to curb the spread of the virus during the pandemic. However, the market is expected to recoup soon.
The report offers a detailed segmentation on the global bathtub market based on type, material, end-user, distribution channel and region.
Based on type, the free standing bathtub segment held the dominating market share in 2020, garnering more than one-third of the global market. The corner bathtub segment, on the other hand, is predicted to cite the fastest CAGR of 6.3% during the forecast period.
Based on material, the ceramic segment held the largest market share in 2020, holding more than one-third of the global market. The acrylic segment, on the other hand, is predicted to cite the fastest CAGR of 5.5% during the forecast period.
Based on region, the market across North America held the lion’s share in 2020, holding more than two-fifths of the global market. The Asia-Pacific region, on the other hand, is predicted to cite the fastest CAGR of 6.7% during the forecast period.
The key players analzyed in the global bathtub market report include 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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