Hot tub and swim spa sales have experienced significant growth in the last 3 years, driven by factors such as pandemic stay-at-home lifestyles, increased desire for outdoor living spaces, increased desire for wellness and relaxation, improved energy efficiency, and the availability of new and innovative features in hot tubs and swim spas. Nevertheless, like any business, it is subject to a myriad of challenges and risks, including supply chain disruptions, regulatory changes, and economic shifts (up or down).
On a macro level the global residential hot tub and swim spa market is expected to grow to $4.3 billion USD by 2031 ($11 billion total for all different types of hot tubs) according to Cognitive Market Research. That global market estimate breaks down to $1.2 billion for above ground hot tubs and the online revenue attributed to hot tubs is expected to reach $3.4 billion. The North American hot tub market, inclusive of all types, is expected to reach $5.3 billion by 2031. With that said, it is important to consider that the hot tub industry’s growth and market size can vary depending on influences such as regional variances in demand, economic fluctuations, credit availability, and buyer sentiment and preference.
The hot tub and swim spa industry supply chain includes raw material manufacturers, manufacturers (hot tub assembly), distributors (parts), and retailers/dealers of hot tubs. There are also related manufacturers and suppliers of products and services such as spa care chemicals, spa accessories, and maintenance and repair services.
The hot tub industry saw unprecedented growth and demand between 2020-2022 due mainly to the pandemic. Consumers saw lead times for spa order in excess of 12 months and in some cases longer. That has changed in the last two quarters as demand has dramatically waned and lead times have been cut down to a standard 4-8 weeks. The first quarter of 2022 has seen dealer inventories build up and attrition in prices as dealers seek to get inventories down to manageable levels. Our hope is that by the third and fourth quarter we will see more equalized levels in supply and demand for the portable hot tubs industry.
For more information visit our hot tub buyer’s guide pages. Also, click on the pink boxes and complete our free local quote form to get competitive prices from local dealers in your area. Or click our “Spa Buyer’s Consult” link above to get one on one expert advice on the best swim spas available in your area.
