The swimming pool market is expected to grow by USD 3.56 billion from 2019 to 2024 at a CAGR of 2.29% as per the latest market report by Technavio. 44% of the market's growth will originate from North America during the forecast period. The US is the key market for swimming pool market in North America. In 2019, North America contributed nearly 44% of the region's revenue, with the US being the leading revenue-generating country. Market growth in this region will be slower than the growth of the market in Europe, APAC, and South America. The presence of developed infrastructure and the thriving wellness tourism industry will facilitate the swimming pool market growth in North America over the forecast period.
Technavio has announced its latest market research report titled Swimming Pool Market by Revenue Source and Geography - Forecast and Analysis 2020-2024
Read the 120-page report with TOC on "Swimming Pool Market Analysis Report by Geography (North America, Europe, APAC, South America, and MEA) and Market Landscape (Construction and Equipment), and the Segment Forecasts, 2020-2024". Gain competitive intelligence about market leaders. Track key industry opportunities, trends and threats. Information on marketing, brand, strategy and market development, sales, and supply functions.
Swimming Pool Market - Drivers & Trends
The key factor driving growth in the swimming pool market is large-scale urbanization. It was estimated that, as of 2019, 55% of the world's population resides in urban areas, which is likely to increase to more than 62% by 2021. Around 90% of the global urban population is from APAC and Africa. The large-scale global urbanization has resulted in a significant rise in demand for high-quality infrastructures like urban residential developments and commercial spaces, such as shopping malls. In developing economies, such as Asian and African nations, the construction market is focusing on the development of new residential infrastructures like high-rise residential buildings. With the rise in urbanization, there will be an increased demand for residential infrastructures. This is expected to support the growth of the swimming pool market.
Also, the high growth in the tourism industry is a major trend supporting the swimming pool market share growth. Since 2018, the number of international tourist arrivals has increased by an average of 4% every year. The global tourism market experienced high growth, which contributed significantly to the global hospitality industry. Despite the occasional impact experienced worldwide in terms of the economic slowdown, lack of health and wellness, and political issues, the tourism market has continued to have uninterrupted growth. The industry is likely to see a rise in the number of trips and travelers worldwide, which is likely to increase the need for accommodation. To attract customers, hotels have started installing swimming pools to increase the aesthetic appeal of hotels. This will likely support the growth of the swimming pool market during the forecast period.