Introduction:
The increasing popularity of pool floats is the reason pool floats market has witnessed substantial growth on a global level and is more likely to grow further in the coming years. The growing interest of people in outdoor activities is the major reason for the growth of the pool floats market. But, the market is highly competitive due to the presence of many pool float manufacturers. The only way a product can stand out is if its branding is done right along with many other features such as product pricing, designing, etc.
This report aims to briefly evaluate market cap, level of competition, key players. This report also intends to identify the scope of any potential growth and future trends within the industry. The primary focus of this study is to observe and study the dynamics of this industry and what are the driving factors which are involved. The report has a special focus on the driving and restraining factors and what new opportunities may arise in near future.
Market dynamics:
What makes the pool float market going is the recreational activities and people’s ever-growing interest in them. The market is not steady throughout the year. In the off-season, the demand is more likely to go down, but with summer approaching, the market always sees an increase in demand. The summer season is another reason why families and people love to buy the floats. Though the hot weather conditions have a lot to do with the increased demands of the products, there are also other factors that contribute to that.
Another factor that comes into play here is the fact that people who have stakes in the tourism industry have started to include water parks and water sports as a crucial part of this industry, which also causes an increase in its supply and demand.
Other than that, another factor that keeps them in demand is the convenience and ease of mobility these products offer. They can be inflated or deflated as per convenience, and are easier to transport when deflated. These above-mentioned factors are what drives the pool float market.
Key players:
The addition of theme-based water parks in the North American region is on the rise. What makes it more interesting is the fact that some of these parks are from vendors. The North American region holds the maximum market share in the global pool float market. Other than this, the United States has the highest number of swimming pools. Be it apartment complexes, or houses, many of them have swimming pools. This eventually gives rise to increased demands for pool floats.
Apart from the United States, the market cap of pool floats is also increasing in emerging economies such as India and China. With the increasing urbanization and evolution of the tourism industry in these economies, the demand for pool floats is on the rise in this region too, which provides ample opportunity to already existing and new vendors to cash in on this opportunity.
Coming back to the key players, the market is run by a large number of regional companies already present for a long time, which offer a variety of products. These companies formulate tactical operational strategies which help them stay relevant in the market.
Right now, the following are some of the key players in the International pool float market.
- Swimways.
- Intex Recreation Corporation.
- Bigmouth Inc.
- Funboy.
- Happy Inflatable
- GoFloats
- Kangaroo Manufacturing.
- Bestway.
Market Segmentation:
The pool float market is classified based on the following factors.
- Occupancy.
- Application.
- Sales channel.
- Material.
- User channel.
We can further classify the market based on these aforementioned factors.
- Occupancy:
The global pool float market is filled with pool floats that can accommodate a single person, two-person, and multiple persons if it is a party float.
- Application:
Based on application prospects, the global market can be segmented into the following categories.
- Pool fun
- Pool sitting.
- Pool relaxation
- Others
All of these aforementioned categories are in high demand.
- Sales channel:
Sales channels play a crucial role on their part in the global pool float market. To make it easier to comprehend, we can divide it into the following categories.
- Hypermarkets.
- Supermarkets
- Online ( Company website + Third-party involvement.)
- Others.
Hypermarkets and supermarkets contribute to a greater share of revenue which is generated through the sale of pool floats. This can be verified through the fact that many of these supermarkets have an entire section dedicated to these. Online purchases also contribute greatly in this regard. Along with the company’s website, some third-party dealers have a presence on third-party websites like Amazon, which also contributes up to a greater extent in revenue generation.
- Material
Based on material, the pool float market can be classified into two categories.
- Plastic
- Foam
The ones which are made of plastic are more convenient and hold a larger market share. This is because they can be inflated and deflated at any time and can be carried along easily. While the ones with foam do have a large market share but not as big as plastic pool floats. This is because it is difficult to carry them around. After all, they cannot be inflated and deflated as per convenience.
- User type:
Based on user type, pool floats can be categorized into the following.
- Infants
- Kids
- Adults
All of these remain high in demand except the off-season.
Market trends:
At the moment, the tourism industry is witnessing growth at a faster pace. This high growth acts as a major trendsetter in the market. With the increase in demand, there is also a rise in innovation. Manufacturing companies are now keen more than ever to provide their customers with the best possible product within the minimum price bracket. The compound annual growth of the market is currently over 2%, whereas if we analyze the current market trends and possible growth potential, the incremental growth of the market will most likely be around $3.56bn. If large-scale urbanization continues to happen at the same pace, the incremental growth along with compound annual growth is also likely to increase accordingly.
Another reason for changing market trends is the possible threats of new entrants. With the arrival of new entrants in the market, the already existing companies have to face competition, which they will have to compensate for with innovation in their products.
Conclusion:
The global pool float market is as complex as it can get. The competition currently is higher than it was ever in the past. With the evolution of the tourism industry and large-scale urbanization, the industry is more likely to grow in size than it was ever before. But, pandemics have affected this industry just like it has affected every other industry. With fewer communal activities, pool float companies witnessed lesser sales, which is tantamount to lower revenues. But, with the revival of normal life activities, water sports are also expected to revive, which will then automatically give rise to a surge in demands. At the moment, the North American region has 44% of the market cap of the global pool float market. But, with the arrival of new entrants in the market, especially from China and India, competition is more likely to get tougher.