The swimming pool industry has been in a whirlwind of activity and change for the last few years. As people stayed closer to home, the creature comforts like swimming pools and hot tubs soared in popularity. We have seen the trends shift in recent years to features that are as fun as they are functional, like aqua fitness and even outdoor kitchens — all with increased concern for the environment in mind.
So, what does 2023 have in store?
Let’s look at the latest swimming pool industry statistics and the changes that could impact your business.
Overall Industry Growth
According to the Swimming Pool Global Market Report 2023, published by The Business Research Company, the global swimming pool market is growing steadily. It saw $3.5 billion in revenue in 2022 to $3.52 billion in 2023. This growth is expected to continue, hitting $3.6 billion in 2027.
At least some of this growth is attributed to the steady increase in urbanization. As more consumers move away from rural areas into urban environments, experts expect a shift in interests and needs, and swimming pools fit right in, offering recreational activities and swimming for fitness. This, in turn, is expected to increase the demand for swimming pools.
Urbanization is expected to continue, and the United Nations Department of Economic and Social Affairs report estimates that by the year 2050, as much as 68% of the world population will be living in urban areas.
Advances in technology are also guiding emerging trends that use tech to engage consumers in immersive experiences as they plan their pool in a completely virtual environment.
What to Watch This Year
The swimming pool industry is expected to see some changes as the growth continues and tourism worldwide begins to rev back up. Even during the pandemic, international tourism increased by around 4% per year. This impacted the hospitality industry, a significant consumer of swimming pools. Both international and stateside tourism is expected to enjoy even more growth, which will likely foster the development of the swimming pool market.
The vacation rental market is also looking at substantial projected growth of around 16% by 2026 when it reaches $168.40 billion.
The construction segment is also expected to see significant growth in 2023 as a direct response to the increase in urbanization. As new buildings like hotels, single-family homes, and multi-family homes are built, many will offer amenities that include swimming pools, giving the industry a boost in growth.
A potential challenge that consumers and developers may encounter is the high and rising costs of installing and maintaining swimming pools. As this current economic climate sees the increase in the price of food, housing, and just about everything else, the swimming pool industry will not emerge unscathed.
Swimming pool ownership is expensive, with numerous recurring costs like cleaning the filters, changing the water, security, pool safety measures, and maintaining the area around the pool. Power consumption is also a concern. In some regions, water scarcity is also an inhibitory factor that could slow the growth in specific international markets, specifically developing countries.
Consumer Attitudes & Interests
Consumer interest in swimming pools is still going strong. The US pool industry has steadily grown and shows no sign of slowing.
Let’s look at some consumer statistics for the United States and how they figure into the swimming pool market:
- In the United States alone, there are 10.7 million swimming pools
- There are 10.4 million residential pools and 309,000 public pools
- Of 130 million households, around 8% have a swimming pool:
- 59% are in-ground
- 41% are above ground
- 36% of children swim in a pool six times a year or more
- 15% of adults swim in a pool six times a year or more
- A swimming pool can boost a home’s value by 7%
- The states with the most swimming pools are:
- Florida, with 1.59 million pools
- California, with 1.34 million pools
- Wyoming is the state with the least pools at 3,000
- Regarding population, New Mexico, Florida, and Arizona have the most pools per capita
- In Arizona, it is estimated that there is one swimming pool for every 13 people in the state
- An average in-ground pool costs $35,000
Pools add value to property, homes, and lives. People recognize this, and while the current economic and political climate might not seem conducive to recreational activity growth, the swimming pool industry continues its upward climb.