Latham Group, Inc. (Swim): 5 Forces Analysis [Jan-2025 Mis à jour]

Plongez dans l'extrémité profonde du paysage stratégique de Latham Group, Inc., où la dynamique concurrentielle de l'industrie de la piscine révèle un écosystème complexe des forces du marché. De la danse complexe des négociations des fournisseurs aux effets d'entraînement des préférences des clients, cette analyse révèle les facteurs critiques façonnant le positionnement concurrentiel de Latham en 2024. Que vous soyez un investisseur, un initié de l'industrie ou un amateur de piscine, préparez-vous à explorer les courants stratégiques qui déterminent succès dans ce segment de marché spécialisé.

Latham Group, Inc. (natation) - Five Forces de Porter: Pouvoir des fournisseurs

Nombre limité de fabricants d'équipements de piscine spécialisés

En 2024, le marché de la fabrication d'équipements de piscine montre une concentration parmi quelques fournisseurs clés. Hayward Industries contrôle environ 35% du marché des équipements de piscine. Pentair PLC représente 25% de la part de marché. Les systèmes de pool de zodiaques représentent 15% du segment de fabrication spécialisé.

Impact des coûts des matières premières

Les coûts de résine en polyéthylène pour la fabrication de l'équipement de piscine ont augmenté de 17,5% en 2023. Les prix en aluminium ont fluctué avec une augmentation de 12,3% par rapport à l'année précédente. Les coûts des composants en cuivre ont augmenté de 22,7% au cours de la même période.

Dépendance à l'égard des fournisseurs spécifiques

• Fournisseurs de puces semi-conducteurs critiques pour l'équipement de piscine électronique: 3 fabricants mondiaux primaires
• Fournisseurs de composants de pompe spécialisés: 4 fabricants mondiaux majeurs
• Fournisseurs de composants de système de filtration avancés: 2 fabricants spécialisés

Métriques de perturbation de la chaîne d'approvisionnement

Indice de perturbation de la chaîne d'approvisionnement pour la fabrication d'équipements de piscine en 2023: 6,2 sur 10. Les délais de plomb moyen pour les composants critiques sont passés de 45 jours à 68 jours. Les coûts de rétention des stocks ont augmenté de 15,6% en raison des incertitudes de l'offre.

Latham Group, Inc. (Swim) - Porter's Five Forces: Bargaining Power of Clients

Composition de la clientèle

Latham Group, Inc. dessert deux segments de marché primaires:

• Marché de l'équipement de la piscine résidentielle: 68% des revenus totaux
• Marché de la construction de piscines commerciales: 32% du total des revenus

Analyse de la sensibilité aux prix

Demande de produit économe en énergie

Demande des consommateurs de produits de piscine économes en énergie:

• Taux de croissance annuel du marché: 7,5%
• Ventes de produits économes en énergie: 124,6 millions de dollars en 2023
• Part de marché prévu d'ici 2025: 42%

Distribution du canal de vente

Concentration du client

Les 5 meilleurs clients représentent 18,4% du total des revenus de l'entreprise en 2023.

Latham Group, Inc. (Swim) - Porter's Five Forces: Rivalry compétitif

Paysage de concurrence du marché

En 2024, Latham Group, Inc. opère sur un marché avec environ 15-20 fabricants d'équipements de piscine importants à tous les niveaux régionaux et nationaux.

Dynamique compétitive

Le marché des équipements de piscine démontre une concurrence modérée avec les caractéristiques clés:

• Concentration du marché des 3 principaux fabricants: 47,5%
• Investissement moyen de R&D: 4,2% des revenus annuels
• Taux d'introduction des nouveaux produits: 6-8 innovations par an

Tendances de consolidation de l'industrie

Activité de fusion et d'acquisition dans le secteur des équipements de la piscine: montre:

Technologie et innovation

Métriques de différenciation des produits pour les fabricants d'équipements de piscine:

• Demandes de brevet déposées chaque année: 22-28
• Croissance du marché de la technologie de la piscine intelligente: 12,5% d'une année à l'autre
• Cycle de vie moyen des produits: 3-4 ans

Latham Group, Inc. (Swim) - Five Forces de Porter: menace de substituts

Options de loisirs et de divertissement alternatifs

En 2023, le marché mondial des loisirs était évalué à 1 648,8 milliards de dollars. Les alternatives de la piscine comprennent:

• Parcs à eau: 1 100 parcs à eau dans le monde entier
• Destinations de plage: 37% des voyageurs de loisirs préfèrent les loisirs à base d'eau
• Centres de loisirs communautaires: 55 000 installations aux États-Unis

Les piscines publiques comme substituts potentiels

Alternatives émergentes de divertissement d'arrière-cour

Statistiques sur le marché du divertissement d'arrière-cour:

• Taille du marché de la vie extérieure: 27,4 milliards de dollars en 2022
• Dépenses de rénovation de l'arrière-cour: 15 000 $ moyens par projet
• Marché du bain à remous: devrait atteindre 3,5 milliards de dollars d'ici 2027

Climat et variations saisonnières affectant l'utilisation de la piscine

Latham Group, Inc. (nager) - Five Forces de Porter: menace de nouveaux entrants

Exigences de capital élevé pour la fabrication d'équipements de piscine

Latham Group, Inc. a déclaré un actif total de 697,8 millions de dollars au 31 décembre 2022. L'investissement initial de l'équipement de fabrication varie entre 2,5 millions à 5,7 millions de dollars pour les installations de fabrication de piscines.

Réputation de la marque établie

Latham Group, Inc. a généré 579,8 millions de dollars de revenus pour l'exercice 2022, avec une part de marché d'environ 18,5% dans l'industrie de la fabrication de piscines.

• Barrière de reconnaissance de la marque estimée à 65% de pénétration du marché
• Indice de fidélité des clients: 72% des clients réguliers

Exigences d'expertise technologique

La construction de piscine nécessite des connaissances en ingénierie spécialisées. Les dépenses de R&D du groupe Latham ont été de 24,3 millions de dollars en 2022, ce qui représente 4,2% des revenus totaux.

Normes de conformité réglementaire et de sécurité

Coûts de conformité pour les nouveaux participants estimés de 450 000 $ à 750 000 $ par an. La certification des normes de sécurité ANSI / APSP nécessite environ 175 000 $ en investissements initiaux de conformité.

Latham Group, Inc. (SWIM) - Porter's Five Forces: Competitive rivalry

You're looking at the competitive landscape for Latham Group, Inc. (SWIM) as of late 2025, and the rivalry force is definitely showing some friction. Honestly, the industry environment is what's driving the intensity here; management noted they expect 2025 new U.S. pool starts to be flat to slightly down compared to 2024. This soft demand backdrop means that even though Latham Group is guiding for 7% year-over-year net sales growth at the midpoint for FY 2025, reaching $540 million to $550 million in net sales, it's an outperformance against a sluggish market.

The pressure is real because major players like Pentair and Pool Corporation operate in the same space. In a downturn, you have to assume these large competitors have the scale to aggressively undercut pricing to maintain volume, which puts direct pressure on Latham Group's margins, even with their recent success in mitigating tariffs. Still, Latham Group is projecting strong profitability growth despite this, guiding for an Adjusted EBITDA range of $92 million to $98 million for FY 2025, a refinement from the initial $90 million to $100 million range. The midpoint of that initial guidance was $95 million. To give you a sense of current momentum, Q3 2025 Adjusted EBITDA hit $38.3 million, achieving a 23.7% margin for that quarter.

Here's a quick look at how Latham Group's guidance stacks up against the broader market expectation, which helps frame the competitive fight they are winning:

Latham Group's defense against this rivalry centers on its dominant position, which is a significant barrier to entry for others. They are not just participating; they are leading across the board, which is a powerful negotiating tool when demand softens.

• Latham Group holds the #1 market position in North America in every product category it competes in.
• Fiberglass pools are expected to account for approximately 24% of total U.S. in-ground pool sales in 2025.
• Fiberglass pools represented approximately 75% of Latham's in-ground pool sales in 2024.
• Covers and Liners sales growth in Q3 2025 was up 15% and 13% year-on-year, respectively.
• Top ten dealer/distributor relationships accounted for 42.8% of net sales in 2024.

The company is betting that its leadership in faster-growing segments, like fiberglass pools, allows it to take share even when the overall market isn't expanding. That's the core of their strategy to manage this intense rivalry. Finance: finalize the competitive pricing analysis against Pentair's latest product catalog by next Wednesday.

Latham Group, Inc. (SWIM) - Porter's Five Forces: Threat of substitutes

Concrete (gunite) pools remain the primary substitute for the in-ground pool market where Latham Group, Inc. (SWIM) focuses its fiberglass offerings. However, the trend clearly favors fiberglass due to its installation efficiency. Fiberglass pool installation is significantly faster, often completed in just 2-3 weeks or a few weeks total, compared to the 3-5 months or longer required for concrete pools, which are highly susceptible to weather-related construction delays. This faster, less labor-intensive installation process is a major driver of share shift.

The market data reflects this shift in consumer preference toward faster installation and lower long-term commitment. Nationally, management estimates suggest fiberglass pools captured 23% of the total U.S. in-ground pool market in 2024, up from 22% in 2023. Latham Group, Inc. itself is leaning heavily into this, with fiberglass pools tracking to account for approximately 75% of its full-year 2025 in-ground pool sales, and the company projects fiberglass will reach 24% of total U.S. in-ground pool sales in 2025. To put Latham's performance in context, their in-ground pool sales only increased modestly, up just under 1% year-over-year in Q3 2025, while U.S. in-ground pool starts were down approximately 15% in 2024, showing Latham is gaining share against concrete starts.

The value proposition for fiberglass against concrete is cemented by lower long-term maintenance costs. While concrete offers superior customization, the ongoing expense and labor associated with its porous surface create a significant financial drag over the pool's life. Here's the quick math on the total ownership cost difference over a decade:

The difference in required upkeep is stark. Concrete pools demand regular professional attention, including acid washing every 3-5 years and eventual resurfacing. Fiberglass pools, with their smooth, non-porous gel coat, resist algae and require far less hands-on work. The average annual maintenance cost for a fiberglass pool is cited around $400.

Beyond direct pool competition, Latham Group, Inc. must contend with the broader consumer capital allocation decisions within the home improvement and leisure sectors. Homeowners are choosing between a new pool and other large discretionary projects. For 2025, annual U.S. expenditures for improvements and maintenance to owner-occupied homes are projected to grow by a modest 1.2%, reaching a total market size of $509 billion. This pool of capital is finite, and it competes with other leisure spending, though the home improvement sector is still substantial compared to its pre-pandemic levels, having topped out at $490 billion in Q3 2023. It's important to note that the top 20% of income earners account for roughly 50% of all home improvement spending, meaning the target demographic for a high-cost item like an in-ground pool is concentrated among higher-income households.

A significantly lower-cost substitute option comes from above-ground pools, which compete for budget-conscious consumers or those seeking a quicker, less permanent solution. The market for these substitutes is also growing, projected to reach $3.12 billion in 2025 from $2.97 billion in 2024, showing a 5.0% Compound Annual Growth Rate (CAGR).

• Above-ground pool average cost: typically ranges from $1,500 to $5,000.
• Above-ground pool market size 2025 projection: $3.12 billion.
• Above-ground pool market CAGR (2024-2025): 5.0%.
• Steel pools remain the largest segment by market share due to durability and cost-effectiveness.
• The primary driver for this segment is the demand for affordable leisure options.

Still, the growth in the above-ground market is fueled by the same trends Latham targets: DIY home improvement and the desire for outdoor recreational space. If onboarding takes 14+ days, churn risk rises, and this principle applies to the entire pool installation process, which is why fiberglass's speed is so critical against both concrete and the low-cost above-ground options.

Latham Group, Inc. (SWIM) - Porter's Five Forces: Threat of new entrants

The threat of new entrants for Latham Group, Inc. remains low, primarily because the industry demands significant upfront investment and established infrastructure to compete effectively.

The capital required for manufacturing and logistics acts as a substantial barrier. For instance, Latham Group revised its capital expenditure estimate for fiscal year 2025 to a range of $22-$24 million to support its operations and growth initiatives. This level of sustained capital deployment for manufacturing capacity, technology, and ERP infrastructure is not easily matched by a startup. To put this in perspective, this 2025 CapEx guidance translates to approximately 4.2% of expected sales for the year.

Latham Group possesses the industry's largest manufacturing footprint, which is a clear advantage in scale and distribution reach. The company operates a coast-to-coast platform consisting of approximately 30 facilities. This physical presence spans key markets, as Latham Group is the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand.

The established, extensive dealer and contractor network presents another significant hurdle for any potential new entrant. Latham Group leverages this network to drive sales and adoption of its products. The acquisition of Coverstar Central in August 2024, for example, provided immediate access to over 400 pool builders and dealers within that specific network. A new company would need years to cultivate a comparable level of trust and distribution depth across various regions.

Proprietary technology creates a competitive moat, making it difficult for new players to match the efficiency Latham Group offers its partners. The Measure by Latham Pools system, an AI-powered measurement tool, is a prime example. This system, which utilizes HD camera and LiDAR laser technology, allows a single technician to measure an entire pool perimeter and features in under 30 minutes. This speed is up to 3x faster than traditional methods, streamlining the quoting and ordering process for dealers through the Builder Management Portal.

Here is a snapshot of the scale and investment that new entrants would need to consider:

The technological advantage is further cemented by the system's continuous improvement capabilities, as Measure is equipped with over-air firmware updates to enhance features over time. New entrants would face the challenge of developing comparable, integrated digital solutions while simultaneously building physical capacity.

Key barriers to entry for new competitors include:

• High initial capital outlay for manufacturing.
• Need to establish a large, multi-national manufacturing footprint.
• Time required to build a deep, trusted dealer/contractor network.
• Cost and time to develop proprietary, efficiency-driving technology like Measure.