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NEW YORK, June 29, 2022 /PRNewswire/ — The global luxury massage chair market size is expected to increase by USD 242.01 million between 2020 and 2025. The market observed a YOY growth of 2.35% in 2021 and the growth momentum is expected to accelerate at a CAGR of 3.25% during the forecast period. The report highlights Europe as the key market for luxury massage chairs. The high awareness of the potential applications of massaging in Central and Eastern Europe are driving the demand for luxury massage chairs in the region.
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The global luxury massage chair market is fragmented, and the degree of fragmentation will accelerate during the forecast period. The market is characterized by the presence of multiple established players and a wide array of products that make it intensely competitive. The vendors are competing based on factors such as price, quality, brand, and variety and are adopting different strategies to increase their market share.
Growing work-related stress and the need for stress-relieving solutions have been instrumental in driving the growth of the market. However, the impact of the COVID-19 pandemic might hamper the market growth. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. AJX. Inc, Aojiahua Intelligent Health Technology Group Co. Ltd., Family Inada Co. Ltd., Johnson Health Tech Inc., JSB Health & Fitness Pvt. Ltd., Medical Breakthrough, OSIM International Pte. Ltd., OTA World LLC, Panasonic Corp., and Shanghai Rongtai Health Technology Co. Ltd. are among some of the major market participants.
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The global luxury massage chair market is segmented as below:
- End-user
- Residential
- Commercial
The demand for luxury massage chairs from the residential end-users will be significant during the forecast period. The growth of the segment is driven by the privacy offered by luxury massage chairs during therapies at home. Also, a large number of individuals do not feel comfortable in the massage sessions at massage parlors due to safety concerns. These factors are increasing the adoption of luxury massage chairs among residential end-users.
- Distribution channel
- Offline
- Online
The offline distribution channel segment will account for the maximum sales during the forecast period. The growth of the segment can be attributed to business expansion and the rising number of organized retail stores such as hypermarkets, supermarkets, and department stores.
- Geography
- APAC
- North America
- Europe
- MEA
- South America
Europe will emerge as the key market for vendors operating in the market. About 37% of the market growth is expected to originate from the region. Factors such as new product launches and increasing consumer spending on convenience products such as luxury massage chairs are driving the growth of the regional market.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The global luxury massage chair market report covers the following areas:
- Global Luxury Massage Chair Market Size
- Global Luxury Massage Chair Market Trends
- Global Luxury Massage Chair Market Industry Analysis
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist global luxury massage chair market growth during the next five years
- Estimation of the global luxury massage chair market size and its contribution to the parent market
- Predictions on…
Full story available on Benzinga.com
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