Europe – Market size and forecast 2020-2025
Europe contributed 33.50% to the overall market in 2020 and would increase its contribution to 34.57% of the global electric massager market in 2025.
Europe was the second largest region of the market in 2020 and would continue to be the second largest segment of the market in 2025. It would grow at a compounded annual growth rate of 6.50% between 2020 and 2025, which is faster than the overall market. Europe would be the fastest growing region within the overall market and would grow from $6,530.27 million in 2020 to $8,945 million in 2025. Europe would contribute 37.84% of the incremental growth in the overall market between 2020 and 2025.
Europe will generate growth across all the years of the forecast period between 2020 and 2025. The year-on-year growth during this period will vary between 6.35% and 6.64%.
Exhibit 40: Europe – Market size and forecast 2020-2025 ($ million)
The growth of the electric massager market in Europe can be attributed to factors such as rapid urbanization, growing geriatric population, increasing awareness about stress relief, growing availability of a comprehensive range of electric massagers, and the presence of global and local vendors.
Urbanization is increasing significantly across Europe. For instance, according to The World Bank Group, the percentage of the urban population in Germany, France, Italy,Spain, and the UK was 77%, 81%, 71%, 81%, and 84%, respectively, in 2019. Rapid urbanization with growing economic stability is increasing the demand for electric massagers to relieve stress and improve health. This, in turn, is fostering the growth of the electric massagers market in Europe.
The geriatric population is increasing significantly across Europe. For instance,according to The World Bank Group, the percentage of the total population aged 65 years and above in Germany, Italy, France, and the UK was 22%, 23%, 20%, and 19%, respectively, in 2019. The geriatric population is at a higher risk of developing muscle strain, which increases the demand for electric massagers to reduce pain and relax muscles. These factors are boosting the growth of the electric massager market.
Europe has witnessed the demand for personal grooming and health and wellness products such as electric massagers and massage chairs among consumers. This is due to the presence of high disposable income among consumers, who can afford to purchase super premium electric massagers. The expansion of the range of electric massagers that can be used for different purposes and suit different lifestyles is driving the demand in the market. Multifunctional features in electric massagers are further encouraging consumers to buy electric massagers. This kind of demand is mostly observed in young consumers who are primarily interested in beauty-enhancing massagers and body relaxation massagers. The sales are additionally driven by the curiosity to experiment with new products. The older demographic group is also witnessing an increased spending power, thereby increasing the demand for electric massagers to maintain wellness and improve the quality of life as they age. Suitable travel destinations across Europe are increasing the number of travelers in Europe. There is a growing trend of buying electric massagers by the majority of households in Greece and Russia. With hotels and spas offering varied massage services, the demand for electric massagers also increases with the growing tourism industry.
The rise in the working population and an increase in health expenditure drive the electric massager market in Europe. The growing wellness tourism market in the region is also a key factor for the growth of the electric massager market. The presence of many spas in the region also contributes to the growth of the market. Germany has the highest number of spas in the region, followed by France, Italy, the UK, Spain, and Russia.
The presence of global and regional vendors in Europe drives the growth of the electric massager market in the region. For instance, vendors such as Beurer GmbH (Beurer, Germany), Casada International GmbH (Casada International, Germany), Fysiomed NV (Fysiomed, Belgium), and Medisana GmbH (Medisana, Germany) have a significant presence in Europe. These companies offer a comprehensive range of electric massagers, which is fueling the growth of the electric massager market in Europe.
In 2020, owing to the outbreak of COVID-19, the electric massager market in Europe witnessed a major decline in terms of sales. Various restrictions and lockdowns resulted in supply chain disruptions and the closure of manufacturing units of electric massagers in the region. As of July 24, 2021, the number of deaths reported due to COVID-19 in the UK and Italy was around 0.12 million and 0.127 million, respectively. Spain and France collectively reported over 13 million deaths due to COVID-19. However, the region is witnessing a decline in the number of COVID-19 cases, with the availability of COVID-19 vaccines. As a result, operations in end-user industries are expected to be resumed in the coming years, which will subsequently drive the growth of the electric massager market in Europe during the forecast period.
Exhibit 41: Europe – Year-over-year growth 2020-2025 (%)