APAC – Market size and forecast 2020-2025
APAC contributed 16.10% to the overall market in 2020 and would decrease its contribution to 16.05% of the global electric massager market in 2025.
APAC was the third largest region of the market in 2020 and would continue to be the third largest segment of the market in 2025. It would grow at a compounded annual growth rate of 5.76% between 2020 and 2025, which is slower than the overall market. APAC would be the second-fastest growing region within the overall market and would grow from $3,138.43 million in 2020 to $4,153.25 million in 2025. APAC would contribute 15.90% of the incremental growth in the overall market between 2020 and 2025.
APAC will generate growth across all the years of the forecast period between 2020 and 2025. The year-on-year growth during this period will vary between 5.63% and 5.89%.
Exhibit 42: APAC – Market size and forecast 2020-2025 ($ million)
Growing geriatric population, increasing disposable income, rapid urbanization with economic stability, growing Internet penetration, rising awareness regarding the use of electric massagers at home for health benefits, increasing number of suitable domestic travel destinations, and the presence of major vendors contribute to the growth of the electric massager market in APAC. The rise in the urban population, coupled with the increasing disposable income across APAC, is increasing the affordability of products such as electric massagers. This, in turn, is propelling the growth of the electric massager market in APAC.
The geriatric population is increasing significantly across APAC. According to The World Bank Group, the percentage of the total population aged 65 years and above in Japan, Singapore, China, and Australia was 28%, 12%, 11%, and 16%, respectively, in 2019. The demand for electric massagers at home is increasing among the geriatric population, which is at risk of having chronic pain and muscle strains. Hence, the rise in the geriatric population is fueling the growth of the electric massager market in APAC.
Countries such as Thailand, Bali, Australia, Singapore, Maldives, New Zealand, and India are popular destinations for domestic and overseas tourists owing to their rich heritage and culture, which increases the rapid growth of luxury hotels and resorts. These luxury hotels and resorts provide relaxation services such as massages to their customers. This, in turn, is driving the demand for advanced electric massagers, which is fueling the growth of the electric massager market in APAC.
Vendors such as Deemark Health Care Pvt. Ltd. (Deemark Health Care, India), JSB
Health & Fitness Pvt. Ltd. (JSB Health & Fitness, India), RoboTouch (India), Shenzhen XFT Medical Ltd. (Shenzhen XFT Medical, China), Vision Sky Shop (India), WelbuTech Co. Ltd. (WelbuTech, South Korea), OMRON Corp. (OMRON, Japan), and Panasonic Corp. (Panasonic, Japan) have a presence in APAC. All these companies offer a wide range of electric massagers, which is propelling the growth of the electric massager market in the region.
Further, Internet penetration in the region is on the rise. India, China, and Japan are some of the countries with the highest number of Internet users. This will be a key parameter for the vendors in the market to target, as the trend of shopping will
continue to increase on online platforms. Additionally, increasing disposable income is another factor driving individuals to adopt luxury goods, such as electric massagers, based on individual needs. Consequently, companies are looking to differentiate themselves through pricing, positioning, and distribution channels to capitalize on the widespread demand for products. Other countries such as Vietnam, Thailand, and Indonesia will significantly contribute toward market growth in the coming years due to their increasing disposable income and the growing availability of electric massagers through both retail and online channels. Therefore, a fast-paced lifestyle, the growing awareness of the benefits of electric massagers, high disposable income, and the availability of a broad range of user-friendly electric massagers in APAC will propel the market in the coming years.
Owing to the COVID-19 pandemic, all offline distribution channels remain closed due to lockdowns in 2020, and hence vendors were promoting online sales by offering high discounts on prominent electric massager. To overcome the growth of the market, vendors are likely to increase the sales of electric massager through the online mode by offering free shipping or by charging only partial shipping costs for delivery at the customers’ doorsteps across regions that are impacted and non-impacted by COVID-19.This strategy will help vendors enhance customer relationships and is expected to drive the growth of the market during the forecast period.
Exhibit 43: APAC – Year-over-year growth 2020-2025 (%)