In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022. Purchasing power in the country is expected to fell nearly by 2.5%.
On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.
Massage chair is designed for body massage and is majorly installed in various locations such as trade shows, and airports among others. The chair massage offers neck, shoulder, and upper back massage. Traditional massage chair offers easy access to shoulders, head and back of the recipient whereas massage chairs utilizes motors and electronic vibrators to offer a massage. The United States massage chair market is thriving on the back of increasing technological advancements being made in the massage chairs coupled with the rising trend for body massage in air massage chairs.
Additionally, increasing household incomes in the U.S. which enhances the purchasing capacity of the population, rising prevalence and consciousness for healthy lifestyle among the people of all age groups in the country, coupled with hectic work schedules and work patterns amongst the working-class professionals which is leading to the prevalence of pain in several body parts, such as, shoulder, neck, hip joints and knee among others are some of the factors that are anticipated to drive the growth of the U.S. massage chair market. According to United states Census Bureau, median household income in the region grew from USD 62626 in the year 2017 to USD 63179 in the year 2018. CLICK TO DOWNLOAD SAMPLE REPORT
The U.S. massage chair market was valued at USD 1040.1 million in 2018 and is anticipated to attain a market value of USD 1745.0 million by 2027. The market is further slated to achieve a CAGR of 6.1% during the forecast period 2019-2027 and Y-o-Y growth rate of 6.61% in the year 2027 as compared to previous year.
The U.S. massage chair market is segmented on the basis of type into traditional and robotic, out of which, robotic segment is anticipated to hold the largest market share and is anticipated to achieve a CAGR of 7.0% during the forecast period. The robotic segment in the U.S. massage chair market was valued at USD 571.1 million in the year 2017 and is anticipated to reach a market value of USD 1090.6 million by the end of 2027. Robotic massage chairs are equipped with electronic gears and motors and the functionalities are programmed into a microcontroller chip for automated operation by the massage recipient. Robotic massage chairs provide numerous pre-programmed modes of massaging experiences and have an easy to use interface, thereby omitting the need of a massage therapist. Massage recipients prefer robotic massage chairs as they can take the experience of these type of massagers at their own convenience. Furthermore, robotic massage chairs also find amplified deployment at various locations, for instance in-house events and conferences, recreation zone at office premises and others. Such factors are anticipated to promote significantly towards the growth of the U.S. massage chair market during the forecast period.
According to the U.S. Department of Health and Human Services, around 17.3 million adults or 7.1% of all U.S. adults were estimated in the year 2017 in the United States who had at least one major depressive episode.
Increasing work related stress amongst the working population is the key factor causing various health issues such as high blood pressure, depression, poor blood circulation and anxiety amongst others. Rising concerns for health amongst the working class is raising the need to maintain proper health and fitness with products that promote good health, such as massage chairs, which are known to provide relief from stress and anxieties. Working class population undergo unhealthy lifestyle, long working hours and stressful work environment, which is anticipated to act as a key growth driver towards the growth of the U.S. massage chair market. According to the World Health Organization, stress is anticipated to be the second leading cause among the total list of health issues by the year 2020. Technological advancements observed in the massage chairs over the time have also resulted in greater efficiency of relieving of stress and anxiety amongst the working class. Furthermore, increasing efficiency to cope stress by these massage chairs have helped for the greater adoption of the product amongst the working class. Growing need amongst people to cope up such issues of stress and products that promote good health are some of the factors anticipated to drive the growth of the U.S. massage chair market over the forecast period.
According to the statistics by the U.S. Travel Association, both domestic and international leisure travelers spent a total of USD 762 billion in the year 2018, which grew 6.1% from 2017. Furthermore, business traveler spent USD 327 billion in the same year, which was an increase by 2.4% from 2017.
Increasing travel and tourism expenditure observed in the U.S., on the back of significant increase in the inflow of business travelers in the region, and the need for leisure travel, is anticipated to drive the growth of the U.S. massage chair market throughout the forecast period. Additionally, rising deployment of massage chairs at public places, such as airports, shopping malls and railway stations, which observes heavy inflow of travelers, is expected to foster towards the growth of the U.S. massage chair market.
Massage chairs are priced variably in-between USD 1000 – USD 10,000, based on the various features available with the product. As compared to traditional massage chairs, automated massage chairs are available at an increased price point, which is more than around 10 times than that of traditional massage chairs, and therefore, might hamper the sales of the massage chairs. Such a factor is anticipated to act as a barrier to the growth of the U.S. massage chair market.