Massage Devices and Chair Category

Delivered July 8th, 2019. Contributors: Victor E., Oshione S., Edgar M., Erika O., Mayank B., Ezeonye J. and

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Massage Devices & Chairs - Market Size in Europe

As per our calculations using data available in the public domain, the estimated market size of massage devices and massage chairs in Europe was $1.102 billion in 2018. 
RESEARCH FINDINGS AND ESTIMATESThe market size of massage devices and massage chairs in Europe for 2018, is estimated at $1.102 billion USD.
The worldwide massage devices and massage chairs market was calculated to be approximately $2.564 billion USD in 2018. 
As of 2015, Europe's share of the global luxury massage chairs and massage devices market was 43%, according to a report by BusinessWire in 2018. 
By 2022, the overall CAGR percentage growth of the global massage chairs industry is expected to reach 15.5%, as per a report by PR Newswire. 
According to Technovia's study, between 2018 and 2022, the dollar increase in the global luxury massage chair industry would amount to $470.49 million.
A PR Newswire's report from 2018, observed that Europe was the second-largest region with significant market shares in the global massage chairs' industry. 
RESEARCH STRATEGY:We started by researching industry reports and market studies pertinent to Europe's massage devices and massage chairs sector. This investigation yielded reports by Million Insights, Markets & Markets, Technavio, and others. Unfortunately, although these were global reports of the industry with sections  specific to Europe, they were all paid reports having data relevant to this request behind pay-walls and not available in the public domain. Also, we located a report by Market Report Store specific to Europe's massage chair industry, but it only provided a list of the industry's competitors in the region. Again, no direct data revealed the market size of massage devices and massage chairs in Europe in the public domain. However, Technavio's research highlighted that the global luxury massage chair industry would increase with a dollar amount of $470.49 million from 2018 to 2022.

Therefore, we proceeded to investigate reports by trusted media and business directories with the hope of identifying insights into the market size of massage devices and massage chairs in Europe. This time we found some related reports, but they were mostly press releases of the research reports earlier identified and did not provide direct data revealing the market size of massage devices and massage chairs in Europe. However, from this research, we located a report by PR Newswire that highlighted that the overall percentage CAGR growth of the global massage chair industry would reach 15.5% by 2022. Also, we found another report by BusinessWire that observed Technavio's previous study of the worldwide luxury massage chair market that Europe had a 43% share of the market. 

Research suggests all the reports identified including the "Global Massage Chair Market" press release by PR Newswire; the "Global Luxury Massage Chair Market" reports by BusinessWire and Technavio, and the "Europe's Massage Chair Market" by Market Research Store, highlighted the same companies such as Panasonic, Osaka, Human Touch, OSIM, Inada, and Fujiiryoki, to be the most significant players. This information indicated that the 'global massage chair' and 'global luxury massage chair' markets were likely the same since they all had the same competitors. 

So, we switched strategies to research the companies observed to be the significant players of the massage chair industry with the hope of locating their revenues pertinent to the European region. We took this approach hoping to use their European sales figures for estimating the industry's market size in Europe. Unfortunately, our investigation revealed that most of these companies are privately-held implying they are not obligated to disclose their financial information. Also, although we located the estimated annual revenues for some of these companies, there was no information revealing sales specific to Europe. Hence, due to the lack of the required information in the public domain, we resolved to calculate the needed info using data gathered from our investigation.
CALCULATIONSAs per Technavio's ' Global Luxury Massage Chair Market' report, the worldwide market size of luxury massage chairs would increase by $470.49 million from 2018-2022 with a CAGR of 6% within the forecast period.

However, PR Newswire's report projected the global massage chair industry's overall percentage CAGR to reach 15.5% by 2022. Hence, taking the 'Global Massage Chair' and 'Global Luxury Massage Chair' industries as the same, we used the overall growth percentage reported by PR Newswire to estimate the dollar value of the 2022 global massage chair market size, via the formula: [Expected dollar increase of the sector/the overall percentage growth of the sector] = ($470.49 million/15.5%) = $3.035 billion.

Then, to estimate the 2018 value of the market, we subtracted the market's increase projected by Technovia's report from our estimated size of the industry by 2022. For this, we used the formula: [Estimated market size by 2022 — expected dollar growth of the industry between 2018 and 2022] = ($3.035 billion — $470.49 million) ~ $2.564 billion. Thus, we estimated the global massage chair industry at $2.564 billion in 2018. 

Then, based on BusinessWire's report revealing Europe to have 43% of the global luxury massage chair market in Technovia's previous research of the industry in 2015, we took it that the region still had about the same share of the sector in 2018. Furthermore, based on PR Newswire's report in 2018 that noted that Europe was the second-largest region with significant market shares, the info by BusinessWire was likely still valid. 

Therefore, we applied the above data to determine Europe's massage devices and chairs market size, via the formula: [Estimated massage chair market size in the world 2018/Europe's share of the global last reported by Technovia's research] = ($2.564 billion*43%) ~ $1.102 billion.

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Massage Devices & Chairs - Market Size in Asia

The Asian massage equipment market is forecast to experience the highest growth from 2016 to 2024 due to the production of hand-held electric massagers in China. The Asian market is comprised of the Chinese, Japanese, Korean, Indian, and Southeast Asian markets. After a thorough and wide-reaching search through reputable sources, information on the Asian massage devices and chairs (equipment) market size or data points to triangulate a proxy could not be found in the public domain. The required information is only available in a paid report. However, we found some helpful information regarding the Asian market as outlined below.
HELPFUL FINDINGS Massage equipment includes devices and chairs designed to reduce muscle tension and pain due to strenuous work by stimulating the proper circulation of oxygen- and nutrient-rich blood around the body.
 Massage equipment includes but not limited to a massage chair, back massager, hand-held massager, neck and shoulder massager, and eye care massager.
The global massage equipment industry size as of 2018 was $13.75 billion, and it is forecast to reach $25.48 billion by 2025.
The industry is expected to grow at a CAGR of 9.2% from 2019 to 2025.
 The Asian massage equipment industry consists of the Chinese, Japanese, Korean, Indian, and Southeast Asian markets.
Asian massage equipment market is predicted to experience the highest growth from 2016 to 2024.
 Hand-held electric massager production in China is expected to drive the growth of the Asian massage market.
Some key players in the Southeast Asian market include Panasonic, Osaki, Inada, Human Touch, Fujiiryoki, and Titan
Some key players in the Chinese market include Panasonic, Osaki, Inada, Human Touch, Fujiiryoki, OSIM, Omega, Luraco, Infinity, Ogawa, Cozzia, and Titan.
RESEARCH STRATEGYTo provide requested market information regarding the Asian massage equipment market, your research team scoured through industry reports by reputable market research firms such as Market Research Vision, Research and Markets, Markets and Markets, and Transparency Market Research. A wide-reaching search through these sources did not reveal the market size of massage equipment in Asia. All the market reports consulted have the Asian market size information behind a paywall. However, we were able to find the global market size and growth rate. We also combed the sources above for data points we might use to estimate a proxy, we could not find any helpful data points, such as the Asian market share in the global massage equipment market after a thorough search.

We also combed through reputable media sources such as Market Watch, Business Insider, and PR Newswire in search of information regarding Asian market size or data points we might use in triangulating a proxy for the Asian market. We could not find information on massage equipment market in the Asia region, or data points we may use in triangulating a proxy for the Asian market as most of the media sources consulted have this information in paid reports.

We proceeded to comb through the sources above for the market size of each of the countries/sub-regions (China, Japan, Korea, India, Southeast Asia) that make up the Asian market. After a thorough and wide-reaching search through these sources, information on each of the countries' market size or data points we might use to triangulate a proxy for the region were not available in the public domain.

An attempt to triangulate a proxy for the Asian massage equipment market size using the sales revenue of the market players was made by searching through the annual reports of companies in the massage equipment industry in Asia, company data aggregator databases like Crunchbase, Hoovers, and ZoomInfo as well as media sources such as Business Insider, PR Newswire, and Market Watch. We were unable to find or determine the revenue each of these companies operating in the Asia region generated from the manufacturing and sales and servicing of massage equipment.

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Massage Devices & Chairs - Growth Rate in Europe

According to our calculations using data available in the public domain, the estimated forecast growth rate of massage devices and massage chairs in Europe is 4.32%. 
FINDINGS AND ESTIMATESAccording to Technavio's ' Global Luxury Massage Chair Market' report, the worldwide incremental growth market size of luxury massage chairs for the 2018-2022 period is $470.49 million.
According to BusinessWire's report on Luxury Massage chair, Europe contributes 43% of the global market size of luxury massage chairs.
The overall growth rate of global massage chairs by 2022 will be 15.5% according to a report by PR Newswire.
Based on triangulated data, the estimated growth rate (CAGR) of the massage devices and chairs is 4.32%.
RESEARCH STRATEGYIn order to estimate the CAGR growth rate of the massage devices and massage chairs in Europe within the next 3-5 years, we used Technavio's 'Global Luxury Massage Chair Market' report, Business Wire's report, and Pr Newswire report we previously used in estimating the market size of the industry. The reports provide statistics for the market size of the industry. We assumed that the luxury massage chair market and massage devices and chairs market are the same.
In 2022 the Global growth will amount to $470.49 increment on market size. Therefore, the global market size for massage chairs was calculated using PR Newswire's 15.5% rate as follows : (Expected increase in the industry/the overall percentage growth of the industry) = ($470.49 million/15.5%) = $3.035 billion. Given that Europe contributes 43% of the global market, the market size of Europe is (43% of $3.035) = 1.305 billion.
For 2018, Europe's market size was calculated using this formula: Estimated massage chair market size in the world 2018*43% as reported by Technovia's research. The 2018 estimated massage chair market size for the world is (3.035 billion — 470.49 million)= 2.564 billion. Therefore, Europe's market size is (2.564 *43%) = 1.102 billion
We used the market size data for the years 2018 and 2022 to calculate the CAGR rate for the next 3-5 years. Our calculation is as follows;

The formula for finding CAGR is: 
((Ending Value / Beginning Value) ^ 1 / # of years) -1 

In other words: Divide the ending value by the beginning value, raise the result to the power of ‘1 divided by the number of years’, and then subtract 1. 

Beginning Value: The beginning value is our earliest-most market size. 
Ending Value: The ending value is our latest-most market size.
Number of Years: The number of years is simply the number of years between the two market sizes. 

Beginning Value (Market Size as at 2018) = $1.102 billion 
Ending Value (Market Size as at 2022 if growth rate remains the same) = $1.305 billion 
Number of Years = 4 Years
(($1.305 billion / $1.102 billion) ^ 1 / 4) -1
(1.1842) ^ 1 / 5) -1
1.1842 ^0.25-1
1.043172823-1=0.043172823
0.043172823  x 100=4.32%
CAGR as at (2018 to 2022)= 4.32%

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Massage Devices & Chairs - Growth Rate in Asia

While the projected growth rate of the Asian market for massage devices and massage chairs could neither be located in the public domain nor reliably triangulated with publicly available data, there are reports and articles indicating that the Asia-Pacific region is expected to be the fastest-growing regional market for massage equipment in the next five years. The Asia-Pacific market for luxury massage chairs is also projected to grow at a CAGR of more than 9% in the next three years. It is worth noting as well that the South Korean market for massage chairs has grown at a remarkably high CAGR of 28.92% in the past few years. 
HELPFUL FINDINGSThe Asia Pacific is projected to be the fastest-growing regional market for electric and non-electric massage equipment during the period 2018-2025. The key markets for massage equipment in Asia are China, Japan, South Korea, India, Indonesia, Thailand, Philippines, Malaysia, and Vietnam. 
The growth of the Asia-Pacific market for massage equipment is attributed to the increased production and adoption of handheld electric massagers in China. Because of their portability, flexibility, and affordability, handheld electric massagers are widely used in the country. 
Demand for luxury massage chairs in Asian countries, particularly India, China, Japan, South Korea, and Singapore, has been growing as a result of the stress people in these countries have been experiencing. More than half of people in India, for example, suffer from stress because of work and financial problems.
The market for luxury massage chairs in the Asia Pacific is projected to expand at a CAGR of more than 9% during the period 2018-2022. The Asia-Pacific region is expected to be the fastest-growing regional market for luxury massage chairs. 
The South Korean market for massage chairs had grown from KRW 350 billion in 2015 to KRW 750 billion in 2018. These figures suggest that, in the past few years, the market has grown at a notably high CAGR of 28.92%. This 2019, the market is forecast to reach KRW 900 billion.
Bodyfriend, the leading player in the South Korean massage chair market with a massive market share of over 70%, saw its sales jump from KRW 18.8 billion in 2010 to KRW 550 billion in 2018. These figures suggest that, between 2010 and 2018, Bodyfriend's sales in the country had grown at a CAGR of 52.5%. Bodyfriend attributes this huge growth to the emergence of the massage chair rental system and the desire of people to "rent massage chairs for their parents." 
Not to be overlooked is the fact that South Korea is one of the countries with the "longest work hours in the world." Employees typically work 68 hours a week and are therefore prone to mental and physical exhaustion. It is therefore not surprising that the number of South Koreans getting massages at home or at shops is increasing. 
In December 2018, it was reported that sales of massage products on G-market, a South Korean online shopping website, saw a month-on-month growth rate of 400%. 
In China, the market for household massage chairs is growing rapidly. Driving growth in this market are the increasing number of occupational patients and sub-healthy people, the scarcity of medical resources, the growing recognition of the value of preventive health care, and aging.
RESEARCH STRATEGYAs requested, we first reviewed what the research team has found about the size of the Asian market for massage devices and chairs. Then to determine the market's projected growth rate, we employed a number of strategies, with English or the local language used as appropriate. First, we checked if market research firms have published reports on the industry, as market research firms sometimes disclose market growth rates in their report summaries. Absolute Reports, QY Research, Maia Research, LP Information, Report Hive Research, and Infinium Global Research have all published reports on the global market for massage chairs or equipment, while Transparency Market Research and Technavio have both published reports on the global market for luxury massage chairs. Unfortunately, no industry reports specific to Asia could be located. The report summaries we found do not contain the projected growth rate of the Asian market for massage devices and chairs, but thankfully, they offer a few qualitative insights into how fast the Asia-Pacific market for massage equipment is growing. One report also provides the projected growth rate of the Asian market for luxury massage chairs. Absolute Reports' report on the global market for massage equipment contains the current and projected revenues of Asian country markets, but these figures are only available in the full version of the report, which unfortunately is paywalled.   

Second, we researched each key Asian country market one by one. Since it was identified in an industry report that the key markets for massage equipment in Asia are China, Japan, South Korea, India, Indonesia, Thailand, Philippines, Malaysia, and Vietnam, we took a separate look at each of these countries. This strategy led us to findings about the South Korean and Chinese markets for massage chairs. Through a number of articles, particularly those published by Korea Biomedical Review, The Korea Times, The Korea Herald, Korea Biomedical Review, and Realty Times, we learned that the Chinese massage chair market is growing rapidly and that the South Korean massage chair market has recently grown at a CAGR of 28.92% as shown in the computations below and as confirmed using a CAGR calculator. 

((KRW 750 billion/KRW 350 billion)^(1/3)-1) = 28.92%

Third, since the desired projected growth rate remained elusive, we looked into how fast the sales or revenues of the key players in the market are growing. We figured that the growth rates of these players may be indicative of the growth rate of the market. However, after consulting the key players listed in the global reports we found and checking which ones have published any financials specific to Asia, the only information we were able to find were the historical sales of Seoul-based massage chair manufacturer Bodyfriend and the growth in massage product sales of South Korean online shopping website G-market. Bodyfriend, the dominant player in South Korea's massage chair market, has grown at a CAGR of 52.5% in the past eight years as can be seen below. 

((KRW 550 billion/KRW 18.8 billion)^(1/8)-1) = 52.5%

As the current and projected revenues or market shares of the whole Asian market for massage chairs and devices could not be located in the public domain as well, it appears the desired projected growth rate could only be determined from the paywalled industry reports.

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Massage Devices & Chairs - Key Players in Europe

There is no information on the key players in the massage devices and massage chairs category in Europe. However, some key players in the sector with European operations include Panasonic, OSIM International, HoMedics Group, Casada International and ARES. Below are some useful findings.
Industry Snapshot
According to the market research report published by Technavio, the global massage equipment market size is projected to grow to $24.38 billion by 2021, at a CAGR of close to 6% over the forecast period of 2017-2021. 

Europe is the second largest region with significant market share in the massage chair and devices industry. The region accounted for around 43% of the market share of the global luxury massage chair market in 2015 and is expected to grow significantly through 2020. 
The key growth driver of the massage equipment market in Europe is the increase in travel and tourism, as massage chairs are increasingly being deployed in airports and other places such as hotel lounges and lobbies where tourists can relax. Enhanced awareness regarding massage techniques and its importance, changing lifestyle, and several health benefits associated with various types of massages are the other key growth factors. 

The market is primarily segmented into: Back Massagers, Handheld Massagers, Neck and shoulder Massagers, Leg and foot Massagers and Eye care Massagers. Back Massagers held the largest market share at 32.54%, followed by Handheld massagers at 30.13% and Neck and shoulder Massagers at 25.34%. Leg and foot Massagers had a market share of 9.98% while Eye care Massagers had the least market share of 2.01%. 
Back Massagers, Handheld Massagers and Neck and shoulder Massagers are the fastest growing segments within the massage devices industry with an expected CAGR of 6.04%, 5.98% and 5.93% respectively over the 2016–2021 period. 
Few Key Players Profile With European Operations
1) Panasonic 
The company's European operations are conducted under 'Panasonic Europe Ltd' which operates as a subsidiary of Panasonic Corporation and is headquartered in UK. 
The company manufactures and markets consumer electronic and electrical products under the brand name Panasonic. The company’s products include television, microwave, mobile phones, compact-disc (CD) players, car radios, video recorders, and vacuum cleaners. 
The company manufactures massage chairs and devices as part of its "Home Applications' segment in Europe. Panasonic offers various control devices for Massage Chairs such as Control ICs, Analog ASICs for Sensor 

measurement, Motor Driver ICs, LCD Display Controls, Human Interface Controls, Pressure Sensors and general electronic components. 
The company's 2018 revenues stood at $75,125.82 million with Europe representing 10% of the total revenues thereby aggregating to $7,512.6 million. The company reports its massage devices revenues under 'Beauty & Living Business Division' along with other categories like beauty appliances, cooking appliances etc but does NOT break out the revenues. 
2) OSIM International 
The company operates as a global leader in branded healthy lifestyle products. It creates, designs, develops & markets well-being and healthy lifestyle products through its specialty retail outlets worldwide.
The company's products include massage chairs, foot massagers, neck & shoulder massagers, head massagers, fitness equipment, diagnostic equipment, vitamin & supplements and luxury tea. 
The company operates a wide point-of-sales network with more than 397 outlets in 85 cities across 18 countries in Asia, Oceania, the Middle East, Europe and North America. 
The company has revenues of $399.36 million and a net income of $36.22 million.
3) HoMedics Group Ltd
The company supplies health and wellness products and deals in massagers, spa products, hair reduction systems, sensory products, blood pressure monitors, thermometers, hot and cold therapy products, pain relief products, body analyzer scales, mattress and pillow protectors, and backrest support products. It is a global player with operations around the world.
The company markets and sells its products through a network of retailers in the United Kingdom, as well as online and is based in Tonbridge, United Kingdom. 
The company had revenues of $59 million. 
4) Casada International
The company is based in Paderborn, Germany and operates as a premium manufacturer of massage chairs, massage equipment and fitness equipment. The company was founded in 2000, and has become one of the best-

known premium manufacturers in the massage and fitness sector. 
The company has expanded its operations globally with roots in Europe. It leverages a test plan and also uses a simulation and testing processes, with real users, function tests, temperature tests, tests for durability and performance for all of its products. 
The company operates as a private entity and has estimated revenues of $5 million.
5) ARES
The company was formed in 2009 as the first company in the European region that provides luxury and high quality massage chairs and massage equipment worldwide. 
The company continues to lead the market in Europe, Asia and the Middle East Region and has offices located in Amman–Jordan. 
The company's massage chair features separate inflatable air cells that compress to massage arms, legs, feet and hands and other innovative features like zero gravity functionality, pre-configured massage sessions and heating system on waist and foot areas.
There is no revenue information available for the company either on the website or externally. 
Research Strategy:This has been presented as a client update because there is no list of top companies ranked by market share in European massage devices and massage chairs (together referred as 'massage equipment') market could either be found pre-compiled or could be triangulated based on revenue, market share, volume, distribution network or any other related parameter. While we were able to find few leading European players in the massage equipment industry as corroborated by various research and industry reports, there was no information that could be garnered around their revenues/market share or any other comparable metrics to regard or rank them as top. 

All the leading players broadly deal in health & well-being products/consumer appliance industry with massage appliances/equipment as their operating sub-segments and they have not provided any revenue/market share/volume information specific to these sub-segments. Hence, in the absence of any ranking parameter it was not possible to triangulate the list of leading players of European massage equipment. The primary reason for the information to be missing can be its niche nature and the fragmented and unorganized nature of the industry due to which many small key players operate in the same. Also, most of the players are private in nature with limited to no access to the financial filings and financial information which makes it impossible to create a ranked list. Below is the deep dive into the various strategies that we deployed in order to locate the information.

Our first strategy was to scour through the various research reports on the European massage equipment industry from Mordor Intelligence, Market Radar, EuroMonitor, Deloitte, Mckinsey, Forrester Research etc. These industry research reports are a primary resource for the information on key industry players and at times also provide a ranked list based on revenues/market share and hence idea was to garner any such pre-compiled list from these reports. However, no specific reports apropos of the European massage equipment industry could be found. Most of the reports found were apropos of the broader industry segments like Health & Wellness appliances or consumer appliances in general which did not furnish any relevant data. 

We were able to locate a report on the European 'Massage Chair' industry which included some key players operating in the European massage chair market but did not furnish any information on their market share or revenues from the massage equipment segment. Most of these like OSIM International, Panasonic, Fujiiryoki etc had global operations and operated across variety of segments like beauty appliances, cooking appliances, health & wellness appliances etc. All the other reports found were global in nature and just highlighted the expected industry CAGR and global market size of the massage equipment industry. Few key players were provided but again no information apropos of their market share or massage device segment revenues was furnished.   

Our second strategy was to scour through various media articles from Forbes, Business Wire, Bloomberg, Reuters, Live Mint etc; European home appliances, health appliances and consumer electronics specific blogs such as ArchiProducts, Home Style Blogs, Appliances Connection; and surveys from Pew Research, Nielsen, Deloitte etc in order to check if any information on best or leading European massage equipment based on customer perception or feedback could be found. All these are potential sources where key industry players are discussed by various media houses and hence we decided to follow this research path. 

However, this research did not yield any fruitful results. We were able to locate a list of some massage equipment players globally with operations in Europe as well but again no criteria to rank them was available. Also, as indicated above, most of them operated in a variety of segments like beauty appliances, cooking appliances, health & wellness appliances etc.and hence no clear identification of the presence of each of them in the European massage equipment segment could be

stipulated to arrive at a top players list. 

Our third strategy was to check through credible databases. The idea behind this strategy was to check if they furnish a list of top massage equipment players in Europe or if there is any way to at least filter the key players in the market based on some parameters like number of employees, locations etc on these databases. We would have then used this broader list to narrow down and check if each of the top players have a presence in the massage equipment segment and what is there revenue share from the same.  

We scoured through company databases such as Hoovers, Crunchbase, Craft, Owler, ZoomInfo etc, some European companies specific databases such as Amadeus, ETUI's database on European Companies (SE) etc and B2B list databases such as European Lists and Euro Pages. However, we could not get relevant information from these sources. Most of the information found was either for specific companies and their revenues or behind a paywall.

Our fourth strategy was to try to triangulate the information. The idea was to try to organize the list of individual players operating in the massage equipment sector in Europe (like Casada, ARES etc) or related segments found during the research from the various media articles and blogs and then try to rank them based on their revenues from their European massage equipment segment. 

However, the major stumbling block that was encountered in this was the lack of any detailed financial filings or financial information about these players owing to their private nature. Also since almost all of them dealt in majority of other household appliance categories as well, taking overall revenues from databases such as Owler, Crunchbase etc did not make sense as a player with overall high revenues may have a smaller revenue share from 'massage equipment'. We have however listed these as part of our useful findings. Hence, no top players list could be triangulated through this approach.

Our fifth strategy was to locate alternate data points/information in order to find the missing data. As part of this strategy, we searched other ranking parameters such as Market Share, Sales Volumes, Distribution Network (Number of distributors), Customer Rating/Perception from surveys or review websites but no consistent information across the players could be garnered. The idea behind this strategy was to check if there is any possibility of ranking the top players on any alternate parameter. We also tried to look at the international/global brands such as Panasonic, OSIM International etc mentioned in one of the research reports as having a presence in the European massage equipment market. 

The idea was to check if any of the non-regional players have a major hold in the European market. We tried to go through their filings, annual reports, presentations etc to check if they have disclosed their 'Massage Equipment' segment revenue but none of the companies had such information in their filings. Only broad global revenues and revenues from key geographies like America, Europe, Asia Japan and China were available. Hence, no information regarding the top players could be garnered from this approach. We have included information on these players as part of our useful findings.

Our sixth strategy was to try to broaden the scope of the research beyond the two-year resource limit. With this approach, we hoped to look for slightly outdated but useful information apropos of any past surveys or research done around the topic which we can use as a proxy for the top European massage equipment players. The idea was to use the past list as a starting point and check if those companies still hold the leadership positions. However, no relevant past surveys or research reports could be located around the topic. 

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Massage Devices & Chairs - Key Players in Asia

After an exhaustive research, we could not determine the top five players in the massage device and chairs market in Asia based on market share. However, the top five players based on revenue are Osim International, Rongtai, Fujiiryoki, Family Inada, and Human Touch. Below is an overview of our findings.

FINDINGSOsim International has a revenue of $399.36 million.
Rongtai has a revenue of CNY2.20 billion (or $319.139 million).
Fujiiryoki has a revenue of $185.90 million. 
Family Inada has a revenue of $94.12 million.
Human Touch has a revenue of $38.95 million 
Others include Panasonic, with revenue of $385.28 billion (32% * $1,204 billion = $385.28 billion) from its global appliance business division; Titan, with a revenue of $30 million; and Osaki, with a revenue of $12.8 million.

RESEARCH STRATEGYTo address this report, we started by finding any preexisting report on the top players within the massage device and massage chair market in Asia based on their market shares. We did this by exploring market and industry reports, because these reports usually publish the top players by market share. However, we found no such report. Thus, we shifted to a triangulation approach.

To triangulate this data, we sought to obtain the size of the massage device and chairs market in Asia. With this, the ratio/share of each player's revenue to the size of the market can be obtained. However, while it is possible to synthesize a potential list of top players and their revenue figures in the requested market, this approach was not achievable. This was because in reviewing the part of this project that covered the size of the massage devices and chairs market in Asia, we found that market size was not publicly available. Hence, we chose an alternative metric to establish the top players in the requested market.

In ranking the top players, we decided to base them on their revenues, as the market share details are directly dependent on the revenue figures. This makes it (revenue) the closest metric to the market share. Also, revenue figures and estimates are usually accessible. To this end, we compiled a list of potential top players in the requested market by searching for reports from market research companies, news aggregators, and industry sources that provide or analyzed the key, top or largest players. This yielded Panasonic, Osaki, Family Inada, Human Touch, Fujiiryoki, and Titan. We also factored in Asian companies that have been identified as global key players in global reports, such as Osim International, OGAWA, Fujita Massage Chair, and Rongtai. Next, we then identified their revenue figures in order to establish their ranks.

Note that the revenue figures or annual reports of a majority of these companies were not readily available likely because they are privately-owned, as private firms are not required to do so. Therefore, we have leveraged company directories and databases like Zoominfo, Owler, and Hoovers to provide the revenue estimates, hence, they may not represent each company's revenue in Asia. However, the exception include Panasonic and Rongtai. For Panasonic, we found that it doesn't report its revenue on a sub-segment basis, as its massage chairs are a sub-segment of its appliances business division. It only reports the share of its divisions to its total revenue, reported in Chinese Yuan. Thus, we provided the dollar equivalent for Panasonic, using an online exchange tool.

Lastly, we could not provide the revenue figures for Ogawa and Fujita. For Ogawa, it was because we found two company websites in the requested market that bear the same name, Ogawa World and Ogawa Smart Healthcare Tech. Group. For Fujita, the data was not publicly available.

Sources

From Part 01

Massage Chair Market Detailed Overview, Opportunity Analysis, Recent Trends and Developments: Radiant Insights, Inc.

prnewswire.co.uk

Publication Year: 2018

Quotes

"Global Massage Chair Market is expected to grow at a significant CAGR of 15.5% by 2022, as the scope and its applications are rising enormously across the globe. "
" Europe is the second largest region with significant market share. However, Asia Pacific is estimated to grow at fastest pace with the highest CAGR in the foremost period."
"The key players of Massage Chair Market are Xiamen Comfort, OSIM, Shanghai Rongtai, Bodyfriend, Panasonic, Daito, Fujiyorki, and Family Inada. "

Europe Massage Chair Market by Manufacturers, Countries, Type and Application, Forecast to 2022 Trends, Statistics, Segment and Forecasts, Market Size, Share Analysis : Market Research Store

marketresearchstore.com

Publication Year: 2019

Quotes

"Market Segment by Manufacturers, this report covers Panasonic, Osaka, Inada, Fujiiryoki, Human Touch, OSIM, Omega, Luraco, Infinity, Ogawa, and Cozzia. "

Massage Chair Market Size & Research, 2022 | Global Industry Report

millioninsights.com

Publication Year: 2019

Top Insights on the Luxury Massage Chair Market| BusinessWire

businesswire.com

Publication Year: 2018

Quotes

"Technavio’s previous report on the global luxury massage chair market projected that the Europe region accounted for around 43% of the market share in 2015. This region is expected to grow significantly through 2020. "
"The increase in travel and tourism are the key drivers for the market growth in this region, as massage chairs are increasingly being deployed in airports and other places such as hotel lounges and lobbies where tourists can relax."

Global Luxury Massage Chair Market 2018-2022

technavio.com

Publication Year: 2019

Quotes

"Moreover, luxury massage chairs help in relaxing fatigued muscles and facilitate loosening of tense muscles. Our market research analysts estimate that the market will grow steadily at a CAGR of more than 6% by 2022."
"The report includes an analysis of a number of companies in this marketspace including – Family Inada, FUJIIRYOKI, Osaki Massage Chairs, OSIM, International, and Panasonic."

From Part 02

Global Massage Equipment Market Analysis, Trends, Market Size & Forecasts up to 2024, With an Expected CAGR of 5.9% - ResearchAndMarkets.com

marketwatch.com

Publication Year: 2018

Quotes

"Massage equipment helps in reducing muscle tension and pain that is caused mainly due to tightening of muscles caused during a rigorous workout or due to sitting at desk all day long. Massage stimulates the circulation of blood and help to bring oxygen-rich blood and nutrients to the muscles and other major organs of the body. It also helps in improving sleep and reduces stress & anxiety levels caused mainly due to work pressure in organizations."

Global Massage Equipment Market Insights, Forecast to 2025

marketresearchreportstore.com

Publication Year: 2019

Quotes

"The global Massage Equipment market is valued at 13750 million US$ in 2018 and will reach 25480 million US$ by the end of 2025, growing at a CAGR of 9.2% during 2019-2025."

Massage Equipment Market: Global Industry Analysis, Trends, Market Size and Forecasts up to 2024

researchandmarkets.com

Publication Year: 2018

Quotes

"Asia Pacific region is expected to grow at the highest CAGR owing to increase manufacturing of handheld electric massager in China. These hand-held massager are being widely adopted primarily due to features like flexibility & portability and it costs less than other massage equipment."

Global Massage Equipment Market to Witness a Pronounce Growth During 2024– Top Key players like OGAWA,Panasonic,Casada,Inc. - Honest Version

honestversion.com

Publication Year: 2019

Quotes

"The global Massage Equipment market is valued at 13750 million US$ in 2018 and will reach 25480 million US$ by the end of 2025, growing at a CAGR of 9.2% during 2019-2025. The objectives of this study are to define, segment, and project the size of the Massage Equipment market based on company, product type, end user and key regions."