Market Trends of Recreational Oxygen Equipment Industry
Oxygen Bar Segment is Expected to Show a Significant Growth Over the Forecast Period.
Oxygen Bar is an establishment where customers pay to inhale pure oxygen to combat the effects of air pollution, boost performance, and promote relaxation. The increasing deterioration of air quality encourages a preference for oxygen bars. For instance, according to the Air Quality and Pollution city ranking, as of May 2023, out of the top 40 most polluted cities in the world, 20 are from Asia-Pacific. Apart from that, high levels of air pollution are recorded in China, Japan, and India. This creates an opportunity for oxygen bars, which is expected to drive market growth.
The favorable government support is also propelling the growth of the market segment. For instance, in March 2023, the China Meteorological Service Association and the local government sponsored the "China Natural Oxygen Bar" homestay promotion plan to build natural oxygen bars and is supported by the "Special Fund for the Realisation of Climate Ecological Value". The activity aims to upgrade the business format of oxygen bar homestays, empower rural revitalization, and promote high-quality development of the green economy.
Thus, factors such as increasing deterioration of air quality encourage, and strategic development is expected to boost the segment growth over the forecast period.
North America is likely to Show a Significant Market Growth Over the Forecast Period
North America holds a significant share of the recreational oxygen equipment market due to the increasing air pollution and advanced research and development (R&D) facilities leading to the development of technologically advanced devices. For instance, according to the State of the Air 2022 report, more than 40% of Americans, over 137 million Americans, live in places with failing grades for unhealthy levels of particle pollution or ozone. Furthermore, 2.1 million more people were breathing unhealthy air in 2022 compared to 2021. Nearly 9 million more people in the year 2022 were impacted by daily spikes in deadly particle pollution than in 2021. Hence, the increased air pollution is expected to increase the need for recreational oxygen, further augmenting the market growth during the forecast period.
Furthermore, increased sports activity and participation are expected to drive the market growth. For instance, according to the Sports & Fitness Industry Association report published in 2023, in the United States, more than 76% of all Americans, or 236.9 million people, participated in at least one sports activity during the year 2022. Further, the United States saw a 1.9% increase in total sports participation rates in 2021. Thus, with increased sports activity, the demand for recreational oxygen increases, driving market growth.
Therefore, due to factors such as increasing air pollution and increased sports participation, North America is predicted to grow over the forecast period.
