Fitness Equipment Market Overview:
- Fitness equipment is aworkout machine or devicerequired to control overall weight, develop physical endurance, and build muscle strength.Treadmills, stationary bicycles, elliptical machines, rowing machines, strength training equipment, and weightlifting equipment are widely used fitness equipment.
- Growing inclination for a healthy and fit lifestyle is the primary factor driving fitness equipment market globally.
- This has also led to an increase in the number of fitness centers and health clubs, gyms across the globe, further propelling the growth of the market.Asurge in government initiatives in several countries, designed to promote a healthy lifestyle, is playing a key role in driving the market.
- The global fitness equipment market can be segmented into type, end user, and region;
- Fitness equipment can further be divided according to cardiovascular training equipment, strength training equipment, and other equipment.
- By enduseinto Home Consumer, Health Club/Gym and Other Commercial User.
- Fitness Equipment Market size is valued at USD 12 billion in 2019 and shall grow @ 3-4% CAGR between 2020 and 2025.
- Cardiovascular training equipment segment had the highest market share in 2019 and is expected to retain its dominance throughout the forecast period.
Fitness Equipment Market Outlook:
- Fitness equipment market size valued at ~ 12 billion USD in 2019
- Of the market revenue share, Cardiovascular equipment accounted for a little over 55% and strength fitness equipment ~ 38%.
- North America has the largest share in the fitness equipment market and is expected to retain its dominance in the coming five years.
- The home consumer segment accounted for about 30% share of the fitness equipment market in 2019.
- Health clubs and gym segment is poised to grow at 4-5% CAGR in the next 5 years.
- Due to raising awareness about health and well-being among consumers, the overall fitness equipment market is anticipated to grow at 3-4% CAGR between 2020 to 2025.
- Asia-Pacific is anticipated to grow with a robust CAGR of 6-7% in the coming years, largelydue to the increase in the number of patients expected getting affected by cardiovascular diseases.
Fitness Equipment Market Growth Drivers and Trends:
Most primary factors driving the global fitness equipment market are;
- Growth in sedentary lifestyle and fast life
- Raising awareness about health and well-being among consumers
- Growth in the prevalence of cardiovascular diseases also provides an impetus to the demand in the market
- Increase in health concerns like cholesterol, diabetes, and heart-related problems
- Increase in the number of fitness service providers and centers
The fitness equipment market size from home users is expected to increase as it enables end users to choose cost-effective equipment that suits individual health demands. The surge in the awareness regarding lifestyle-led diseases is compelling the people to adopt some methods of physical workout which is expected to push ahead of the boundaries of growth in the market.
The rise in obesity rates mainly in urban population across the globe has resulted in increased health and fitness awareness among consumers.
Growing government initiative programs related to health awareness is another factor driving the growth of the market.
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Challenges disrupting the market:
Though the global fitness equipment market has numerous growth drivers, there are certain constraints hindering the market growth;
- High cost of fitness equipment hampers the overall growth of the market.
- Owing to the size of the equipment, certain fitness machines are suitable for gym rather than for personal use thus decreasing the demand for individual use.
- Space limitations and higher cost of equipment restrain the market growth.
Moreover, the augmented demand for used fitness equipment among consumers could also constrain market growth and detain the demand for new products.
Fitness Equipment Market Players Perspective:
- Some of the key players operating in the fitness equipment market profiled in this Avalon Global Research report are Amer Sports Corporation, BFT Fitness, Brunswick Corporation, Core Health and Fitness LLC, Exigo, GZ Fitness Equipment Co., LTD., HOIST Fitness Systems, Inc., ICON Health & Fitness, Inc., Impulse (Qingdao) Health Tech Co., Ltd, Johnson Health Tech Co. Ltd., Nautilus, Inc., Precor, RUE Fitness Technology, Inc., Rogue Fitness, TRU Fitness Technology Inc., Technogym S.p.A, Torque Fitness LLC, etc,
- The global fitness equipment industry is concentrated with fewer, larger players in the market. Kay players are concentrating on expanding their geographical presence in order to cater to the interests of the consumers.
- Large market players focusing to strengthen their market presence by ways of opening new chains and outlets for fitness spas and clubs.
- In the recent past, many leading players opted for product launch or partnership strategies to strengthen their position in the market;
- Life Fitness – one of the key players, is offering F3 folding treadmill exclusively to home consumers with wireless telemetry heart rate monitoring and convenience of minimal storage space.
- Fitness equipment is broadly adopted amongst health club/gym, however, leading manufacturers in order to meet the demand from residential users, are heavily investing, promoting and advertising in fitness equipment for homes.
Fitness Equipment Market Research Scope:
- The base year of the study is 2019, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, considering the market shares of the leading companies. These provide the key market participants with the necessary business intelligence and help them understand the future of the fitness equipment market.
- The assessment includes the forecast, an overview of the competitive structure, market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been evaluated to gauge their impact over the forecast period.
- The report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include opportunity areas for fitness equipment market
Author – S. Ashok
Associate Director – Operations
Connect to the author of the report at email@example.com or contact us at https://www.avalonglobalresearch.com/contact-us