The Fitness Equipment Market will reach a value of nearly USD 15.2 billion in 2026 and grow at a robust CAGR of 3.5% during the assessment period 2020-2027
According to a new report published by Allied Market Research, titled “fitness equipment market By Type and End User: Global Opportunity Analysis and Industry Forecast, 2020-2027”, the global fitness equipment market size was $11.5 billion in 2019 and is projected to reach $15.2 billion by 2026, registering a CAGR of 3.5% from 2020 to 2027
Mid-priced cardiovascular fitness equipment with smarter workout tracking and entertainment features is expected to attract more customers in developing countries such as India and China due to price sensitivity. However, developed markets are expected to be boosted by high-end equipment with advanced and sophisticated user engagement and monitoring functionality.
Some of the major players in the fitness equipment market analysis include ICON Health & Fitness, Inc., Brunswick Corporation, Johnson Health Tech Co., Ltd., Technogym SpA, Amer Sports Corporation, Nautilus, Inc., Core Health and Fitness, LLC. , TRUE Fitness Technology, Inc., Impulse (Qingdao) Health Tech Co., Ltd. and Torque Fitness, LLC.
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Fitness equipment is widely used for physical fitness, weight management, and improving body endurance and muscle strength. Commonly used fitness equipment includes treadmills, stationary bikes, stair climbers, and weight lifting machines. Rising health and fitness awareness, rising obese population, government initiatives to promote healthy lifestyle, and increasing youth population are the major factors driving the growth of the market world of fitness equipment. However, counterfeit fitness equipment is a key market restraining factor. On the contrary, the resurgence of the young population, the improvement of the lifestyle and the increase in the disposable income of individuals in developing countries are expected to offer immense opportunities to market players.
An alarming rise in global obesity, especially in urban areas, complements the growth of the fitness equipment market. According to the WHO, there has been a surprising increase in the number of obese people around the world. In 2016, 39% of adults aged 18 and over worldwide were overweight and 13% were obese. Obesity is associated with a number of health problems or disorders such as sudden cardiac arrest, hypertension, hypotension, and diabetes. Therefore, to lose weight, reduce stress and improve blood circulation, obese people tend to use more fitness equipment, thus increasing the sales of these products.
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The global fitness equipment market is segmented into type, end-user, and region. Based on type, the fitness equipment market is categorized into cardiovascular training equipment, strength training equipment, and other equipment. The cardiovascular exercise equipment segment is sub-segmented into treadmill, elliptical trainer, stationary bike, rowing machine and others. By end-user, the market is divided into home consumers, health clubs/gyms, and other commercial users. The home consumer segment is further fragmented into houses, apartments, and apartment gyms, while other commercial users are further subdivided into hotels, offices, hospitals, and medical centers, and public institutions.
KEY FINDINGS OF THE STUDY
North America dominates in terms of fitness equipment market share and is expected to maintain its dominance during the forecast period.
In 2018, on the basis of type, the cardiovascular exercise equipment segment leads in terms of market share and is expected to gain market share in the coming years
The home consumer segment accounted for about one-third of the fitness equipment market in 2018, but the health club/gym segment is poised to grow at the highest CAGR during the forecast period.
The health club/gym segment is expected to gain market share in the coming years and is expected to grow at a CAGR of 4.1% during the forecast period.
Based on the region, Asia-Pacific is expected to grow with a robust CAGR of 6.6% over the forecast period.
Companies can leverage their business in a highly competitive market by launching new products or updated versions of existing products. Partnership/collaboration agreement with key stakeholders should be a key strategy to maintain in the market. In the recent past, many prominent players have opted for product launch or partnership strategies to boost their presence in the market. To understand the key market trends, the strategies of key players are analyzed in the report.
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