Fitness Equipment Market size was estimated at $11,902.5 Million in 2019 and is expected to reach $15,143.4 Million by 2027, growing at a CAGR of 3.5% during the forecast period of 2020 to 2027.a
The varied uses of fitness equipment allowing users to perform exercises related to physical wellbeing, weight management, stamina, and core strength. Rapid urbanization and increasing health awareness amongst the people are expected to drive the global market for the next seven years. The rising number of obese people, increasing health concerns and a bigger youth population are the key drivers of the fitness equipment market. Obesity entails long-term repercussions such as cardiovascular illnesses, gallbladder diseases, cholesterol, diabetes, heart-related, breathing issues and even sometimes cancer. Medical concerns negatively impact the mortality rate.
Because of the severity of the issue, as a precaution, people are increasingly focusing on their health and fitness, thereby pushing the product market demand in residential and commercial areas. Cardiovascular training, strength training coupled with indicators such as body monitors and analyzers has led to the use of fitness equipment at home across the world. Rampant health awareness and busy lifestyles are the key enablers for in-home use of these pieces of equipment. Widespread use of training kits is substantially rising in developing economies augmented by a rising youth population and more disposable income in hands.
On a commercial, health clubs and gyms drive the product market even further. These ventures account for the major portion of the market for fitness equipment. Though such share is expected to fall with the onset of COIVD-19. Coronavirus has made consumers homebound and social distancing protocols discourage going to gyms for a long time. Hence, a shift may be seen from commercial to non-commercial market share.
However, lack of space at home, higher cost of equipment and lack of maintenance skill are major restrictions for the growth attributable to homebound use as well. Another threat is the large-scale resale of second-hand devices. To counteract, governmental initiative to maintain mortality rate and corporate wellness pose as opportunities. Hence, the worldwide sale count is expected to exceed 14 million units in the next five years.
Fitness Equipment Market Growth and Trends
The major reason for the fitness equipment market growth is the expanding number of gyms and fitness clubs. An inactive lifestyle, or no opportunity for physical exercises, and excessive consumption of junk food accounts for obesity around the globe. Rising obesity and other related health issues have increased the need for fitness equipment in the market
An increase in the number of gyms and wellness specialist organizations offering various discounts and offers for weight reduction and related programs have expanded the customer base. Each one of these components is making a positive effect on the development of the fitness equipment market growth.
People all over the globe are mindful of different diseases that could be caused by an inactive way of life. New outlets and chains of wellness clubs, fitness centers, and spas are emerging very swiftly across the globe. This is increasing the enrolment memberships, which would accelerate the fitness equipment market growth. Another major factor contributing to the increase in the market growth of fitness equipment is the rising occurrence of diseases which has led to an increase in the focus on the importance of fitness. Increasing episodes of cardiovascular illnesses, diabetes, and osteoarthritis is a significant concern everywhere in the world. Thus, there has been an increase in the number of people who are engaging themselves with physical exercises either by joining a gym or working out at home which has intern increased the market demand for fitness equipment.
The major hindrances to the market growth of fitness equipment are the overall high cost of maintenance and the presence of other forms of exercise like yoga and aerobics that involve no equipment cost.
Fitness Equipment Market Regional Analysis
Europe is the world largest fitness equipment market. The second largest is North America, which accounts for the significant proportion of the fitness equipment market as it has the highest number of gyms in the world. The Asia Pacific region is considered the third largest market globally due to the growing population of young people in the Asian countries, eradicating poverty, and increasing awareness in the country, leading to the exponential extension of the fitness equipment market. China contributes the most in the Asia Pacific region as it exports 90% of the global sale in fitness. . Cardiovascular training equipment holds a great proportion in the European market.
We have data estimates and trend analysis for below-listed countries
Fitness Equipment Market in:
|United Kingdom||Philippines||Bahrain||South Korea|
|United Arab Emirates||Georgia||Sri Lanka||China|
Fitness Equipment Market Segmentation
By Sales Channel
Europe Fitness Equipment Market Companies
• Johnson Health Tech Co.
• Technogym SpA.
• Precor, Inc.
• BRUNSWICK CORPORATION
• Amer Sports
• Core Health & Fitness LLC
• Fitness EM LLC
• HOIST Fitness Systems
• Icon Health and Fitness
• Torque Fitness
• True Fitness
• Cybex International
• Fitness World
• TRUE Fitness
• Vectra Fitness
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