Fitness Equipment Market: Overview
The market size for fitness equipment was USD 10392.4 million in 2021, and it is projected to grow at a CAGR of 11.4 percent during the forecast period. The factors driving the global fitness equipment market are escalating urbanization, increasing population prevalence of obesity and chronic diseases due to unhealthy lifestyles, growing corporate wellness programs, and cross-industry demand. Additionally, the increasing awareness about the consequences of growing obesity and the rising geriatric population, coupled with the increasing demand for minimally-invasive and non-invasive surgeries, also enhance the market's overall growth. On the other hand, the high setup or installation cost of devices or equipment and growing demand for the resale of old fitness equipment for saving costs are anticipated to hinder the market's growth within the forecast period.
The factor that drives the global fitness equipment market is the increase in obesity rates in the country, resulting in diabetes. According to the National Institutes of Health, it is anticipated that 34.2 million people have diabetes in the US, of which 34.2 million people of all ages have been diagnosed with diabetes, and 7.3 million people are still undiagnosed. Furthermore, the growing number of people involved in physical activities, including biking, jogging, swimming, and others, has assisted surge the demand as it assists in building stamina in the comfort of their homes, for instance, as per Global Wellness Institute. Org data, in 2018, North America's number of people involved in physical activities was 57.8 percent, and in Europe was 46.6 percent.
Furthermore, rising government initiatives related to health awareness also propel the market's growth. These initiatives aim to encourage and protect health by leading at the individual, national, and global levels in decreasing disease and death rates affiliated with unhealthy diets and physical inactivity, improving consumers' interest in fitness activities. Moreover, numerous fitness studios have started live-streaming classes via Zoom. Various meditation and workout videos are free on YouTube and other applications. Such factors are eliminating the requirement for fitness instructors and personal trainers. The investments in at-home fitness equipment are growing as people wish to pursue their old training and gym workout regimes at home.
Fitness Equipment Market: COVID-19 Impact
The eruption of the COVD-19 pandemic has resulted in a spike in the number of people working out from their homes to avoid getting infected, which, in turn, would have a beneficial influence on the market growth. For instance, the data released by Business Wire in May 2020 proclaimed that fitness equipment sales observed a 170 percent growth driven by the COVID-19 pandemic. In addition, the pandemic has also propelled non-fitness enthusiasts to give more importance to maintaining their health and fitness, thus assisting in generating traction.
Fitness Equipment Market: Drivers
Rising Health Complications to Drive Global Fitness Equipment Market
The growing number of people with obesity surges the requirement for the product as it acts as a critical tool in minimizing their weight at their own pace. For instance, according to the data published by the State of Child Obesity.Org, in September 2020, in the United States, adult obesity rates now exceed 35% in 12 states, 25% in 48 states, and 30% in 35 states. In addition, the growing awareness of the lack of physical activity has led to numerous health issues, including heart disease, diabetes, cancer, and others, which, in turn, has assisted in upsurging their demand. For instance, the data provided by the Center for Disease Control and Prevention in September 2019 states that the lack of physical activity contributes to heart disease, numerous cancers, and type 2 diabetes. Besides, not enough physical activity is also related to USD 117 billion in healthcare costs yearly.
Growing Inclination towards Digital Technology Drive Global Fitness Equipment Market
The growing popularity of utilizing fitness applications in smart devices for increasing and continuing personal fitness routines has played a significant role in the market growth. For instance, the World Economic Forum data released in September 2020 reveal that fitness apps witnessed a rise of 50 percent in utilization in the first half of 2020. Moreover, the growing popularity of taking online fitness sessions has resulted in fostering the requirement for the product. For instance, in October 2019, Nautilus Inc. unveiled a digital platform, JRNY, that incorporates AI to provide tailored workouts that modify automatically with the utilizer. With the launch, the company aims to provide enhanced solutions to its customers.
Similarly, Matrix Fitness provides a training console with a conducted strength training experience. The intelligent training console is accessible on the premium ultra-series from Matrix. The company aims to provide an increasingly digitally connected, intuitive, and personalized strength training solution with the launch. Growing competition amongst market players will improve the industry's competitiveness.
Fitness Equipment Market: Restraints
High Cost of Product to Hamper Global Fitness Equipment Market Growth
Some fitness equipment available at a high cost, mainly for middle and low-income earners of evolving and underdeveloped countries, is restraining the market growth. For instance, as per the Fitness Superstore, the price of the Life Fitness F1 Smart Folding Treadmill is worth USD 3,499. Moreover, the growing establishment of commercial gymnasiums around the globe led to reducing expenses made on the home fitness equipment. It has a negative impression on market growth. For instance, according to the International Health, Racquet &Sportsclub Association, in 2018, the United States had over 39,570 gyms with more than 6 billion visits.
Fitness Equipment Market: Segment Overview
Cardiovascular Segment to Dominate Market due to its Ability to Assist in Toughen Heart and Muscle.
The cardiovascular training equipment segment is projected to be the larger market shareholder due to its capability to assist toughen the heart and muscles while enhancing the health of people suffering from heart disease, diabetes, and high blood pressure. The strength training equipment segment also possesses a strong market presence because more consumers are influenced by the product's ability to gain muscle mass and supply stronger bones, flexible joints, and others. Companies are launching new devices to navigate and track workouts in their cardio portfolio. For instance, in July 2021, Life Fitness, a subsidiary of Brunswick Corporation, introduced the new Integrity SL connected LED console for the Integrity Series cardio portfolio. The software incorporates a sleek, modern display with intuitive navigation to connect and follow workouts.
Fitness Clubs and Gyms Dominant Market due to Increasing Enrolment of Individual
Individuals are increasingly enrolling in fitness clubs and gyms to remain active and healthy. Several companies are launching fitness equipment for fitness clubs and gyms to stay competitive. For instance, in March 2019, Salman Khan and Jerai Fitness Pvt Ltd introduced a fitness equipment brand called 'Being Strong.' The brand will be supplying fitness equipment to a large number of countries. Being Strong will have an exceptional reach and penetrate through the nation's roots to generate fitness awareness and propagate to the masses the importance of Being fit and healthy.
Fitness Equipment Market: Regional Landscape
North America to Dominate Market due to Increasing Establishment of Home gymnasiums
North America is dominating in terms of the home fitness equipment market share due growing establishment of a home gymnasium as it is evaluating the high consumption rate. For instance, the data published by USA Today in November 2018 mentions that homes worth 1 million and above have experienced a rise of 400,702 in 2018. Moreover, domestic brands of this region, including Precor Incorporated, Life Fitness, Cybex International, and others possessing a huge range of attractive product offerings, would assist in surging the demand of the global fitness equipment market in this region.
The Asia Pacific market is expected to experience fast revenue growth throughout the forecast period owing to the rising number of dual-income households resulting in the spiking spending on home fitness equipment, acting as a driving factor for the market growth. For instance, the data published by the Korean Times in June 2020 states that in 2019, about half of all married couples in South Korea were expected to have dual incomes. In addition, the government of this region is taking certain steps to encourage health and physical education in schools which have assisted in generating traction. For instance, according to the data published by the Press Information Bureau Government of India, December 2019 proclaims that health and physical education is compulsory for grade-1 to grade-10 in India.
Global Fitness Equipment Market: Competitive Landscape
In November 2021, Nautilus launched its connected Bowflex Max Trainer M9 machine and Bowflex T22 treadmill with an increased JRNY digital fitness platform, providing accurate workouts and entertainment options that stream while being coached. Moreover, in February 2021, TechnogymS.p.AintroducedMyRun, a home treadmill with on-demand training experiences designed to provide customized walking or running programs suitable for utilizers of all levels, from beginners to sports enthusiasts. Furthermore, in August 2021, Johnson Health Tech (JHT) declared its acquisition of Matrix Fitness South Africa, a distributor for JHT before the acquisition, becoming the first fitness equipment company to have a wholly-owned subsidiary in Africa. Additionally, In 2021, Peloton, the leading interactive fitness platform, announced that it had officially closed the acquisition of Precor, one of the largest global commercial fitness equipment suppliers with a significant US manufacturing presence.
Few of the players in the Fitness Equipment Market include Core Health & Fitness, LLC, Seca, ICON Health & Fitness, Nautilus, Inc., Impulse (Qingdao) Health Technology Co., Ltd.., Tanita Corporation of America, Inc., TECHNOGYM S.p.A, Omron Healthcare, Inc., Cybex International, Inc., Life Fitness, Precor Incorporated, Schnell Trainigsgerate GmbH, Johnson Health Tech, TRUEAmer Sports, GENERAL ELECTRIC, HOIST Fitness Systems, JERAI FITNESS PVT LTD., Kettler, Torque Fitness, Tunturi New Fitness, COSMED Srl, and Brunswick Corporation, among others.
Global Fitness Equipment Market is Segmented as Below:
By End User
Key Elements Included In The Study: Global Fitness Equipment Market
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