25th November 2019 – The global fitness
equipment market size is expected to value at USD 13.24 billion by
2022. The market is subject to witness a substantial growth due to the
ever-growing urban population, increasing disposable income, particularly in
the developing economies across the globe, and rising health consciousness
among the general population. The fitness equipment is utilized to perform
different types of exercises in regards to the physical wellbeing of the
individual along with weight management, enhancing body stamina, and muscular
strength of the individuals. Globally, the market is predicted to grow at CAGR
of 3.6% in forecast period, providing numerous opportunities for market players
to invest in research and development of the fitness equipment market.
The fitness equipment that are
increasingly used include treadmills, standing bicycles, abs & fitness
twister, roller slide, cross trainer, and weightlifting machines. Factors
responsible for robust market growth in the fitness equipment industry, in the
recent years, include large number of obese population, rising health
consciousness among general population, and increasing popularity of fitness
equipment among younger population. Numerous initiatives undertaken by private
and government authorities to promote corporate wellness programs are predicted
to drive the growth of fitness equipment market in the upcoming years. However,
high initial cost and increase in the resale activities of used devices are
predicted to restrain market growth to a certain limit. Yet, soaring demand
from developing economies across the globe are predicted to boost the demand
for the fitness equipment over the forecast period.
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Additionally, recent improvements and
upgradation in the existing health security policies by local as well
international authorities such as The United Nations (UN) and the World Health
Organization (WHO) are expected to foster market in the near future. Increasing
adoption of fitness equipment helps to prevent and monitor chronic diseases
such as diabetes. Furthermore, increasing popularity of the fitness equipment in
the developed economies is attributed to factors such as rising healthcare
expenditure, and development of sports and nutrition programs and initiatives
in order to encourage people belong to all ages, and backgrounds, thereby
leading to active and healthy lifestyle.
This market is broadly categorized into
three major types based on type of the device such as cardiovascular training,
strength training, and body monitoring and analyzers. The strength training
fitness equipment is considered as one of the fastest growing segment in the
fitness equipment market with substantial revenue generation in the last couple
of years. Growing popularity of the strength training fitness equipment segment
kits is attributed to the growing demand form developing economies worldwide,
rising young population and growing personal disposable incomes.
Cardiovascular exercise market segment
has also witnessed substantial growth owing to the increasing adoption on
global scale coupled with rising commendation by physicians and healthcare
professionals. Other factors playing major role in the rapid growth of the
fitness equipment market, in the recent years include busy lifestyles and
changing food patterns.
The market is divided by region as North
America, Europe, Asia-Pacific, Latin America and Africa. North America has
shown major growth in recent years owing to the rise in the implementation of
latest technologies for manufacturing of the fitness equipment, growing large
obese and overweight population, rising amount of government regulations in
order to encourage and promote health awareness among the citizens, and
existence of well-established market players in the region.
Asia-Pacific region is predicted to hold
major market share in the fitness equipment market with massive growth in
forecast period. Countries such as India, China, Japan and South Korea are
leading the Asia-Pacific market with rising health consciousness among general
population, increasing personal disposable income, and significant investment
by leading industry players considering potential growth opportunities in the
region.
The key players in the fitness equipment
market are Amer Sports (Precor) Co., Brunswick Co., Cybex International
Incorporations, Johnson Health Tech Co., Ltd., Nautilus Inc., Paramount Pvt.,
Ltd., Technogym Ltd., and Torque Fitness LLC.
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