Sedentary lifestyles have created a greater need in society for physical activities leading to spontaneous growth in fitness equipment market. Fitness equipment industry is witnessing a spur due to technological advancements such as digital connectivity, monitoring the heath related data such as steps taken, calories burned, sleep duration, etc. Moreover, rising awareness regarding health & fitness, maintaining cardiovascular functioning, improving physical stamina and flexibility will further propel the fitness equipment market trends. According to Global Market Insights, Inc., “ Fitness Equipment Market size worth USD 10 billion in 2015, is estimated to grow at a CAGR of 3.8% over the period of 2016-2023.” Increasing consciousness among the youths worldwide to be fit and maintain the aesthetic appearance is likely to boost the industry revenue.
Taking into consideration the products trends, fitness equipment market is segmented into body analyzers, cardiovascular training equipment, strength training equipment, and activity monitors. Among these cardiovascular holds majority of the market share by accounting for over 57% of global fitness equipment market, owing to its health benefits such as heart rate conditioning, body toning, metabolism improvement, and fat burning. Strength training equipment market is growing substantially, owing to its use in improving strength through muscular workouts and anaerobic endurability. Moreover, increasing health programs, motivational, and promotional activities conducted by health clubs will surge fitness equipment industry share over the coming years. Interesting developments regarding healthy lifestyles in emerging economies will be one of the lucrative growth aspects in fitness equipment industry.
MEA Fitness Equipment Market size, by product, 2012-2023 (USD Million)
Asia Pacific fitness equipment market will achieve significant escalation in the coming timeframe. The growth can be primarily attributed to changing lifestyles, growing obesity, and increasing health awareness across the region. Growing urbanization in China, Japan, South Korea, and Australia is set to significantly catalyze the regional industry share.
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The most lucrative application contributing significantly towards the global fitness equipment market is the Gym/Health Clubs which include treadmills, benches, racks, functional training machines, etc. Health clubs accounted for over 50% of the overall fitness equipment industry share in 2015, and is projected to witness a CAGR of 3.3% over the period of 2016-2023. Furthermore, considerable adoption of these equipment in offices, hotels, homes, etc. to change the inactive lifestyles by undertaking health and wellness programs will further stimulate the fitness equipment industry. Home fitness equipment market is anticipated to grow at a rate of 4.7% over coming six years.
North America is set to witness a rising number of gyms and health clubs along with increasing application of strength training and cardio systems, which will stimulate the regional share. US fitness equipment market accounted for over USD 4.5 billion in 2015, and is likely to lead the regional growth.
The global fitness equipment industry will be highly competitive with market players investing in wearable technologies for additional value coupled with attracting customers with discount schemes and annual subscription. The key players include Technogym, Icon Health & Fitness, Nautilus, Johnson Health Tech, Amer Sports, and Brunswick Corporation.
Author Name : Ojaswita Kutepatil