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Fitness Equipment Market (Type - Cardiovascular Training Equipment, Strength Training Equipment, and Other Equipment; End User - Home Consumer, Health Clubs/gyms, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

  • Published : July, 2022

  • Rep Id : CGP0038

  • Category : Consumer Goods and Packaging

  • Status : Published

A recent report published by Infinium Global Research on the fitness equipment market provides in-depth analysis of segments and sub-segments in the global as well as regional fitness equipment market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional fitness equipment market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global fitness equipment market. According to the report, the global fitness equipment market is projected to grow at a CAGR of more than 5% over the forecast period of 2022-2028.

 

Market Insight

The revenue generated by the market was nearly USD 12 billion in 2022 and is expected to reach about USD 16 billion in 2028 and is expected to grow with a CAGR of more than 5% over the forecast period 2022-2028. Fitness equipment is that type of equipment that is used for physical workouts to manage overall weight, increase physical stamina, and develop muscular strength. All the equipment and monitoring tools needed for a variety of physical workouts are included in the fitness equipment. The most commonly used cardiovascular equipment are treadmills, ellipticals, and stationary bikes. They stimulate the heart rate, which helps in burning excess body fat and maintaining overall health and fitness. Strength training equipment is used to gain muscular strength and improve one’s appearance and personality. They comprise free weights and other strength machines. Utilizing fitness equipment enables a person to carry out aerobic and anaerobic exercises, both of which are essential for enhancing overall fitness.

 

The common life of people has been interrupted by COVID-19; over the past few months, practically every person and organization has had their daily routine significantly changed. The fitness sector has been one of the areas most affected by the full implementation of physical limitations and stay-at-home orders across the country. The demand for fitness equipment slipped in the market as gyms and fitness clubs were kept closed in order to prevent the spread of the COVID-19 virus. According to IHRSA, 17% of fitness clubs around the world were permanently closed; the revenue of the fitness industry fell by 58% as compared to 2019 sales; and 44% of the people working in the fitness industry lost their jobs by the end of 2020. As the gyms and fitness clubs have reopened, people are returning and the demand is again recovering in the market.

 

The global fitness equipment market is showing a positive trend of development around the globe. There are many factors which are indicating a positive outlook on the market for the medium and long term. Factors such as rising urbanization in developing countries; an increasingly obese population; an increasing white-collar job/official job reducing time for physical activities; growing health awareness among the working population; working women; and housewives are driving the fitness equipment market globally. As urbanization and white-collar jobs are increasing in developing countries due to the major focus on the service sector by the governments, the demand for health clubs, gyms, and physical activity centers will grow. The demand for fitness equipment is expected to grow automatically. According to research by IHRSA in 2019, there were 183 million health club memberships in the world, which is expected to reach 230 million by 2030. However, the high cost of fitness equipment, lack of post-sale service for fitness equipment, and unavailability of good trainers are key restraining factors for the market. Furthermore, the growing number of obsessed people in developing countries offers growth opportunities. 

 

On the basis of region, the global fitness equipment market is segmented into North America, Europe, Asia, and the Rest of the World (RoW). North America is the leading market in the global fitness equipment market. The rising obesity problem among all age groups, increasing health consciousness, and an increasing number of health clubs and memberships are the major reasons for the growth of the fitness equipment market in this region. According to research by IHRSA, more than 73.6 million consumers in the US visited health clubs in 2019 and there were more than 32,270 health clubs in the US alone as of July 2021. As per IHRSA, the revenue of the US health industry was USD 29.2 billion in 2020. The Asia region is expected to grow at the highest CAGR during the forecast period due to increasing health awareness among youth and adults, increasing disposable income among men and women, reducing time for physical activities, and societal effects that would drive the market in this region. 

 

Segment Covered

The report on the global fitness equipment market covers segments such as type, and end user. On the basis of type, the sub-markets include cardiovascular training equipment, strength training equipment, and other equipment. On the basis of end user, the sub-markets include home consumer, health clubs/gyms, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Johnson Health Tech Co. Ltd., Technogym S.p.a, Amer Sports Corporation, Nautilus, Inc., Core Health and Fitness Llc, True Fitness Technology, Inc., Impulse (qingdao) Health Tech Co. Ltd., Torque Fitness LLC, Impulse (Qingdao) Health Tech Co., Ltd, and Peloton Interactive Inc.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the fitness equipment market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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