Reliable Data You Can Trust
Reliable Data You Can Trust
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.
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 is 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 centres 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.
The report on 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.
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., HAMMER SPORT AG, Torque Fitness Llc, Impulse
(Qingdao) Health Tech Co., Ltd, and Peloton Interactive Inc.
The report provides deep insights
into 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 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 insight into the market share of the leading players.