Fitness Equipment Market
The Global Fitness Equipment Market size was valued at USD 11.44 billion in 2019 and is predicted to reach USD 16.56 billion by 2030, with a CAGR of 3.3% from 2020-2030.
Fitness equipment is any device or gadgetry used during physical exercise to enhance the effects of that particular exercise. The combination of exercise and fitness equipment help in boosting immunity, improve muscle and bone strength and manage BMI. Globally, more than 1 billion adults are overweight or obese. Additionally 38 million children in 2019, as young as 5 years old, were found to be overweight or obese. Worsening obesity problems worldwide, as well as, growing ideal shift among the population are prime factors that have fostered the growth of the fitness equipment market.
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Top Companies: Torque Fitness LLC, Cybex International Inc., Icon Health and Fitness, True Fitness Technology Inc., Life Fitness, Nautilus Inc., Matrix Fitness, Amer Sports Corporation, Johnson Health Tech and others.
The Fitness Equipment Market is segmented on the basis of product type, end user and geography. Based on product type, the market has been sub segmented into cardio equipment and strength equipment. Cardio equipment has been further categorized into treadmills, stationary bicycle, rowing machine and others Strength building equipment has also been sub segmented into Weights, Extension Machines, Power Racks, Barbells and Ladders etc. Based on end user, the market has been segmented into household consumer such as apartments and independent homes, Gyms/Health Clubs and other commercial users like corporate offices, hotels and medical centers. In terms of geographical analysis and breakdown the market is segmented into North America, Asia Pacific, Europe and rest of the world.
Recent analysis indicate that North America is leading in the global fitness equipment market but is expected to be surpassed by the Asia Pacific region with the fastest growing CAGR during the forecast period. The competitive nature of the global fitness equipment market allows big players like Cybex International Inc., ICON Health and Fitness, Johnson Health tech Co., Torque Fitness LLC and others to exercise various innovative developmental activities to generate maximum growth and extract more revenue even within the narrow profit lines.
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Strategic alliances between manufacturers and corporate organizations is a commonly adopted strategy used to maintain market dominance. The possession of commonly used fitness equipment and strength building equipment is expected to increase due to the recent inclination of people towards fitness and healthy lifestyles set in due to the pandemic. Schemes from organizations like WHO that promote healthy life have escalated the demand for fitness equipment. In the Asia Pacific region, the rise of disposal income among the population has led to unhealthy way of lifestyle. Rising cases of diseases such as diabetes, obesity etc have also propelled the growth of the fitness equipment market in this region.
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