San Francisco, 13 August 2020: Fitness Equipment Market Analysis By Device (Cardiovascular Training, Strength Training), By End-Use (Home, Health Clubs) And Segment Forecasts To 2022
The global fitness equipment market is anticipated to reach USD 13.24 billion by 2022. Key factors that are expected to fuel growth include urbanization leading to changing lifestyles, growing awareness of health & wellness and drastic increase of obese population.
The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.
Emerging economies have been observing growing trend for healthcare programs across all segments. In addition, governments in these countries are persistently attempting to conceptualize and establish effective healthcare plans. The introduction of new fitness regimes and healthcare programs across various corporates to encourage employees is expected to trigger growth. Fitness equipment market is projected to grow at a CAGR of 3.6% from 2015 to 2022.
On the basis of equipment type, the industry is segmented into strength training, cardiovascular and devices such as trackers & monitors. Commonly used equipment across all age groups to maintain fitness and manage weight include stationary bicycles, treadmills, weightlifting machines and stair climbers.
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Demand for cardiovascular training devices is comparatively greater than strength training devices on account of dual benefit of well-being and disease prevention. Cardiovascular training devices are estimated to strengthen their hold on the industry in the next seven years and grow at a CAGR exceeding 3.0% from 2015 to 2022 owing to its increased adoption. Cardiovascular training devices such as treadmills, stair machines, and rowing machines stair machines. They are extensively used to keep Body Mass Index (BMI) within limits and maintain body fitness.
Health clubs and gyms accounted for nearly 45.0% of total market share and dominated the market in 2014 as they form an essential prerequisite for health clubs. However, home users buy different equipment for their use. Purchase of these devices by commercial firms such as hospitals, hotels, and corporate offices to enhance customer experience is also expected to drive growth in the market.
Asia Pacific is a lucrative market with a high requirement for advanced and sophisticated fitness equipment. It is projected to grow at a CAGR of over 7.0% from 2015 to 2022. Outsizing youth population coupled with increasing disposable incomes in emerging economies is anticipated to propel growth.
North America is expected to be a major market for this industry owing to rising overweight population. North America acquired nearly 45.0% of the total industry share in 2014 and is expected to continue the trend over the forecast period at a CAGR of over 2.0%.
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Firms in this business are very competitive and strategize by introducing updated version of existing products or launching newer and improved equipment. Key strategies being adopted by the companies include product innovations and exclusivity owing to technological enhancements. Market players engage in forming alliances to gain market share and dominate the industry. It includes Cybex International Inc., Brunswick, Johnson Health Tech., Paramount, Precor and Nautilus Inc.
Grand View Research has segmented the global fitness equipment market on the basis of device, end-use:
Fitness Equipment Device Outlook (Revenue, USD Million, 2012 - 2022)
Fitness Equipment End-Use Outlook (Revenue, USD Million, 2012 - 2022)
Commonly used devices include treadmills, stationary bicycles, stair climbers, and weightlifting machines. The high number of obese population, increasing health concerns, and increasing youth population are the major factors that drive the global fitness equipment industry.
Initiatives such as corporate wellness programs also contribute to industry growth. Large-scale resale of used devices limits industry growth. However, increasing demand from developing countries would ensure overall market growth.
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