Fitness Equipment Market Size By Equipment (Cardiovascular, Strength Training), By End-Use (Home, Health Clubs, Office, Hotel), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, France, Spain, China, India, Japan, South Korea, Australia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2017 - 2024
Published Date: August 2017 | 132 Pages | Report ID: GMI443 | Report Format: PDF
Fitness Equipment Market size was estimated at over USD 10 billion in 2016 and a CAGR of over 3% is forecast from 2017 to 2024.
India Fitness Equipment Market Size, By End-Use, 2012-2024 (USD Million)
Rising instances of obesity and chronic heart diseases from leading a sedentary lifestyle is causing governments across the globe to introduce initiatives and health awareness programs, which is anticipated to drive the fitness equipment market growth. In 2016, Ireland launched a ten-year National Physical Activity Plan to increase the number of people engaging in regular exercise by promoting healthy lifestyles. Rapid urbanization and industrialization has led to an increase in pollution rates, work hours, and unhealthy eating habits resulting in increased susceptibility to stress and other health issues. This has increased gym membership amongst the urban, working population.
Furthermore, there is an increase in health awareness among the global geriatric population, predominately in the Asia Pacific and Europe regions, causing the baby boomer generation to enroll in specialized gyms and health clubs. The natural aging process can lead to a decrease in agility, muscle mass deterioration, and, consequently, an increase in medical expenditure.
Technological advancements such as wearable technologies and connected devices have fueled the fitness equipment market demand. Smartphone apps and wearable technologies such as fitness monitors can track the consumer’s performance, vitals, and provide personalized training. For instance, Cybex stationary bikes have a console that provides a scenic map view through Google Maps and allows the user to choose between 15 routes for a realistic, immersive feel. An increasing number of gyms are also providing personal device compatibility to increase the convenience and functionality of the fitness equipment. Users can avail internet connectivity through Wi-Fi and mobile data while using the treadmill or elliptical machine for surfing, music and video streaming, and others.
High cost of manufacturing and maintenance is a major factor challenging the fitness equipment market growth. Consumers are more inclined to use public equipment at small membership costs as compared to owning machines. Moreover, demand for used fitness equipment market is growing as the products are highly durable and can withstand long-term usage, restraining the new demand. Additionally, consumers are also moving away from traditional techniques to exercise-based training such as aerobics, swimming, and yoga.
Fitness Equipment Market, By Equipment
Cardiovascular equipment market demand is anticipated to dominate the global fitness equipment market revenue with a share of over 50% in 2024 owing to the high adoption by commercial and consumer users of various age groups. Emphasis on weight reduction and body toning among the youth population is further contributing to the fitness equipment market growth. Pediatric obesity can lead to health deterioration in the later years and has caused many schools authorities and parents to enroll their children in school gyms and health clubs.
Strength training fitness equipment market is majorly driven by the younger population. There is a wide variety of products that are designed to tone specific body parts such as calf, biceps, triceps, and even complete body workouts. The consumer demand for these machines is high and due to the high overall cost of ownership, people are more inclined to register to gyms. Additionally, they are used as a part of the training program by various sectors such as public safety, military, and the police.
Fitness Equipment Market, By End-Use
The home fitness equipment market segment is anticipated to exhibit a growth of over 5% CAGR from 2017 to 2024. These boost privacy, reduce distractions, and provide freedom to the consumer to use equipment of their choice. They also eliminate the inconvenience of commuting to a gym to use the machines and are highly cost effective in the long run. The small, recurring cost incurred in transportation, workout gear, trainer fess, and membership fees is a major factor promoting consumer inclination to home gyms.
Offices are expected to experience high growth owing to an increase in the number of businesses that are providing corporate wellness programs to their employees driving the fitness equipment market. This is undertaken to reduce the overall employee medical expenditure and increase retention. Companies such as Google, Marriott Hotels, and Verizon have large gym spaces with trainers and are available for usage round-the-clock. For instance, in 2015, the Indian government issued orders to set up gyms in every department to reduce stress and promote a healthy work environment.
Fitness Equipment Market, By Region
Asia Pacific fitness equipment market is anticipated to grow over the forecast timeline owing to the increase in patients suffering from cardiovascular diseases. Furthermore, the rising disposable income of the middle-class population is anticipated to increase the expenditure on luxury goods. Japan accounts for the highest aging population in Asia Pacific and the health consciousness among the population is anticipated to fuel the fitness equipment market demand.
Argentina and Mexico fitness equipment market demand is anticipated to witness growth over the forecast timeline. High obesity rates and the increasing health club membership penetration rates in Mexico is driving the adoption of cardiovascular fitness products. The penetration of mobile internet services in the region is leading to a surge in the adoption of self-training videos and apps.
Competitive Market Share
The companies operating in the fitness equipment market include Icon Health & Fitness, Johnson Health Tech, Brunswick Corporation, Amer Sports, Nautilus, Inc, Torque Fitness, and Technogym S.p.A. The fitness equipment market is characterized by significant mergers and acquisitions to sustain growth and increase industry share. For instance, in the recent years, Amer Sports has acquired various companies such as Queenax and ENVE Composites. In 2016, Brunswick Corporations acquired Cybex International to expand their cardiovascular and strength equipment line. Additionally, a common trend in the fitness equipment market is for companies to enter long term partnerships with gyms and hotels to be the sole supplier of the equipment.
Fitness Equipment Industry Background
The industry is providing several opportunities for component suppliers, manufacturers, resellers, and distributors to generate revenue by generating awareness and the need for this product. Vendors are providing AI personal assistants and collaborating with software vendors to create a personalized and realistic feel to the users. Companies operating in the fitness equipment market cater to consumer and commercial demand for cardiovascular and strength training machines. Gyms and fitness clubs are growing in prominence in urban locations and are utilizing marketing strategies such as promotions and discount schemes to attract the target customer base.
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