Fitness Equipment Market worth over $25bn by 2027
Published Date: June 9, 2021 Authors: Preeti Wadhwani, Saloni Gankar
Fitness Equipment Market size is set to surpass USD 25 Billion by 2027, according to a new research report by Global Market Insights, Inc.
The growing concerns over cardio and bone-related diseases globally will boost the fitness equipment market growth. Sedentary lifestyles coupled with changing food habits have resulted in the deteriorating health conditions. Over consumption of packaged and processed foods coupled with hectic work life has resulted in the rise in the number of diseases such as obesity and diabetes. The increasing awareness about health & well-being will propel the demand for fitness equipment. The ongoing coronavirus pandemic has further encouraged people with comorbidities to focus on their fitness. The market will gain traction with the rise in the number of people incorporating exercise in their daily routines to combat stress and promote a healthy lifestyle.
The coronavirus (COVID-19) pandemic negatively impacted the fitness equipment market in 2020 attributed to the temporary closure of gyms and fitness centers. The industry witnessed a brief downfall following the declining demand from health clubs due to the strict lockdowns imposed by government organizations to curb the spread of the virus. However, there was a rise in the demand for fitness equipment that enables consumers to undertake workouts at home. The virtual fitness equipment landscape gained traction in 2020 as increasing number of people preferred to exercise from the comfort of their homes. However, as gyms are reopening while following social distancing norms, the market will regain traction in 2021.
Increasing demand for strength equipment that promotes bone and muscle strength will support the fitness equipment market expansion
Get more details on this report - Request Free Sample PDF
Strength training equipment accounted for around USD 4 billion in 2020. The growing use of strength fitness equipment amongst the younger generation to promote health & well-being will support the industry growth. Fitness equipment that enables to target specific muscle groups and promote strong bones is specifically crucial for sports enthusiasts. Individuals focusing on improving external appearance will augment the demand for advanced strength training equipment, fueling the market progression. There is a rising popularity of strength exercises that use structures that stimulate the bone tissues, in turn, improving the biomechanical properties of the bones. The use of weightlifting machines, weights, barbells & ladders helps the joints to stay flexible and reduce the symptoms of arthritis. The increasing awareness about maintaining bone health amongst the ageing generation will also foster the market demand.
Browse key industry insights spread across 675 pages with 1260 market data tables and 27 figures & charts from the report, “Fitness Equipment Market Size By Equipment (Cardiovascular [Elliptical Machines, Treadmills, Exercise Bikes, Climbers], Strength Training [Weightlifting, Weights, Barbells & Ladders, Extension Machines, Power Racks]), By End Use (Home, Health Clubs, Office, Hotel), COVID-19 Impact Analysis, Regional Outlook, Price Trend Analysis, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The expanding virtual fitness market will spur the demand for compact and robust fitness equipment for home environments
There is a growing demand for at-home fitness training sessions that enable busy corporate employees to exercise according to their convenience in the comfort of home environment. There is a rise in the number of online live and on-demand classes that enable consumers to workout effectively under specialized guidance. For instance, Technogym S.p.A., a fitness equipment provider, offers TECHNOGYM LIVE digital platform, offering fitness trainer classes on rowers, smart bikes or treadmills. The platform also enables operators to stream their studio or club classes to their members at home. This has motivated fitness equipment manufacturers that specialize in commercial equipment to focus on the home gym market. Peloton Interactive Inc. offers entire library of both live and on-demand classes conducted by expert instructors. The ongoing trend of undertaking online classes to work out from homes will support the fitness equipment market share.
The rising concerns over obesity-related diseases in North America will drive the demand for advanced fitness equipment
The North America fitness equipment market will showcase significant growth owing to the high demand for cardiovascular equipment that helps to keep a check on heart-related diseases. The rise in the cases of obesity, hypertension, and cardiovascular diseases in the U.S. has resulted in the high demand for fitness equipment. The U.S. adult obesity rate stands at 42.4% as of 2020. The adult obesity rate in the country increased by 26% since 2008. The American Heart Association recommends strength training at least twice a week to promote a healthy lifestyle. Increasing concerns over the consequences of obesity including cardiovascular diseases, arthritis, diabetes, and hypertension have resulted in the rise in the number of people visiting gyms and fitness centers. This will boost the demand for high-quality fitness equipment from gyms and health clubs, impelling the market revenue.
Focus on R&D to introduce innovative connected fitness solutions will support the market value
The players operating in the fitness equipment market are focusing on digitalizing their fitness equipment to sustain the increasing competition. For instance, Technogym Ecosystem is an integrated platform capable of offering training programs on every Technogym smart equipment and users’ personal devices such as tablets, smart TVs or smartphones. The connection of fitness equipment with smartphones enables users to get precise data of workout on their phones, thereby providing insights on the areas to be improved. Smart sensors are further facilitating the growth of digitally connected fitness equipment.
Leading companies significantly contributing to the market include Johnson Health Tech, Icon Health & Fitness, Hoist Fitness Systems, Amer Sports Corporation, Technogym S.p.A, Torque Fitness, True Fitness, Nautilus Inc., Peloton Interactive, Inc. among others.
Explore More on Related Topics: