Fitness Equipment Market Size worth over $15bn by 2026
Published Date: April 7, 2020 Authors: Preeti Wadhwani, Saloni Gankar
Fitness Equipment Market size is set to surpass USD 15 billion by 2026, according to a new research report by Global Market Insights, Inc.
Digital connectivity is revolutionizing the fitness equipment market. Technologies, such as GPS, Bluetooth, and IoT, are facilitating the connection of several devices. Tracking of several health parameters, such as heart and calorie burning, is crucial for professional athletes and sport players. Market players are offering fitness-related software along with equipment to provide a complete package to the users.
Rise in the number of gyms and fitness centers is one of the major factors boosting the market growth. The fitness sector is witnessing a complete transformation due to incorporation of latest technologies in the equipment. Manufacturers are focusing on providing high-end fitness solutions to cater to the growing demand for robust fitness machines across the globe. The integration of smartphone and wearable technologies is allowing users to track their performance and monitor essential body parameters, such as heart rate and blood pressure, during their workout sessions.
Get more details on this report - Request Free Sample PDF
With the ongoing coronavirus (COVID-19) pandemic, several countries have implemented severe lockdowns. Temporary closure of several businesses worldwide has negatively impacted the global economic conditions amidst fears of a recession. The fitness equipment market is likely to witness a fall in the demand for machines till the global economic conditions gain stability.
However, several market players are offering digitally connected fitness equipment products and online lessons will continue to witness gain owing to increasing number of people demanding for home fitness equipment solutions. Virtual gyms will gain traction in the coming months.
The demand for robust strength training equipment will rise due to its versatility and health benefits
Strength fitness equipment accounted for nearly 38% of the market share in 2019 and is estimated to uphold its dominance till 2026. Despite being a popular form of exercise at gyms, users can also build a robust strength training program in the privacy and comfort of their homes. Although strength training is primarily associated with muscle toning, it also offers other physical and mental benefits. It can regulate heart rate & blood flow and speed up metabolism.
The industry is also witnessing a surge in weightlifting fitness equipment. This fitness equipment enhances muscle flexibility and improve bone health. They also help in reducing the symptoms of chronic conditions such as back pain, arthritis, and heart disease. Increasing usage of weightlifting machines and barbells for strength training by sports players and athletes is being witnessed.
Browse key industry insights spread across 575 pages with 1231 market data tables and 23 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), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Corporate offices and hotels taking initiatives to equip gyms in their infrastructure will drive the market growth
Sedentary lifestyle and work pressures have led to mounting health concerns. Companies are taking efforts to establish fitness centers in their premises to boost the productivity of employees as well as enable them to strike a balance between work and health. Several companies including Infosys, Google Inc., Intel, and Microsoft have fully-equipped fitness centers.
The hospitality sector is also revolutionizing with the changing demands of customers. Several hotels are setting up on-site fitness centers to provide enhanced facilities to fitness-conscious clients. Companies are manufacturing customized fitness equipment for hotels to suit specific needs according to the availability of area and the type of equipment required.
North America market will grow steadily due to rise in fitness club membership
The North America fitness equipment market will witness steady growth during the forecast period due to rise in number of fitness clubs and memberships across the region. Fitness freaks in North America are preferring to purchase equipment that are integrated with latest technologies to enhance their productivity.
For example, AI-based fitness equipment offers customized fitness plans tailored specifically to each user in accordance with their individual goals, eating habits, current fitness levels, and data obtained from wearable devices.
Traditional fitness centers and gyms are modernizing their infrastructure to include smart fitness equipment to offer improved workout experience to users. The Public Health Agency of Canada (PHAC) emphasizes on the importance of health coupled with advent of digitalization in the region, positively impacting the market growth.
Strategic alliances with technology providers to launch enhanced products is a key trend in the industry
The fitness equipment industry is highly competitive with several companies focusing on manufacturing robust fitness equipment equipped with technologies such as IoT, AI, and GPS. The growth of the wearable technology sector is further complementing the market growth. Connecting a wearable device and gym equipment to a smartphone app can enhance the workout experience.
Players operating in the market include True Fitness, Torque Fitness, Technogym S.p.A, Brunswick Corporation, Nautilus Inc., Amer Sports Corporation, Johnson Health Tech, Icon Health & Fitness, and Hoist Fitness Systems.
Explore More on Related Topics: