Fitness Equipment Market Trend Forecast and Industry Analysis to 2030
Global Fitness Equipment Market: Overview
Continuous research on human body structure has paved the way for technological advancement and innovation of fitness equipment, thus accelerating the development of the global fitness equipment market. Technological advancements include the incorporation of multiple components into a single unit, ensuring miniaturization at the same time. The growing presence of the Internet makes it easier to access training tutorials and expert advice. This, in turn, fuels the growth of the market. However, the high price of these devices limits their widespread adoption.
On the basis of product, the global fitness equipment market can be divided into strength training and cardiovascular training. The market will witness a surge in demand for strength training fitness equipment in the coming years, driven by increasing disposable income and growing youth population. These pieces of equipment are used to improve muscle strength and improve personality and appearance. The cardiovascular segment will account for a substantial share of the market. Health benefits such as heart rate conditioning, fat burning, improved metabolism and body toning are driving the adoption of cardiovascular fitness equipment.
Based on end-user, the market can be divided into health club and home. Health clubs will be a major revenue contributor during the forecast period. Competitive benefits offered by health clubs, such as gym training and diet plans, lead to greater attendance, which in turn triggers the deployment of fitness equipment. The growth of the home segment can be attributed to growing health awareness and busy lifestyles. However, space issues in homes may prevent the segment from realizing its full potential.
Fitness Equipment Market: Overview
According to the World Health Organization (WHO) report, about three million people die due to obesity and its related disorders including cardiovascular diseases, diabetes, strokes and others. Rise in weight-related diseases has boosted the fitness equipment market. There has been a tremendous increase in the demand for treadmills, exercise bikes, steppers, free weights, weight lifting machines, home fitness products, and fitness trackers in the recent past.
The United States has the highest number of overweight people, while Southeast Asia has the lowest obesity rate. It should also be noted that high income groups contribute to the obese population in developed countries. Reduced physical activities in young people and inactive lifestyle has increased weight related problems. These factors have prompted the government and other institutes to increase the awareness of physical fitness.
Fitness Equipment Market: Inclusive Overview
The main target of the fitness equipment market is the younger population, but considerable demand is generated by the elderly. There is also a high demand for home fitness products, owing to the busy and hectic lifestyle of consumers. Exercise bikes and treadmills are the major contributors to the market. According to statistics published by Fitness Expo, more than 15% of the population uses a treadmill. Economical, simple functions and wide availability are some of the driving forces of the treadmill market. Improved technology and advanced ergonomic products have also contributed to the adoption of home fitness products.
With the advent of fitness trackers that track steps taken, calories burned, and stairs climbed, sleep monitors and the like have helped track performance on a regular basis. The fitness market is also booming with miniaturized devices, attractive designs and synchronization with smart phones acting as motivators. Various governments have also taken initiatives to fight obesity by subsidizing gym memberships. The increased importance of school fitness is also another driving factor for the fitness equipment market.
Fitness Equipment Market: Regional and Segment Overview
With the availability of drugs in the market and methods such as bariatric surgeries, it can be seen that fitness is prevailing as the main method to maintain physical health. Due to high obesity rate and higher disposable income to buy expensive fitness equipment, North America is clearly emerging as the market leader in fitness equipment. There is growth in the market of home fitness equipment segment as opposed to gym fitness segment.
China has the second largest obese population after the United States in the world. According to the Institute for Health Metrics and Evaluation at the University of Washington, 46 million obese people and 300 million overweight people have been registered in China.
Fitness Equipment Market: Key Market Players
The major players in the fitness equipment market are BodySolid, Cybex International, Inc., Heinz Kettler Group, ICON Health & Fitness, Inc., Keys Fitness Products LP, Life Fitness, Magnum Fitness Systems, Paramount Fitness Corp., PowerSport International , Reebok. International, Star Trac, Technogym, Nautilus, Inc. and Tunturi OY Ltd. Fitbit, Jawbone, and Nike are the major players in the fitness tracker market.
TMR Research is a leading provider of custom market research and advisory services to business entities seeking to succeed in today’s hectic economic climate. Backed by a team of experienced, dedicated and dynamic analysts, we redefine the way our clients do business by providing them with authoritative and reliable research studies, in line with the latest methodologies and market trends.
Internet Marketing Manager