Valued at $18.5 billion by 2026, fitness equipment is set to see robust growth globally
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Editing: 18; Published: February 2022
Executive Pool: 2787
Companies: 97 – Players covered include Amer Sports Corporation; Precor Incorporated; BFT Fitness Co., Ltd. ; Body-Solid, Inc.; Cybex International, Inc.; Life Fitness, Inc.; Dyaco International Inc.; Inc Heart Rate; ICON Health & Fitness, Inc.; Johnson Health Tech Co., Ltd. ; Nautilus, Inc.; Reebok International Ltd.; SportsArt Fitness, Inc.; Star Trac Health & Fitness, Inc.; Technogym SpA; Total Gym Global Corp.; TRUE Fitness Technology, Inc.; Tunturi New Fitness BV; YANRE Fitness Equipment Co.,Ltd. and others.
Cover: All major geographies and key segments
segments: Type of equipment (cardio training, strength training, other types of equipment); End use (health club/gym, individuals, other end uses)
Geographies: World; UNITED STATES; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UNITED ARAB EMIRATES; Rest of Middle East; Africa.
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Global fitness equipment market to reach $18.5 billion by 2026
The fitness industry includes equipment and equipment used at home or in institutions such as clubs/gyms, colleges, schools, hotels, hospitals, and spas to maintain a healthy body through exercise regular. The global fitness equipment market has been showing steady growth over the past few years owing to the increasing number of people in the countries of the world affected by overweight and obesity. The growth of the market is driven by the emphasis on adopting healthy lifestyles through healthy diets and fitness programs. Rapid urbanization globally has resulted in hectic schedules, longer working hours, sedentary lifestyles and unhealthy eating habits which are known to increase the risk of various diseases such as obesity, cholesterol , diabetes, blood pressure and heart disease. These factors are driving an increasing number of people to focus on their health. While people with ample time have the option of attending yoga classes or a gym, others rely on fitness equipment, which is driving the global market for these devices. Market growth post COVID-19 would be driven by increasing focus on health and wellness amid rising health awareness amid increasing incidences of chronic diseases. The medium to long term growth would be attributed to the increase in the number of fitness centers, health clubs, gymnasiums and gym memberships. The future growth of the market will be driven by the rise of connected consumers and the digital disruption caused by advanced technologies aimed at improving the customer experience.
Amid COVID-19 crisis, Global Fitness Equipment Market Estimated at US$14.8 billion in 2022, is expected to reach a revised size of US$18.5 billion by 2026, growing at a CAGR of 5.3% over the analysis period. Cardiovascular training, one of the segments analyzed in the report, is expected to register a CAGR of 5.7% and reach 11 billion US dollars at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the bodybuilding segment is readjusted at a revised CAGR of 5% for the next 7-year period. Cardiovascular equipment is expected to be the dominant segment in terms of equipment type due to its wider adoption in consumer and commercial markets. Driven by its popularity across all age groups, cardiovascular workout equipment is estimated to experience a healthy growth in demand over the analysis period. The strength training equipment segment is driven by young consumers. The equipment is also an integral part of training programs in various sectors, including police, military and public safety.
The US market is estimated at $4.9 billion in 2022, when China is expected to reach $3 billion by 2026
The United States Fitness Equipment Market is estimated at US$4.9 billion in the year 2022. Chinathe second largest economy in the world, is expected to reach a projected market size of 3 billion US dollars by 2026 with a CAGR of 7.3% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 3.9% and 4.5% respectively over the analysis period. In Europe, Germany is expected to grow at around 4.5% CAGR. United States represents the world’s largest market, followed by Europe. Growth in these countries is supported by aging baby boomers, the growing wave of fitness and wellness, increasing gym and health club memberships, and widespread availability and easy access to advanced fitness equipment. Asia Pacific ranks as the fastest growing market over the analysis period, driven by growing awareness of the importance of regular physical activity, growing number of well-equipped gyms, coupled with rapid economic growth and disposable incomes, and to the enormous potential offered by the unpenetrated and underpenetrated developing countries of the region.
By end use, health club/gym segment to be achieved $6.4 billion by 2026
Health club chains include a network of health club centers or gymnasiums located in different geographical locations, either in the same locality/city, or in the same state, nation, or across the globe. Unlike stand-alone gyms, gym chains generally prefer to source premium, high-quality equipment with advanced features and functionality. As they operate multiple facilities, gym chains buy multiple units of equipment, which creates a large demand for fitness equipment. In the global health club/gym segment (end use), UNITED STATES, Canada, Japan, China and Europe will drive the CAGR of 4.7% estimated for this segment. These regional markets representing a combined market size of US$3.9 billion will reach a projected size of US$5.4 billion at the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific should reach US$664.5 million by 2026, while Latin America will grow at a CAGR of 6.4% over the analysis period.
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