The global fitness equipment market is expected to grow at a CAGR of 3.5% from 2024 to 2029 and the market size is predicted to be valued at USD 15.20 billion by 2029 from USD 12.80 billion in 2024.
With the advancements in science, today's society is increasingly dependent on technology for its daily activities. As any development or innovation has its advantages and disadvantages, we can say that technological advances have limited regular physical activity. Technology has directly or indirectly affected human health in the recent past. This has created a greater need in society to increase physical activity, balanced body weight, and cardiovascular fitness.
Global Fitness Equipment Market Drivers:
Busy schedules and long working hours, crowded gyms, and parking issues have led more consumers to actively turn to home workouts. Home fitness equipment eliminates the inconvenience of going to the gym to use the machines and is very cost-effective in the long run. The low recurring cost incurred for transportation, workout equipment, trainer fees, and membership fees is a major factor driving consumers' penchant for home fitness equipment. In addition, the growing number of manufacturers investing in the launch of apps provides a platform for customers to select their personal trainers for online classes or home visits to meet their specific fitness needs, such as weight training. For example, in 2019, MIRROR, the company that created the first near-invisible interactive home gym, announced the launch of individual personal training. For the first time, members will be able to bring the country's best coaches to their homes thanks to MIRROR's immersive technology. The recent growth observed in the global fitness equipment market can be attributed to increased health awareness among the young and the elderly.
The growing awareness among people of the long-term consequences of these diseases has encouraged people to stay in shape by training in gyms and fitness centers. Furthermore, rapid urbanization in developing economies, rising youth populations, and rising per capita disposable income are likely to drive the adoption of fitness equipment in the area.
Global Fitness Equipment Market Restraints:
Doctors and governments in different countries continually strive to promote the benefits of fitness, thereby creating health awareness in society. Recently, health problems related to diabetes, heart disease, and cholesterol have increased. Also, obesity in developed countries is a huge concern, making them vulnerable to different diseases.
The growing population in developing countries is another reason for the rapid growth of the fitness equipment market. The age demographics of developing countries like India and China, where the majority of the population is made up of young people, create good opportunities for the fitness equipment business. The types of training equipment include cardiovascular training equipment, strength training devices, and others.
Impact of COVID-19 on the Fitness Equipment Market:
The fitness equipment market will experience a slight decline in 2021 due to the recent coronavirus pandemic (COVID-19). As the virus spread, several government administrations around the world have imposed blockades. This has led to the closure of several fitness centers and gyms due to the need to maintain social distancing to stop the spread of the virus. This has led to a decline in the demand for fitness equipment from offices and health clubs.
REPORT COVERAGE:
REPORT METRIC |
DETAILS |
Market Size Available |
2023 to 2029 |
Base Year |
2023 |
Forecast Period |
2024 to 2029 |
CAGR |
3.5% |
Segments Covered |
By Type, End-User, and Region |
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East, and Africa |
Market Leaders Profiled |
ICON Health & Fitness, Inc., Brunswick Corporation, Johnson Health Tech Co., Ltd., Technogym SpA, Amer Sports Corporation, Nautilus, Inc., Core Health, TRUE Fitness Technology, Inc., Impulse (Qingdao) Health Tech Co., Ltd., and Torque Fitness, LLC. |
This research report on the global fitness equipment market has been segmented and sub-segmented based on type, end-user, and region.
Global Fitness Equipment Market - By Type:
The cardiovascular training equipment segment is subdivided into the treadmill, elliptical, stationary bike, rowing machine, and others. The cardiovascular training equipment segment represents the majority of the fitness equipment market and is poised to grow with the highest CAGR over the analysis period.
Global Fitness Equipment Market - By End-User:
The domestic consumer segment is even more fragmented into homes, apartments, and apartment gyms, while other commercial users are subdivided into hotels, corporate offices, hospitals, medical centers, and public institutions. Fitness equipment is widely adopted in health clubs/gyms; however, the major manufacturers to meet the demand of residential users are investing heavily in, promoting, and advertising home fitness equipment.
Global Fitness Equipment Market – By Region:
North America leads in terms of market share, but the Asia-Pacific region is supposed to grow at the highest CAGR during the outlook period. Rising disposable income and rapid economic growth in the Asia-Pacific region have led to sedentary lifestyles and increased spending at fast-food restaurants, leading to unhealthy lifestyles. This has increased the incidence of lifestyle-related diseases such as obesity, diabetes, heart disease, high blood pressure, and other bone diseases.
KEY MARKET PLAYERS:
The major key players in the Fitness Equipment Market are ICON Health & Fitness, Inc., Brunswick Corporation, Johnson Health Tech Co., Ltd, Technogym SpA, Amer Sports Corporation, Nautilus, Inc., Core Health, TRUE Fitness Technology, Inc., Impulse (Qingdao) Health Tech Co., Ltd, Torque Fitness, LLC.
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