The fitness equipment market was calculated to be $ 11.95 billion in 2021 and is foreseen to reach $ 14.2 billion by 2026, registering a CAGR of 3.5% from 2021 to 2026.
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.
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.
Market Growth and Trends:
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, which 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.
Market Drivers and Restraints:
The recent growth observed in the global fitness equipment market can be attributed to the increased health awareness among the young and the elderly. 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 device, and others.
Market Size Available
2021 – 2026
2021 - 2026
According to the type, By end-user
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
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.
The global fitness equipment market is segmented by type, end-user, and region.
The fitness equipment market is classified into cardiovascular training equipment, strength training equipment, and other equipment. The cardiovascular training equipment segment is subdivided into 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.
The market is divided into home consumers, health club/gym, and commercial users. 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, and 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.
Depending on the region, the global fitness equipment market is studied in
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.
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.
Key market players:
Some of the major players in global fitness equipment market analysis include 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.
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Fitness Equipment Market, By Type
6.1.1 Cardiovascular Training Equipment
6.1.2 Strength Training Equipment
6.1.3 Market Size Estimations & Forecasts (2021-2026)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Fitness Equipment Market, By End-User
6.2.1 Home Consumer
6.2.2 Health Club/Gym
6.2.3 Commercial Users
6.2.4 Market Size Estimations & Forecasts (2021-2026)
6.2.5 Y-o-Y Growth Rate Analysis
6.2.6 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2021 - 2026)
7.2.1 By Country
7.2.2 By Type
7.2.3 By End-User
7.3.1 By Country
220.127.116.11 Rest of Europe
7.3.2 By Type
7.3.3 By End-User
7.4 Asia Pacific
7.4.1 By Country
18.104.22.168 South Korea
22.214.171.124 South East Asia
126.96.36.199 Australia & NZ
188.8.131.52 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By End-User
7.5 Latin America
7.5.1 By Country
184.108.40.206 Rest of Latin America
7.5.2 By Type
7.5.3 By End-User
7.6 Middle East and Africa
7.6.1 By Country
220.127.116.11 Middle East
7.6.2 By Type
7.6.3 By End-User
8. Key Player Analysis
8.1 ICON Health & Fitness, Inc
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Brunswick Corporation
8.3 Johnson Health Tech Co., Ltd
8.4 Technogym SpA
8.5 Amer Sports Corporation
8.6 Nautilus, Inc
8.7 Core Health
8.8 TRUE Fitness Technology, Inc
8.9 Impulse (Qingdao) Health Tech Co., Ltd
8.10 Torque Fitness, LLC
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures