The growing inclination for health and fitness enhances the sector of fitness equipment. Several companies and fitness organizations have started the initiative and arranged many fitness competitions and outdoor activities. It was witnessed that the participation rate of men was higher (20.7%) than women (18%) globally. The increased adoption of fitness gear because of several launches of affordable and advanced wearable medical devices by multiple manufacturers has seem to rise.
According to Data Bridge Market Research the Fitness Equipment Market is expected to reach the value of USD 17,580.99 million by 2030, from the value of USD 10232.2 million at 2022 at a CAGR of 7.0% during the forecast period 2023-2030.
“Technological Advancements in Fitness Equipment Increase the Market Growth”
The rising advancement in fitness equipment and fitness apps includes barometric altimeters, accelerometers, gyroscopes and compasses, optical heart rate monitors, skin temperature and ambient light sensors for accurate and real time monitoring of vital signs. The upgradation of the app version also improves the accuracy of the recorded data by such fitness app. For instance, Apple announced the launch of Fitness+ in December 2020, bringing the studio-style workout to iPad and iPhone and including immersive and personalized experiences for the users. This new app offers heart rate data and teaches the basics of yoga to the absolute beginner. Additionally, cycling and treadmill workouts are also featured in this app. Thus, growing number of people involved in physical activities boost the market growth.
What restraints the growth of Global Fitness Equipment Market?
“Drift of Consumer Preferences”
The trend of online training provided people with structure, fitness, and communication. They kept people healthy. People prefer a gym that provides online training. Gym enthusiasts are becoming more price-conscious with the numerous fitness options that are available online today and their competitive prices. And as gyms and studios prepare to vary into online and studios in the future, the competition is increasing. After the initial sessions, people are willing to pay more for a service that meets their needs and also provides comfort. Thus, this factor hinder the market growth.
Segmentation: Global Fitness Equipment Market
The fitness equipment market is segmented based on product type, application, gender, buyer type, usage, type, end user, and distribution channel.
- Based on product type, the market is segmented into strength training equipment, cardiovascular training equipment, body composition analyzers, fitness monitoring equipment, and others.
- Based on application, the market is segmented into weight loss, body building, physical fitness, mental fitness and others.
- Based on gender, the market is segmented into male and female.
- Based on buyer type, the market is segmented into individual, institution and others.
- Based on usage, the market is segmented into residential and commercial.
- On the basis of type, the global fitness equipment market is segmented into indoor and outdoor.
- Based on end use, the market is segmented into health clubs/gyms, home consumer, hotels, corporates, hospital and medical centers, public institutions and others.
- Based on distribution channel, the market is segmented into retail stores, specialty and sports shops, department and discount stores, online and others.
Regional Insights: North America is expected to dominate the Global Fitness Equipment Market
- North America dominates the market because of the huge presence of major market players in the largest consumer market with high GDP. Additionally, U.S. is anticipated to grow due to its latest advanced technology and inventions in the fitness equipment.
- Asia-Pacific is expected to grow in the forecast period of 2023-2030 because of the increased awareness of healthy diets among youngsters. Furthermore, the increasing prominence of fitness clubs and aerobics chains in the region is increasing the demand for exercise equipment.
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Recent Developments in Global Fitness Equipment Market
- In 2022, Nautilus, Inc. announced the launch of the Bowflex BXT8J treadmill with JRNY adaptive fitness app compatibility at selected online and in-store retail partners providing customers with a complete fitness solution at a much cheap price. This treadmill provides high-performance cardio and the ability to pair the user’s device to the JRNY adaptive fitness app.
- In 2020, Fitbit Inc. launched a new premium health and fitness subscription service that offers users with audio, relaxation tools, sleep tracking, and other similar parameters. Additionally, this upgradation also involves gamification and other factors to keep the users motivated about their health and fitness.
The Prominent Key Players Operating in the Global Fitness Equipment Market Include:
- Nautilus, Inc. (U.S.)
- TECHNOGYM S.p.A (Italy)
- REALLEADER FITNESS CORP (U.S.)
- Core Health & Fitness, LLC (U.S.)
- Brunswick Corporation (U.S.)
- iFIT (U.S.)
- Omron Healthcare, Inc. (Japan)
- Cybex India (U.S.)
- Life Fitness (U.S.)
- Precor Incorporated (U.S.)
- Schnell Trainigsgerate GmbH (Global)
- Johnson Health Tech (U.S.)
- Impulse (Qingdao) Health Technology Co., Ltd. (China)
- Amer Sports (Finland)
- General Electric (U.S.)
- Jerai Fitness (India)
Above are the key players covered in the report, to know about more and exhaustive list of global fitness equipment market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Fitness Equipment Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
