Fitness Equipment Market Value by Manufacturer, Region, Type and Forecasted Application to 2028 – The National Discourse
According to a new report released by Allied Market Research, titled “Fitness Equipment Market By Type and End-User: Analysis of Global Opportunities and Industry Forecast, 2020-2027, ”the global fitness equipment market size was $ 11.5 billion in 2019, and is expected to reach $ 15.2 billion by 2026, registering a CAGR of 3.5% from 2020 to 2027
Mid-priced cardiovascular fitness equipment with smarter workout tracking and entertainment features is expected to attract more customers in developing countries such as India and China, due to price sensitivity. However, developed markets are expected to be driven by high-end equipment with advanced and sophisticated user engagement and monitoring function.
“Rising health concerns amid the COVID-19 pandemic are driving market expansion, however, the industry faces significant challenges due to the high cost of fitness equipment. ”
Some of the Major Players in Fitness Equipment Market Analysis include:
- LIMITED ANTA SPORTS PRODUCTS
- CORE HEALTH & FITNESS, LLC
- ICNE SANTÉ ET FITNESS, INC.
- IMPULSION HEALTH TECHNOLOGY CO., LTD.
- JOHNSON HEALTH TECH. CO., LTD.
- NAUTILE, INC.
- INTERACTIVE PLATOON INC.
- TECHNOGYM SPA
- TORQUE FITNESS, LLC
- TRUE FITNESS TECHNOLOGY, INC.
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Fitness equipment is widely used for fitness, weight management, and improving body endurance and muscle strength. Commonly used fitness equipment are treadmills, stationary bikes, stair climbers, and weight lifting equipment. Awareness regarding health and fitness, increasing obese population, government initiatives to promote healthy lifestyle, and increasing youth population are the major factors driving the growth of the market global fitness equipment. However, counterfeiting of fitness equipment is a key constraining factor in the market. On the contrary, the resurgence of the young population, the improvement of the lifestyle and the increase in the disposable income of individuals in developing countries should offer immense opportunities to market players.
An alarming increase in global obesity, especially in urban areas, complements the growth of the fitness equipment market. According to the WHO, there has been a surprising increase in the number of obese people around the world. In 2016, 39% of adults aged 18 and over globally were overweight and 13% were obese. Obesity is associated with a number of health problems or disorders such as sudden cardiac arrest, high blood pressure, low blood pressure, and diabetes. Therefore, in order to lose weight, reduce stress, and improve blood circulation, obese people tend to use more fitness equipment, thereby increasing the sales of these products.
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The global fitness equipment market is segmented into type, end user, and region. Based on type, the fitness equipment market is categorized into cardiovascular training equipment, strength training equipment, and other equipment. Cardiovascular training equipment segment is sub-segmented into treadmill, elliptical trainer, stationary bike, rower, and others. By end user, the market has split into home consumer, health club / gym, and other business user. The home consumer segment is further fragmented into house, apartment and apartment gyms, while other business users are further subdivided into hotel, corporate office, hospitals and medical center and public institution.
MAIN FINDINGS OF THE STUDY
- North America dominates in terms of fitness equipment market share and is expected to maintain its dominance during the forecast period.
- In 2018, based on type, the cardiovascular training equipment segment leads the market in terms of market share and is expected to gain market share in the coming years.
- The home consumer segment accounted for about a third of the fitness equipment market in 2018, but the fitness club / gym segment is poised to grow at the highest CAGR during the forecast period.
- The fitness club / gym segment is expected to gain market share in the coming years and is expected to grow at a CAGR of 4.1% during the forecast period.
- Based on region, Asia-Pacific is expected to grow with a robust CAGR of 6.6% during the forecast period.
Companies can operate in a highly competitive market by launching new products or updated versions of existing products. The partnership / collaboration agreement with the main stakeholders should be a key strategy to maintain in the market. In the recent past, many leading players have opted for product launch or partnership strategies to strengthen their presence in the market. To understand key market trends, the strategies of major players are analyzed in the report.
Allied Market Research (AMR) is a full-service market research and business consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global businesses as well as medium and small businesses with unmatched quality of “market research reports” and “business intelligence solutions”. AMR has a focused vision to provide business information and advisory services to help its clients make strategic business decisions and achieve sustainable growth in their respective market areas. AMR offers its services in 11 verticals, including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverage, Energy & Electricity, semiconductors and electronics, automotive and transportation, ICT and media, aerospace and defense and BFSI.
We have professional relationships with various companies, which helps us extract market data which helps us generate accurate research data tables and confirm the highest accuracy in our market forecast. Each of the data presented in the reports we publish is taken from primary interviews with senior officials of the main companies in the field concerned. Our secondary data sourcing methodology includes in-depth online and offline research and discussions with industry-savvy professionals and analysts.
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