Fitness equipment are machines which are used for physical exercise weight training, developing physical stamina and maintaining the overall health.
Increasing awareness about health and fitness is advertising a huge impact on the fitness equipment market. However, with increasing use of smart phones among the consumers, is leading them to a lazy lifestyle, which in turn is increasing the prevalence of various chronic disorders. As a result of this, more and more people are signing up for gym membership to retain proper health, which in turn is boosting the demand for fitness equipment market. Moreover, fitness equipment’s are getting more user friendly as a result of increasing technological advancements. Apart from this, rising per capita expenditure, rising health and fitness awareness, and growing popularity of home gym equipment’s such as treadmills, stationary bicycles, and weightlifting machines is creating a positive impact on the market demand. Major market players are seizing the opportunity and are involving in collaborations between fitness and health training centers which is further influencing the demand for fitness equipment market. Moreover, over 16% of the American population has signed up in gyms and other health clubs, also the U.S. spends over USD 10 billion on fitness equipment’s ever year, IHRSA (International Health, Racquet &Sport club Association).s
For a better understanding of the global fitness equipment market, we have segmented the market by type, end user, and by region.
The global home fitness equipment market is growing consistently over the years, with rising awareness about fitness and health. Moreover, home fitness boosts privacy, reduce distractions and provide freedom to the consumer to use equipment of their choice. It also eliminates the inconvenience of commuting to a gym. Recurring cost incurred in transportation, workout equipment, trainer fees, membership fees is major factors promoting consumer inclination to home gyms. increasing availability of online fitness platforms, alternative health coaching, and new trend of hiring personal trainer who offers customized training is further driving the market growth. Home segment is accounted for 42% of the total market shares and holds the largest consumer base for treadmills and cycling machines. Moreover, number of treadmill users was accounted for 52.9 million in 2017 and is expected to grow with a CAGR of 7% by 2026.
Geographically, the global Fitness Equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa (LAMEA).
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Asia Pacific is the fastest growing fitness equipment market, this can be accredited to the increasing health clubs across the region. For instance, there are over 25,000 health clubs accommodating 22 million club members across the region, moreover Australia and New Zealand have the highest penetration rates 15.5% and 13.6% respectively. While the fitness market shows signs of faster growth and professionalization in Hong Kong 5.85%, Singapore 5.8% and Japan 3.3%, Opportunities for the growth remain in the Philippines (0.52%) and the Thailand (0.5%), India ( 0.15%), by IRHSA. Thus increasing fitness trend and rising club membership is boosting the market demand in the region.
Middle East is emerging in the fitness equipment market as a result of rising foreign influence on the region. Moreover, high intensity interval training and functional training is a popular training means in this region. Apart from this, Prevalence of obesity has been increasing in United Arab Emirates. According to WHO, 31.6% males, 41.2% females and total of 34.1% of population was obese in 2016. As a result of this the importance of health and fitness is increasing among the UAE people, which in turn is boosting the demand for fitness equipment in the region.
Key leading player in the fitness equipment market are Johnson Health Tech Co., Ltd, Amer Sports, Icon Health and fitness, Torque fitness, Nautilus, Brunswick Corporation.
These players are majorly focusing on developing upgraded fitness products, Companies are trying to address the need of the consumers which includes the demand for High tech machinery Better services, Customer Satisfaction for maintain their position in the market. Companies are adopting innovation production strategies, Mergers and acquisition strategies.
Icon health and fitness in August 2018 announced its agreement with VF Corporation for purchase of Altra, Wearables and fitness footwear brand, moreover addition of Altra brand brings to VF corporation unique, differentiated technical footwear and brand capability which served as catalyst for growth. In 2018 Brunswick Corporation had completed acquisition of Power products such as mobility marine sport vehicles, Industrial power at USD 910 million in cash from San Francisco based private equity firm Genstar Capital. With this acquisition Brunswick Corporation adds broad and highly attractive and complementary portfolio of 11 brands.
" Crucial Insights The Report Provides:"
* Known and Unknown Adjacencies Influencing the Growth of Market
* Explorable Revenue Sources
* Customer Behaviour Analysis
* Target Partners
* Customized Geographical Data Based on Customers as well as Competitors
* Analysis of Market Size and CAGR between the Forecast PeriodsView Full Report Buy This Report Now