Global Statistics Representing Fitness Equipment Market Scenario
Today, the market is witnessing a new trend of fitness taking over the population around the world, health conscious population is increasing, and more people are preferring gym to stay fit. In line with this, the network of fitness technologies, gyms, and fitness clubs are expanding to cater to the consumer demand. Moreover, increasing awareness about health and fitness among the geriatric population is leaving positive impact on the market.
According to CDC, over 62.5 million U.S. citizens had signed up for gym membership in 2018, and the number is estimated to reach over 90 million by the end of 2019. This is further supported by surging cardiovascular population adding fuel to the demand for stationary bicycles, treadmills, and weightlifting machines across the globe. Globally, the revenue for health and fitness sector is estimated to reach USD 230 million, Health Racquet and Sports Club Associations. In addition, more than a billion healthcare and fitness centers are present globally. The U.S. alone has the world’s largest health and wellness club market with over 38477 clubs followed by Brazil with 34509 clubs.
Global fitness equipment market was valued at USD 4 billion in 2017 and is expected to exceed over 13 billion USD at CAGR 4% during the forecast period 2019–2026.
Market Segmentation by Type
For a better understanding of the global fitness equipment market, we have segmented the market by types and end users, and region
By type, the market is segmented into cardiovascular training equipment and strength training equipment
Cardiovascular training equipment market is growing steadily over the forecast period as a result of rising numbers of gym and health club centers across the globe. Rising trend for bodybuilding and personality development among the youngsters is boosting the demand for fitness equipment. Apart from this, these equipment helps to stay fit, and can also be used to burn calories, maintain overall health, and increase core cardiovascular strength. According to OECD, by 2030 obesity levels are expected to be particularly high in the United States, England, and Mexico, where 47%, 35% and 39% of the population respectively are projected to be obese in 2030. Apart from this, West Virginia has the highest adult obesity rates which is 38.1% and Colorado has the lowest at 22.6 %. Increase in bad cholesterol (LDL) leads to heart disease such as, heart attacks, coronary artery disease, heart failure. According to American Heart association, in 2016 coronary heart disease was leading cause for deaths amongst US population accounted for (43.2%), moreover 30.3% of American adults had high LDL cholesterol level. Cardiovascular training helps to maintain (LDL) levels Thus, increasing high LDL levels, rising obesity rates is enhancing demand for cardiovascular training equipment such as treadmills, Weightlifting machines, and bicycles.
Strength training machines in the fitness equipment market gaining popularity among youngsters, fitness experts and athletes. Strength training can improve insulin sensitivity, strengthen bones, improve Cardiovascular stability and neuromuscular development. Increasing awareness about health and, growing lifestyle disease such as diabetes obesity and cancer among adult population increasing the demand for strength training equipment. According to American Heart Association, in 2016 an estimated 1.4 million deaths were attributed to diabetes globally, moreover 82,735 deaths attributed to diabetes in United States alone. Due to Increasing awareness about health among consumers boosting demand for strength training equipment. All these factors are responsible for driving growth of fitness equipment globally.
Market Segmentation by End User
By End Users, the market is segmented into health clubs, gyms, home consumer, and hotels.
Health Clubs segment is accounted for the highest share in fitness equipment market as a result of increasing demand for fitness equipment. According to International Health Racquet and Sports Club Associations, the revenue generated by the health and fitness centers worldwide was over 180 million in 2017 and it is estimated to reach over 230 million by 2026. According to Health club Management Handbook 2018, the United Kingdom had 6500 health and fitness club and it is predicted to be grow at higher pace in forecast period, Moreover, the United Kingdom held high penetration rate of 14.9% in 2018. Progressive Increase in penetration rate and health clubs boosting demand for fitness equipment.
For a better understanding we have segmented the global fitness market into North America, Europe, Asia, and Latin America, and the Middle East.
North America is leading the global fitness equipment market. For instance, the region has generated over 4 billion worth of revenue in 2017. North America is further segmented into the U.S., Canada and Mexico. The U.S. homes the largest obese population, for instance, over 70 million people are obese in the region, CDC. However, with the increasing awareness about health maintenance among the people is boosting the market demand in the region. Apart from this, the U.S. fitness equipment market is leading the segment as a result of high presence of market competitors and modern technological advancements.
Europe is second fitness equipment market; this can be accredited to the increasing fitness trend in the region. Apart from this, the European fitness market generated over EUR 25 million in 2017. Moreover, the region is also witnessing an increase in the club membership from 11.5% to 11.7% in 2017. The region is surging with acquisitions and mergers from major players, which in turn is boosting the fitness equipment market. Asia Pacific and the Middle East & Africa is expecting a potential growth for the market in near future.
Some major players in the market are Cybex Technologies, Brunswick Corporation, Icon health and fitness, Impulse Health Tech Ltd., and True fitness.
Our Report Covers
Fitness Equipment Market Segmentation
By End User
The Middle East & Africa