The global fitness equipment market is expected to grow at a CAGR of 5.8% during the forecast period (2019-2024).
- Growing preference for a healthy and fit lifestyle is the primary factor driving fitness equipment market growth. This has also led to a surge in the number of fitness centers and health clubs across the globe, further propelling the growth of the market.
- The trend of bodybuilding and personality development among the young population results in increasing gym subscriptions and further increases the consumption of cardiovascular machines such as treadmills, spin bikes, and others.
- Growing government initiative programs related to health awareness is another factor propelling the growth of the market. These initiatives aim to promote and protect health by guiding at each individual, national, and global level in reducing disease and death rates related to unhealthy diet and physical inactivity, which, in turn, indulges consumers into fitness activities.
Scope of the Report
The global fitness equipment market offers a range of products including treadmills, elliptical machines, stationary machines, rowing machines, strength training equipment, and others through offline and online retail stores. Moreover, based on the type of end-user, the market has been segmented into residential and commercial users. The study also covers the global level analysis of the major regions North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
Key Market Trends
Consumer's Inclination towards Healthy Lifestyle
A growing preference for a healthy and fit lifestyle is currently the primary factor driving fitness equipment market growth. This, in turn, has also led to asurge in the number of health and fitness clubs across the globe, further propelling the growth prospects of the market. Moreover, an increase in government initiatives in various countries, meant to promote a healthy lifestyle, is playing a key role in driving the market in the last few years. For instance, the government of Australia is planning to invest USD 230 million in sport and physical activity initiatives over the next five years. Moreover, the government encourage more Australians to get more active more often, by promoting participation in physical activities and strengthening links between the community and various sports and fitness organizations.
Asia-Pacific to Witness Strong Growth in Fitness Equipment Market
Asia-Pacific is the fastest growing region in the global fitness equipment market. China, Japan, Australia, India, and South Korea are some of the top contributing countries in the region. One of the major factors driving the growth of the region is increased inclination towards personal training and instruction services. The demand for personal trainers and fitness instructors has grown over the past due to the rise in for weight-loss services and high interest in customized workout schedules. As baby boomers are actively focussing on their health, there is a growing demand for trainers with specialized knowledge of safe and effective fitness exercises for senior citizens. Owing to this factor various global players are expanding their presence in APAC countries in order to broaden their customer base and to get an edge over their competitors. For instance, in June 2017, the US-based Anytime Fitness announced plans to establish 500 new gyms in China over the next several years.
Prominent players operating in the fitness equipment market include Johnson Health Tech, Amer Sports, Icon Health & Fitness, Technogym S.p.A., Brunswick Corporation, Nautilus, Inc., and Body-Solid Inc. Moreover, leading manufacturers in the market are focusing on leveraging opportunities posed by the emerging markets of Asia-Pacific, like Thailand and India, to expand their revenue base. Major players are focusing on expanding their geographical presence in order to cater to the interests of the consumers. Thus, expansion is one of the most preferred strategies in the fitness equipment market. For instance, in January 2019, Metro Detroit franchise owners opened a Crunch Fitness gym in Waterford Township. It is their 5th fitness center including locations in Farmington Hills, Dearborn, Taylor, Westland.
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