The global fitness equipment market was valued at USD 11,090.3 Million in 2019 and is projected to reach USD 15,026.2 Million by 2027, expanding at a CAGR over 3.8% during the forecast period. Fitness Equipment enables users to effectively exercise at their preferred locations including their own house, gym, offices, and others (School/College, hotels, and hospitals). Fitness equipment is classified based on the type of equipment that includes cardiovascular training equipment, strength training equipment, and others. Also, the market is further segmented based on application areas of this fitness equipment and it includes home consumers, small gyms, office, others.
Fitness equipment is typically utilized by the young population to the elderly. Earlier, gym and fitness equipment were popular amongst the majority of the young generation. With the changing lifestyles, bad eating habits, and increasing disposable income the adoption of fitness equipment changed over a while and it increases the demand for fitness equipment. The increasing disposable income is resulting in increasing spending of households on lifestyle improvements which makes them purchase and own the equipment for fitness training. Also, the rising elderly population across different countries is another factor increasing the adoption of fitness equipment. During earlier times, the fitness equipment was only used on the premises of gym or fitness clubs for commercial purposes. Over the period, the other potential customers emerged across sections of home, offices, and others such as School/College, hotels, hospitals. The corporate areas are increasingly focusing on employee wellness to help them in health maintenance is boosting demand from the office segment.
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Market Dynamics
Growing awareness of self-fitness and wellness among consumer
There is a continuous upsurge in obesity issue count majorly in the urban inhabitants across the globe due to change in living habits and consumption of junk food has caused in increased finesses and health awareness among the generation. According to the CDS (Center for Disease Control), a major portion of individuals in the U.S were reported with obesity issues. Long-standing costs of obesity conditions, such as gallbladder diseases, cardiovascular illnesses, breathing issues, and osteoarthritis, are the major roots of concern among the mid and younger generation in the U.S. along with childhood obesity, which is a main reason of heart diseases. To prevent these issues, people are concentrating their focus on health and wellness, boosting the market for fitness equipment popularity in commercial and residential applications. Medical concerns have an impact on the mortality rate. On the global level, an increase in the health-related problems of diabetes, cholesterol, and heart related issues is being observed.
Government initiative for betterment of fitness and health of citizens
The government of developed countries has purposed several healthcare programs, For instance, increasing fitness allowance for corporate or government employees is likely to upsurge in upcoming times, therefore, it is projected that employees may invest a significant ratio of the salary of their procuring fitness equipment or to join fitness centers, thereby, driving an increase in sales. Also, mounting mortality rates due to such issues have made governments to launch numerous health norms, such as clean living, organic food consumption, relocation to suburban areas, and fitness activities, for the betterment of human life expectancy.
Adoption of digital connectivity is revolutionizing the fitness equipment market
The fitness sector is passing through a major transformation due to the integration of the latest technologies in the equipment. Fitness equipment and device manufacturers are aiming on offering latest fitness technologies to cater to the rising demand for full-fledged fitness machines across the globe. The integration of wearable technologies and smartphone is letting users to analyze their performance and monitor vital physical parameters, such as blood pressure and heart rate among others, during their respective workout sessions. IoT/digital connectivity is transforming the fitness equipment market with technologies, like, IoT, GPS, Bluetooth are facilitating the connection of several devices. Tracking of several health parameters, such as calorie burning and heart rate, is crucial for professional athletes and sports players.
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Regional Outlook
Based on regions, the global fitness equipment market is bifurcated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Based on regions, the North America region is likely to be the prominent market during the forecast period. The North America fitness equipment market will show stable growth during the forecast period due to a rise in the number of fitness clubs and memberships across the region. Fitness freaks in North America are preferring to purchase equipment that is integrated with the latest technologies to enhance their productivity. For example, AI-based fitness equipment offers customized fitness plans tailored specifically to each user following their individual goals, current fitness levels, eating habits, and data depicted from wearable devices. Gyms and fitness centers are reforming their infrastructure to include smart fitness equipment to offer an improved workout experience to users. The Public Health Agency of Canada (PHAC) emphasizes the importance of health coupled with the advent of digitalization in the region, positively impacting the market growth.
Competitive Landscape
- The leading players like Johnson Health Tech, TRUE Fitness, Technogym, Cybex International, Precor, and Woodway among others, are a few of the key players in the global market.
- The fitness equipment industry is vastly competitive with most of the players concentrating on offering robust fitness equipment integrated with technologies such as AI, IoT, and GPS. The increasing demand for the wearable technology is further adding to the market growth. Linking a gym equipment and wearable device with a smartphone app can boost the workout experience.
- Industry players are focusing on launching new products to strengthen their product portfolio. In March 2018, one of the leading player, Technogym S.p.A., a manufacturer of fitness product, launched the product SKILLRUN which is an athletic training treadmill, to strengthen its product portfolio for athletes. Major players are focused on introducing the latest technologies into the machines to meet the changing customer demands.
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