The global fitness equipment market size is estimated to be valued at $15,762.57 million by 2028, surging from $11,214.06 million in 2020, at a noteworthy CAGR of 4.5%.
Impact Analysis of COVID-19 on the Fitness Equipment Market
The global Fitness Equipment Market experienced positive growth during the coronavirus pandemic. Due to country-wide lockdown in most parts of the world, sports enthusiast shifted their focus and chose to do routine exercise in the home environment. This trend has fueled demand for fitness equipment such as spin cycles, treadmills, dumbbells, and kettlebells.
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As per eBay, the sales of dumbbells skyrocketed, increasing by more than 1000% in 2020. Furthermore, the spread of novel coronavirus has shifted people's focus on a healthy lifestyle and routine exercise. With the increasing importance of routine exercise among the elderly and millennials, the demand for gym equipment increased during the pandemic. The spread of coronavirus accelerated the adoption of virtual and online classes. Moreover, with the re-opening of economies, the global fitness equipment market is expected to experience moderate growth.
Global Fitness Equipment Market Analysis
Despite COVID-19 having a devastating effect on some of the industrial sectors, the global gym equipment market experienced a positive growth rate. Though some of the gyms and health clubs closed down completely during the pandemic, the gym membership spiked during January 2021. The increase in a gym membership is attributed to the growing consumer interest in routine exercise.
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Consumers in emerging markets such as India and China are shaping long terms goals, including a healthy lifestyle. This trend has fueled gym membership in countries like the Philippines, China, Japan, and India. For instance, during the novel coronavirus pandemic, the Indian Express surveyed more than 11500 participants across India, around 58% of respondents said they were comfortable working out in an open space. The survey concluded that the people were interested in virtual classes, yoga, dance fitness, aerobics, cross-country running, and strength training. These trends are expected to fuel the demand for the fitness equipment market over the forecast period.
Steel, iron, and composite are used in manufacturing various fitness equipment. The fluctuating price of these raw materials affects the profit margin of manufacturers. As per Mining Technology, an article published on 22 July 2021, in March 2020, the steel traded between $500 – $800. As of July 2021, price of steel increased by 200%, trading at $1800. This trend is expected to fuel the price of finished products, thereby restraining the market growth.
The growing interest of people in the residential gym is expected to fuel the demand for the home gym equipment market in the coming years. An increasing number of high-value-low-budget fitness centers along with boutique fitness studios in emerging economies will provide growth opportunity for the gym equipment market in the coming years. For instance, RunRepeat.com, the boutique fitness industry, is expected to add around 2,000 new studios around the globe in the next five years. Moreover, the growing trend of the connected gym is expected to create investment opportunities in the global fitness equipment market.
Global Fitness Equipment Market, Segmentation
The global fitness equipment market is segmented based on equipment type, end-user, and region.
Equipment Type:
The equipment type segment is further bifurcated into cardio training equipment, strength training equipment, and other equipment. Among these, the other equipment sub-segment is anticipated to have the fastest growth during the forecast period. The other equipment sub-segment covers the market analysis for group training equipment & accessories. Increasing adoption of virtual classes and group training exercises is anticipated to driving the market for other equipment.
Followed by other equipment sub-segment, the cardiovascular training sub-segment is anticipated to grow at a CAGR of 4.80% from 2021 – 2028. A healthy heart plays a major role overall well-being of an individual. Embracing a healthy routine and lifestyle at any age can prevent a heart attack and stroke. The growing importance of a healthy heart among the consumer is anticipated to fuel the demand for the cardiovascular training equipment market.
End-user:
The end-user segment is further divided into health club/gym, home consumer, and other users. The home consumer sub-segment is anticipated to be the fastest-growing sub-segment in the global market and register a revenue of $4,536.66 million during the analysis timeframe.
The elderly and millennials are embracing healthy routines and choose to do exercise at home due to hectic working schedules. Furthermore, women in developing countries are also practicing the routine exercise at home to maintain good health and body physique. These trends are driving the demand for home gym equipment.
Region:
The fitness equipment market for the Asia-Pacific region is projected to witness rapid growth. This market generated a revenue of $2,736.23 million in 2020 and is further projected to reach up to $4,350.47 million by 2028.
The demand for workout equipment is streaming in the Asia-Pacific region especially because of factors such as the increasing number of gyms and health club membership in the region. Also, a hectic lifestyle is one of the factors that might encourage people for opting exercise in any form to maintain good health.
As per the Global Health & Fitness Association (IHRSA), 2018 report, the Asia-Pacific region is anticipated to attract more than 22 million members in around 25,000 health clubs. Australia and New Zealand are expected to have the highest penetration rate. Singapore, Japan, and Hong-Kong are anticipated to witness the fastest growth, and countries like the Philippines, and India provide lucrative opportunities.
Top 10 Major Key Players in the Global Fitness Equipment Market are –
- Life Fitness
- Peloton
- True Fitness
- com
- Core Health & Fitness, LLC
- Johnson Health Tech
- Rogue Fitness
- JERAI Fitness Pvt. Ltd
- Cosco Sports Equipment
- ShuHua Sports Co., Ltd.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Fitness Equipment Market
Bargaining Power of Suppliers: The suppliers involved in the market are extensive in number and are globalized. Moreover, unpredictable demands in supplier pricing may impact company profitability. Thus, the bargaining power of the suppliers is low.
Bargaining Power of Buyers: Buyers have high bargaining power, primarily due to the presence of many players in the global market. The buyers can hence choose the gym equipment that best fits their preferences. Hence, the bargaining power of buyers is high.
Threat of New Entrants: The global market is highly competitive owing to the presence of many players. Furthermore, the workout machines manufacturing requires huge R&D investment.Thus, the threat of the new entrants is moderate.
Threat of Substitutes: No substitute available.Therefore, the threat of substitutes is low.
Competitive Rivalry in the Market: The ventures operating in the global gym equipment market are opting for various businesses deployment strategies to hold their position in the market. Several companies are launching innovative products in the international market and strengthening the footprint worldwide.Therefore, competitive rivalry in the market is high.
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