NEW YORK, June 20, 2022 (GLOBE NEWSWIRE) — The Global Fitness Equipment Market size accounted for USD 10,982 Mn in 2021 and is estimated to reach USD 18,125 Mn by 2030, with a significant CAGR of 5.9% from 2022 to 2030.
The covid-19 pandemic, as well as rising rates of chronic diseases such as cardiovascular disease, continues to be a big concern for health-conscious people. Raised urbanization, a growing sedentary lifestyle, and a lack of gym facilities from childhood have increased the burden of maintaining good health on individuals. As a result, having accessible and convenient access to equipment such as treadmills, stationary cycles, and strength training equipment is critical to maintaining a healthy lifestyle for people all over the world.
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|Market||Fitness Equipment Market|
|Market Size 2021||USD 10,982 Mn|
|Market Forecast 2030||USD 18,125 Mn|
|CAGR||5.9% During 2022 – 2030|
|Analysis Period||2018 – 2030|
|Forecast Data||2022 – 2030|
|Segments Covered||By Type, By End-Use, By Region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Anta Sports, Core Health and Fitness, LLC, ICON Health & Fitness, Inc., Johnson Health Tech Co., Ltd., Nautilus, Inc., Impulse (Qingdao) Health Tech Co., Ltd., Peloton, Technogym S.p.A, Torque Fitness, LLC. and TRUE Fitness Technology, Inc.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
|Customization Scope||10 hrs of free customization and expert consultation|
Covid-19 Impact on the Global Fitness Equipment Industry
According to research conducted by The Global Health & Fitness Association, approximately 70 million people attended health clubs in 2017, with a total of 60.9 million Americans being members. Americans are obsessed with being in shape, and the rise in popularity of boutique fitness has only added to the interest. With the spread of COVID-19, the importance and benefit of leading a healthy lifestyle did not diminish but rather altered substantially. Americans looking for new and innovative methods to exercise and keep active at home looked for new and innovative ways to decrease stress and stay fit. As a result, since the epidemic, purchases of fitness and sports equipment have increased by roughly 23%.
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Global Fitness Equipment Market Growth Factors
The demand for fitness equipment has increased globally because of increased health awareness. The rise in obesity prevalence and health consciousness has significantly boosted the global fitness equipment market growth. Remote working, while being flexible, frequently leads to less exercise, poor dietary management, and a significant impact on both physical and mental health. Growing awareness of lifestyle disorders such as diabetes and cardiovascular disease, as well as their increased prevalence among white-collar employees and a growing sedentary lifestyle, promises a growing arena of potential for fitness equipment market participants.
Nowadays, artificial intelligence (AI) and machine learning technology are being integrated into at-home fitness equipment, which is helping to develop the worldwide fitness equipment market. The AI-based personal trainer is projected to be the next big thing in the at-home exercise equipment industry. Furthermore, due to rising disposable income, a desire to preserve physical and mental health, and the growing trend of bodybuilding, demand for at-home fitness equipment is increasing in emerging economies.
Global Fitness Equipment Market Segmentation
The fitness equipment market is divided into three categories: type, end-use, and geography. Based on type, the fitness equipment market is divided into strength training equipment, cardiovascular training equipment, and other types. Free weights and other machines are covered under the strength training equipment. The cardiovascular training equipment segment is further categorized into treadmills, stationary bicycles and elliptical & others. Furthermore, the other equipment segment comprises body analyzers and activity monitors or trackers. Based on our analysis, the cardiovascular training equipment segment achieved a substantial market share in 2021.
Based on end-use, the market is categorized into home consumers, health clubs/gyms, and other commercial users. The home consumers segment is split into home, apartment, and gyms in apartment. Moreover, the other commercial user segment comprises corporate offices, hotels, hospitals & medical centers, and public institutions (schools, universities, and others). In 2021, the home consumer segment accumulated a significant amount of share. Home users buy a variety of workout equipment for their usage. Commercial fitness machine is purchased by health clubs, gyms, and fitness facilities. Fitness equipment is a must for their primary business. The pandemic forced the closure of gyms and health clubs around the world affecting the entire business but creating opportunities for home consumers.
Fitness Equipment Market Regional Stance
The regional segmentation of the market includes North America, Asia-Pacific, Latin America, Europe, and the Middle East & Africa. Based on regions, North America held the leading market share in 2021. The high growth in the region is credited to the increasing trend of at-home fitness equipment, growing awareness to maintain physical health, and the growing demand for body-building. However, the Asia-Pacific region is likely to register the fastest growth during the forecast period 2022 – 2030. The rising disposable income, increasing government initiatives, and growing urban population in countries such as China and India are expected to support the highest growth of the Asia-Pacific fitness equipment market.
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The fitness equipment industry involves many key players. The top players presented in the report include Johnson Health Tech Co., Ltd., ICON Health & Fitness, Inc., Peloton, Impulse (Qingdao) Health Tech Co., Ltd., Technogym S.p.A, Nautilus, Inc., Torque Fitness, LLC,Anta Sports, Core Health and Fitness, LLC, and TRUE Fitness Technology, Inc.
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Acumen Research and Consulting
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