Infinium Global Research’s recent report on “Fitness Equipment Market (By Type (Cardiovascular Training Equipment, Strength Training Equipment, Other Equipment), By End User (Home Consumer, Health Clubs/Gyms, Others)): Global Industry Analysis, Trends, Size, Share and Forecasts up to 2028” the provides a comprehensive outline of the factors responsible for the growth of the market. The revenue generated by the market was nearly USD 12 billion in 2022 and is expected to reach about USD 16 billion in 2028 and is expected to grow with a CAGR of more than 5% over the forecast period 2022-2028.
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Growing Number of Obese People in Developing Countries
Fitness equipment is that which is used for physical exercises in order to control body weight, improve physical endurance, and build muscular strength. Fitness equipment comes with all the gear and monitoring tools required for a wide range of physical workouts. Treadmills, elliptical machines, and stationary bikes are the most often utilized cardiovascular machines. They raise heart rate, aid in losing extra body fat, and sustain general health and fitness. Equipment for strength training is used to increase muscular strength and enhance one's personality and attractiveness. They include devices for building strength and free weights. A person can perform aerobic and anaerobic workouts using fitness equipment, both of which are crucial for improving total fitness. Growing focus of people on fitness and healthy lifestyle and growing urbanization around the world are driving the market. Growing number of obese people in developing countries is further expected to provide new opportunities in the market.
The COVID-19 outbreak has disrupted daily life for most individuals; over the past few months, mostly every individual and organization has seen a significant alteration in their routine. One of the industries most impacted by the widespread imposition of physical restrictions and stay-at-home orders has been the fitness industry. As gyms and fitness centres remained closed to stop the spread of the COVID-19 virus, the market's demand for fitness equipment decreased. IHRSA estimates that by the end of 2020, 44 percent of persons employed in the fitness sector will have lost their jobs, 58 percent of fitness industry revenue will have decreased from 2019 sales, and 17 percent of all fitness clubs worldwide will be permanently shuttered. However, since the gyms and fitness centers have reopened, customers are coming back, and the market's need is once more increasing.
Gyms to Dominate the End User Segment of Market
Gyms is expected to dominate the End User segment of market. Gyms are the primary destination for a fitness enthusiast. There are a variety of fitness equipment available in the gym which can be used by the person who has the gym membership. This eradicates the necessity of buying the expensive gym equipment for individual consumers who largely focus on fitness. Also, Gyms and health clubs are in position to buy expensive health equipment in bulk quantity. There are thousands of health clubs and gyms present around the world with high rate of penetration. For instance, according to IHRSA, there were 183 million health club subscriptions in 2019 which are expected to reach 230 million by 2030.
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North America to be the Dominant Region in Fitness Equipment Market
The global Automotive Lithium-Ion Battery market is divided into four regions based on geography: North America, Asia-Pacific, Europe, and the Rest of the World. Due to the growing prevalence of obesity across all age groups, greater health awareness, and an increase in the number of health clubs and memberships, North America currently holds the top spot in the global market for fitness equipment. More than 73.6 million US consumers attended health clubs in 2019, and as of July 2021, there were 32,270 health clubs in the US alone, according to IHRSA study. In 2020, the US health sector generated USD 29.2 billion in income as per IHRSA. The market in Asia is anticipated to expand at the highest CAGR during the projected period as a result of rising health consciousness among youth and adults, rising disposable income among men and women, decreasing time for physical activity, and societal effects.
Companies in Fitness Equipment Market to Focus Acquisitions and Mergers and Setting up New Subsidiaries
The market is contested by a number of market players who are operating at global, regional and local level. The competition is intense at every level in the market. The companies have been focusing on offering top line products in order to increase their sale and attract consumers. By large this strategy has been successful for the companies with promising products. Other strategies have been collaboration with fitness, gym and health club chains which is considered to be the most effective strategy for the market players. Major players of the market include Johnson Health Tech Co. Ltd., Technogym S.p.a, Amer Sports Corporation, Nautilus, Inc., Core Health And Fitness LLC. and others.
In June 2021, Johnson Health Tech Co. Ltd. announced the launch of its fully owned subsidiary in India. In May 2019, Brunswick Corporation sold its fitness business to KPS Capital Partners for an all-cash transaction which was estimated to be around USD 490 million. Infinium Global Research’s recent report on the Global Automotive Lithium-Ion Battery Market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the market and also estimates the impact of recent developments the global market.
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