Fitness Equipments Market to Witness Robust Expansion throughout the Forecast 2020-2030
Market Overview :
Main factors surging the demand for fitness equipment industry are rising incidence of diseases and increasing focus of people across the globe on fitness activities due to sedentary lifestyles. Sales of fitness equipment are channeled through both, online and offline stores. A wide range of products is being offered by online retailers with detailed catalogs. Historically, offline stores have accounted for more than 80% volume share of the global fitness equipment market. However, online store are expected to exhibit faster growth over the forecast period of 2020 to 2030.The global fitness equipment market is poised to expand at a CAGR of more than 4% through 2030, and cross a valuation of US$ 18 Bn by the end of the same year.
The global fitness equipment market has experienced significant growth in recent years. Increasing awareness about the importance of a healthy lifestyle, a growing emphasis on fitness, and rising disposable incomes in various regions have contributed to this growth. The fitness equipment market includes a wide range of products, such as cardiovascular equipment (treadmills, stationary bikes, elliptical trainers), strength training equipment (weightlifting machines, free weights), and other accessories (yoga mats, resistance bands, etc.).
Market Growth Factors:
- Increasing Health Awareness: As people become more conscious of the importance of a healthy lifestyle, there is a growing demand for fitness equipment. The desire to maintain physical fitness, manage weight, and prevent health issues is a significant driver of market growth.
- Rising Disposable Incomes: The availability of disposable income allows consumers to invest in fitness equipment, either for home use or gym memberships. Higher income levels often correlate with increased spending on health and wellness-related products and services.
- Urbanization and Sedentary Lifestyles: Urbanization has led to sedentary lifestyles, with people spending more time in offices and less time engaging in physical activities. This shift has increased the demand for fitness equipment as a means to stay active and healthy.
- Home Fitness Trend: The trend towards home fitness has gained momentum, especially with the COVID-19 pandemic. Consumers are increasingly investing in home gym equipment, driven by the convenience, privacy, and safety it provides.
- Technological Advancements: Integration of technology in fitness equipment has become a significant growth factor. Smart and connected fitness devices, interactive workout platforms, and wearable technologies enhance the overall fitness experience, attracting tech-savvy consumers.
- Innovative Product Offerings: Manufacturers continually introduce innovative and diverse fitness equipment to cater to evolving consumer preferences. This includes equipment that combines different types of workouts, focuses on specific fitness goals, or incorporates new materials and designs.
- Government Initiatives Promoting Health and Fitness: Some governments and health organizations implement initiatives to encourage physical activity and combat rising obesity rates. These initiatives may include public awareness campaigns, subsidies for fitness programs, or tax incentives for purchasing fitness equipment.
- Aging Population: The aging population often seeks ways to maintain their health and mobility. This demographic trend contributes to the demand for fitness equipment, particularly those designed for seniors, such as low-impact exercise machines.
- Social Media Influence: The influence of social media, fitness influencers, and online fitness communities has contributed to the popularity of fitness culture. Consumers are inspired by fitness trends and seek to replicate workout routines at home or in gyms, driving the demand for appropriate equipment.
- Environmental and Sustainable Considerations: A growing awareness of environmental sustainability has led to a demand for eco-friendly and sustainable fitness equipment. Manufacturers are increasingly incorporating recycled materials and environmentally friendly practices in their products.
Key Takeaways from Fitness Equipment Market Study
The global fitness training market is projected to be valued at over US$ 18 Bn by 2030-end, with maximum demand coming from health clubs and gymnasiums.
Among the applications, cardiovascular training accounts for a significant share of over 40% of the global fitness training market.
North America held the largest share in the global fitness equipment market in 2010. However, the market in the East Asia region is expected to expand at the highest CAGR of nearly 8% over the forecast period.
The COVID-19 pandemic has affected the manufacturing and supply chain of the fitness equipment market. Temporary shutting down of fitness clubs and gymnasiums is leading to reduced demand, which is also hurting market growth.
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Key Challenges in the Fitness Equipment Market:
- Price Sensitivity: High-quality fitness equipment can be expensive, making it less accessible to certain consumer segments. Price sensitivity can limit market penetration, especially in regions or demographics with lower disposable incomes.
- Competition from Alternative Fitness Solutions: The rise of alternative fitness solutions, such as fitness classes, boutique studios, and fitness apps, poses a challenge to traditional fitness equipment. Some consumers may prefer diverse workout experiences over investing in equipment.
- Limited Space for Home Equipment: In urban environments or smaller living spaces, individuals may face challenges finding adequate space for home fitness equipment. Compact and multifunctional designs address this issue to some extent, but it remains a consideration for potential buyers.
- Technological Obsolescence: Rapid technological advancements can lead to the obsolescence of older fitness equipment models. Consumers may be hesitant to invest in equipment that could become outdated quickly as new, more advanced models are introduced.
- Maintenance and Repairs: Fitness equipment requires regular maintenance, and breakdowns may occur. Issues related to maintenance and the cost of repairs can be a concern for both consumers and gym operators, impacting the overall ownership experience.
- Limited Innovation in Some Segments: While there are innovations in the fitness equipment market, certain segments may experience slower innovation. For example, traditional free weights and weightlifting equipment may see fewer advancements compared to smart and connected fitness devices.
- Global Economic Uncertainty: Economic downturns or uncertainties can impact consumer spending, leading to reduced investments in non-essential items such as fitness equipment. This was particularly evident during economic challenges, such as those caused by the COVID-19 pandemic.
- Logistical and Supply Chain Challenges: The fitness equipment industry, like many others, can be affected by logistical challenges, supply chain disruptions, and increased shipping costs. Global events, natural disasters, or geopolitical issues can impact the production and distribution of fitness equipment.
- Consumer Perception and Motivation: Maintaining consistent motivation for regular exercise can be a challenge for some individuals. This can result in underutilization of fitness equipment, especially in home settings where distractions are more prevalent.
- Environmental Impact: The production and disposal of fitness equipment can have environmental implications. There is an increasing awareness of sustainability, and consumers may prefer eco-friendly options, putting pressure on manufacturers to adopt environmentally friendly practices.
Cardiovascular Training Equipment Witnessing High Demand
In terms of volume, weight training equipment is expected to continue its dominance over the global fitness equipment market through 2030. The ability of cardiovascular training equipment of being utilized by all age groups is expected to drive its sales over the coming years. However, demand for strength training equipment will increase at the fastest pace in the coming years.
Regional Outlook of Fitness Equipment Market
North America, follow by Europe, lead the global fitness equipment market share. At present, together, both these regions hold around 60% of the market share. However, over the forecast period of 2020 to 2030, the fitness equipment market in the Asia Pacific region is set to expand at the fastest pace, witnessing increasing demand as the years go by.
Fitness equipment Market: Key Questions Answered
The research study offers inclusive insights about the growth of the Fitness equipment market in the most comprehensible manner for the better understanding of readers. Key insights offered in this report answer some of the salient questions that assist stakeholders in gauging all emerging possibilities.
- How have rapidly changing consumer perspectives acted as a major growth engine for the fitness equipment market?
- How does e-Commerce boosted the growth of the fitness equipment market?
- Do omni-channel concepts help companies grow in the global fitness equipment market?
- What are the key trends that are constantly shaping the growth of the fitness equipment market?
- Which are the prominent regions offering plentiful opportunities for the market?
- What are the differential strategies adopted by key players to command a significant chunk of the global market share?
Fitness Equipment Market Competition Analysis
Key players in the global fitness equipment market are actively focusing on the provision of smart fitness equipment, capable of connecting and sharing workout data to fitness apps and wearable devices. Major market players are opening new chains and outlets of fitness spas and clubs to strengthen their market presence. They are also collaborating with different stakeholders in the sports sector to expand their market presence, and are offering complete nutrition support to their members along with functional training. Some of these players include Brunswick Corp., Technogym S.p.A, Nautilus, Inc., Amer Sports Oyj, Johnson Health Tech Co., Ltd., ICON Health & Fitness, Inc., True Fitness Technology, Inc., SportsArt Fitness, Inc., Iron Grip Barbell Company, and Adidas AG.
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