On the other hand, factors like expensive equipment prices and limited space in homes pose challenges for the industry. Privacy concerns and preference for outdoor activity is also restraining some consumers from purchasing expensive high-end equipment for home use. Tap water shortage in some regions also acts as a barrier for sales of equipment needing water. However, technology innovations introducing virtual and connected features in equipment are opening new opportunities. Design improvements are making equipment compact and multifunctional also help address challenges around space and portability.
Market Drivers:
Growing health awareness: Growing health awareness among people across the globe is a major driver propelling the market growth. This rising interest in fitness has persuaded equipment manufacturers to innovate and launch a wide variety of technologically advanced products suitable for customers of all ages and needs. The market offers a diverse portfolio of cardiovascular and strength training machines, free weights, desktop gyms, treadmills, elliptical machines, yoga mats and other flexible workout gear. Fitness apps compatible with smart equipment are also gaining popularity among new users. The choices allow people to incorporate physical exercise seamlessly into their daily routines and stick to a workout plan. The growing number of fitness centers/gyms and gyms along with convenient financing/subscription options has further boosted accessibility.
Growing obese and overweight population: Growing issues of obesity and lack of physical activity have become a major concern globally in recent years. Various statistics show alarming increases in overweight and obese populations worldwide. This is a serious health crisis as obesity is linked to several life-threatening diseases such as diabetes, heart diseases and cancers.
As people increasingly struggle with their weight due to sedentary lifestyles and junk food consumption, there is rising awareness about health and fitness. Many understand the need to engage in regular exercise to remain fit and lose weight in a healthy manner. This has significantly boosted the demand for various fitness equipment across both commercial and home settings. Gym memberships are at an all-time high as more join gyms and fitness studios to do workouts under trainer guidance using advanced equipment. Growing health concerns of obesity will continue pushing more people to adopt active and healthy lifestyles in the near future. As a result, the demand for high-quality fitness equipment suitable for both commercial and home settings is expected to steadily rise. Various equipment manufacturers are launching innovative products integrated with new technologies for interactive and efficient workouts.
Growing health club memberships: Increasing focus on health and fitness has become a major global trend over forecast period (2024-2031). More and more people are realizing the importance of physical activity and exercise in leading healthy and productive lives. This growing health consciousness has translated into rising memberships across gyms and fitness centers/gyms worldwide.
According to 2021 data provided by the International Health, Racquet, and Sportsclub Association; the global health club industry grew by 5.5% in 2021 alone to reach a total member count of 185 million. The industry is estimated to add over 10 million new members annually over the next few years. This rapid growth in health club membership is one of the key drivers propelling the market forward. As more people join gyms and exercise facilities, the demand for high-quality cardio and strength machines, free weights, functional training equipment, and others is experiencing significant growth.
Market Opportunities:
Increasing number of fitness centers and fitness centers/gyms: Increasing health awareness among people globally coupled with busy lifestyle is leading more individuals to join fitness centers and fitness centers/gyms. With rising income levels, people are willing to spend more on maintaining fitness and health. The need to tackle obesity and promote healthy living has resulted in proliferation of fitness centers worldwide. According to International Health, Racquet, and Sportsclub Association, the number of fitness centers/gyms globally grew over 4% yearly during the 2015-2020 period. This growth is expected to accelerate in coming years due to continued rising health consciousness.
Emergence of online fitness training platforms: The rapid spread of online connectivity through smartphones and easy access to internet around the world has opened up new avenues for businesses to reach customers in innovative ways. The fitness industry which has traditionally relied on gyms and workout centers is well placed to leverage the possibilities of the digital domain. Online fitness training platforms are emerging as a promising disruption bringing personalized training experiences to people's homes.
In 2021, according to a study by Zenoti, 81% of fitness facility operators started offering virtual or on-demand classes due to the pandemic, thereby indicating the demand for remote options.
Market Restraints:
Figure 2. Global Fitness Equipment Market Share (%), By Equipment Type, 2023
Fitness Equipment Market Report Snapshots
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