Fitness Equipment Market, By Equipment Type (Cardiovascular Training Equipment, Weight Training Machine, and Weight Lifting Machine), By End User (Fitness Centers/Gyms, Home/ Individual, and Others), By Distribution Channel (Offline and Online), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa) is estimated to be valued at US$ 13.18 Bn in 2023 and is expected to exhibit a compound annual growth rate (CAGR) of 4.9% during the forecast period (2024-2031), as highlighted in a new report published by Coherent Market Insights.
Fitness equipment including treadmills, stationary bicycles, weightlifting machines, and other home and commercial exercise equipment that are used to maintain physical fitness and body strength. These equipment aid in cardio and strength training which helps in weight management and improves the overall health. The growth of the fitness equipment market is primarily driven by rising health awareness among consumers and growing obesity concerns worldwide. Rapid urbanization coupled with less time for outdoor activities has further prompted consumers to use fitness equipment for workout within the comfort of their homes or fitness facilities. Busy lifestyles have augmented the adoption of advanced digital fitness machines that track metrics like heart rate, calories burned, walking/running distance by using smartphone apps, thereby supporting the market growth till 2031.
Global Fitness Equipment Market– Impact of Coronavirus (COVID-19) Pandemic
Global fitness equipment market has been significantly impacted by the COVID-19 pandemic. The pandemic has led to an increased emphasis on good health and fitness, resulting in a surge in the demand for fitness equipment, especially for home use. As people sought to maintain personal health and fitness during the lockdowns and restrictions, the home gym market experienced substantial growth. The outbreak of the pandemic fueled the demand for virtual gym and yoga classes, thereby leading to an increased demand for residential gym equipment such as dumbbells, kettlebells, resistance bands, spin cycles, and treadmills.
This led to many people investing in home gym equipment to keep their health in check. Working out also became a way of bringing down the stress levels while also boosting immunity amidst the rapid increase in coronavirus cases. Many people ended up buying treadmills, cycles, dumbbells, resistance bands, and more to assist with enhancing the effectiveness of their workouts. These equipment also were helpful during virtual classes that a majority of the people opted for due to closure of gyms and fitness centers. These efforts helped propel the growth of the market amidst the pandemic. The importance of a healthy lifestyle and routine exercise has not stopped with the spread of COVID-19 but has instead changed dramatically. Many people seek to reduce stress thus adopting healthy routines during the lockdown imposed by the government to restrict the spread of the coronavirus disease. The purchase of fitness equipment has increased during the pandemic. As the health complications have increased, people have started opting for exercise, cardio exercise, and yoga to boost their immunity, thus leading to the increased demand for residential gym equipment. Therefore, the importance of good health has skyrocketed, thus driving the growth of the market.
Key Developments
- In May 2021, HRX, a popular athleisure brand from India, announced its plans to launch a plethora of workout gear and equipment to make home workouts easier. The products range from skipping ropes, kettlebells, and even yoga mats.
- Strength Master Fitness Tech Co., a pioneer in the manufacture of fitness equipment, unveiled its new product –LifeSpan TM7050 electric treadmill, at the Taiwan Excellence’s 2021 Smart Fitness Online Product Launch. The equipment contains a vast array of features such as Bluetooth speakers, a 10-inch screen to watch videos on as well as a mirroring feature.
- In December 2020, Amer Sports announced that it had entered into an agreement with Peloton Interactive Inc., a NASDAQ-listed, leading interactive fitness platform, for the contemplated sale of precor in a transaction valued at US$420 million. Amer Sports, Inc. is a Finland-based multinational sporting equipment company.
Browse 24 Market Data Tables and 28 Figures spread through 150 Pages and in-depth TOC on “Global Fitness Equipment Market”- Forecast to 2031, Global Fitness Equipment Market, By Equipment Type (Cardiovascular Training Equipment, Weight Training Machine and Weight Lifting Machine), By End-user (Fitness Centers/Gyms, Home/ Individual, and Other commercial Organization), By Distribution Channel (Offline and Online), and By Region (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
Link: https://www.coherentmarketinsights.com/market-insight/fitness-equipment-market-3501
Key Takeaways of This Market:
- Global fitness equipment market is expected to exhibit a CAGR of 90% during the forecast period.
- Product launches and mergers & acquisitions are common strategies followed by major market players in the fitness equipment industry. North America dominated the fitness equipment market in 2023, with a share of 39%, driven by growing health awareness and increased adoption of healthy lifestyles.
- Major players operating in the market are Brunswick Corp, Technogym SpA, Nautilus, Inc, Amer Sports Oyj, Health & Fitness, Inc., TRUE Fitness Technology, Inc., SportsArt Fitness, Inc., Iron Grip Barbell Company, The Kurt J. Lesker Company, and Adidas AG
