The global fitness equipment market size is expected to value at USD 13.24 billion by 2022. The market is subject to witness a substantial growth due to the ever-growing urban population, increasing disposable income, particularly in the developing economies across the globe, and rising health consciousness among the general population. The fitness equipment is utilized to perform different types of exercises in regards to the physical wellbeing of the individual along with weight management, enhancing body stamina, and muscular strength of the individuals. Globally, the market is predicted to grow at CAGR of 3.6% in forecast period, providing numerous opportunities for market players to invest in research and development of the fitness equipment market.
The fitness equipment that are increasingly used include treadmills, standing bicycles, abs & fitness twister, roller slide, cross trainer, and weightlifting machines. Factors responsible for robust market growth in the fitness equipment industry, in the recent years, include large number of obese population, rising health consciousness among general population, and increasing popularity of fitness equipment among younger population. Numerous initiatives undertaken by private and government authorities to promote corporate wellness programs are predicted to drive the growth of fitness equipment market in the upcoming years. However, high initial cost and increase in the resale activities of used devices are predicted to restrain market growth to a certain limit. Yet, soaring demand from developing economies across the globe are predicted to boost the demand for the fitness equipment over the forecast period.
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Additionally, recent improvements and upgradation in the existing health security policies by local as well international authorities such as The United Nations (UN) and the World Health Organization (WHO) are expected to foster market in the near future. Increasing adoption of fitness equipment helps to prevent and monitor chronic diseases such as diabetes. Furthermore, increasing popularity of the fitness equipment in the developed economies is attributed to factors such as rising healthcare expenditure, and development of sports and nutrition programs and initiatives in order to encourage people belong to all ages, and backgrounds, thereby leading to active and healthy lifestyle.
This market is broadly categorized into three major types based on type of the device such as cardiovascular training, strength training, and body monitoring and analyzers. The strength training fitness equipment is considered as one of the fastest growing segment in the fitness equipment market with substantial revenue generation in the last couple of years. Growing popularity of the strength training fitness equipment segment kits is attributed to the growing demand form developing economies worldwide, rising young population and growing personal disposable incomes.
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Cardiovascular exercise market segment has also witnessed substantial growth owing to the increasing adoption on global scale coupled with rising commendation by physicians and healthcare professionals. Other factors playing major role in the rapid growth of the fitness equipment market, in the recent years include busy lifestyles and changing food patterns.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in the implementation of latest technologies for manufacturing of the fitness equipment, growing large obese and overweight population, rising amount of government regulations in order to encourage and promote health awareness among the citizens, and existence of well-established market players in the region.
Asia-Pacific region is predicted to hold major market share in the fitness equipment market with massive growth in forecast period. Countries such as India, China, Japan and South Korea are leading the Asia-Pacific market with rising health consciousness among general population, increasing personal disposable income, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the fitness equipment market are Amer Sports (Precor) Co., Brunswick Co., Cybex International Incorporations, Johnson Health Tech Co., Ltd., Nautilus Inc., Paramount Pvt., Ltd., Technogym Ltd., and Torque Fitness LLC.