Rising health initiatives and programs to combat the increasing instances of weight-related diseases is a major factor driving the fitness equipment market growth.
Fitness Equipment Market size is set to exceed USD 14 billion by 2024; according to a new research report.
The Australian government, for instance, promotes healthy eating habits and provides free gym memberships to the general population to combat diabetes and heart related diseases.
Approximately 38% of the adult population in the U.S suffers from obesity and the instances of childhood obesity is rapidly increasing.
The disease can lead to an increased chance of cancer, cardiovascular illnesses, childbirth problems, and asthma.
Rapid industrialization and urbanization, primarily in countries such as India and China, has led to an increase in pollution and the working population leading to a high-stress, sedentary lifestyle. Various gyms and health centers are providing customized programs and discount packages to their client base, further propelling the fitness equipment market size.
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Fitness Equipment Market, By Equipment
- Strength Training
Fitness Equipment Market, By End-Use
- Health Club
The above information has been provided on a regional basis for the following:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Growing health and fitness consciousness in North America
- Increasing corporate wellness programs and cross industry demand in North America
- Government healthcare initiatives and increasing geriatric population in Europe
- Increase in chronic diseases in Asia Pacific
- Rise in disposable income in Asia Pacific
- Industry pitfalls and challenges
- High cost of the equipment
- Growth of used fitness equipment market
Adoption of advanced technologies such as wearables, software tracking apps, and connected devices is revolutionizing the fitness equipment market. The penetration of smartphones and the internet connectivity across the world has led to the advent of personal AI trainers and mobile trackers that can monitor body movement.
Corporate wellness programs are anticipated to exhibit a high growth during the forecast timespan. Organizations having strong financial resources, such as Verizon, Google, and Fitbit, are constructing on-site gyms that are available 24*7 and have dedicated trainers.
The Indian government, for instance, has issued orders for setting up gyms in every department to relieve the stress levels of ministers and officials.
The cardiovascular equipment market is anticipated to dominate globally with approximately 5% CAGR from 2017 to 2024. Modern cardiovascular devices are equipped with body vital trackers and software apps that can be connected to the consumers? smartphones or handheld devices.
Furthermore, the high emphasis on weight-loss and leaner body figure is escalating the fitness equipment market demand.
The home fitness equipment market segment is projected to experience high growth over the forecast timespan. Home gyms boost privacy, eliminate the inconvenience of commuting, and are cost effective in the long run.
Furthermore, consumers are more likely to purchase cardiovascular equipment as they are durable and provide more functionality to the user.
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Rising disposable income of the middle-class population is a major factor propelling the growth of the Asia Pacific fitness equipment market. Additionally, an increasing number of organizations are identifying the benefits of providing corporate wellness programs to their employee base.
Government initiatives to improve the health of the citizens is creating growth opportunities for the industry.
Players operating in the global fitness equipment market include Brunswick Corporation, Amer Sports, HOIST Fitness Systems, Nautilus, Inc., Torque Fitness, True Fitness,. The industry is characterized by many new entrants investing heavily in the development of this technology, primarily small strength training equipment such as free weights.
The industry is moving towards consolidation, with a number of mergers and acquisitions seen in the past few years; for instance, the acquisition of LeMond by HOIST systems to expand their product offerings.
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