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Global gym equipment market forecast 2016-2024 scrutinized in new research

Global gym equipment market forecast 2016-2024 scrutinized in new research

Rising health concerns and growing fatalities of chronic diseases are the major factors driving the growth of gym equipment market. Government and corporate initiatives to encourage people to adopt healthier lifestyle has also been impelling the growth of gym equipment market.

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SUMMARY

WiseGuyReports published new report, titled “Global Gym Equipment Market Outlook”.

Market Overview 

Gym equipments Make an Inquiry about this news are the major part of health and fitness industry, mainly used for improvement of stamina, weight management and to develop muscular strength. Cardiovascular equipments such as treadmills, stationary bikes among others are commonly used equipments in gyms as they are very helpful in burning fat and maintaining overall health and fitness.

Strength training equipments are used in gyms to increase muscular strength and to improve individual's personality and appearance.

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Numerous corporate are providing their employees memberships and discounts in various gyms to promote healthy lifestyle. For instance, more than 70% of the large companies in United States are proving gym services in their offices and offering wellness programs for their employees.

Big players of fitness industry such as fitness equipment manufacturers and gyms are acquiring businesses to sustain market competition and to maintain their strong presence in the market. For instance, Gold's Gym, world's leading chains of fitness centers, acquired the Rush Fitness Complex in 2015, a regional gym in Carolina boasting 23 clubs.

Manufacturers of gym equipments are also adopting merger and acquisitions as their business strategies. In 2016, Brunswick, a leader in the fitness, marine and billiards industry, acquired Cybex, Indoor Cycling Group and SciFit, which are the well-known brands of fitness equipment market. 

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Market Segmentation 

  • By Product Type 

o Cardiovascular Training Equipment 
§ Treadmills 
§ Elliptical 
§ Stationary bike 
§ Rowing machine 
§ Others 

o Strength Training Equipment 

  • Squat Rack. 
    § Barbells 
    § Bench Press. 
    § Incline bench press 
    § Dumbbells 
    § Other 

o Other Equipment 

  • By Distribution Channels 
    o Offline Channels 
    o Online Channels 

Growth Drivers and Challenges 

Rising awareness among people towards growing pervasiveness of chronic diseases and the major role played by the unhealthy lifestyle on inducing them is the major factor boosting the growth of global gym equipment market. In the era of digitization, consumers are demanding for more innovative and improved equipments to monitor and enhance their performance.

Companies are compelled by the consumer demand and are more focusing on innovations to serve future market. Strength training equipments are expected to become more prominent in nearby future owing to trends of having regular workout regimens becoming more popular among the global population.

Government initiatives are also playing an important role in the growth of gym equipment market. For instance, Australian government promotes campaigns encouraging people for healthy food habits and providing free gym memberships to the general population to combat chronic diseases such as diabetes and heart related diseases.

However, high cost of gym equipments expected to hinder the growth global gym equipment market. High cost of gym equipments moved new start-up gyms and fitness centers to buy second-hand equipments and considerable demand to resale products can be seen among smaller fitness establishments for upgrading their equipments and hampering the sales growth of new gym equipments. 

Market Size and Forecast (2016-2014) 

The global gym equipments market is expected to boost at a CAGR of 4.2% over the forecast period i.e. 2016-2024. The global gym equipment market is accounted for USD 8.7 billion in 2015 and anticipated to reach USD 12.1 billion by 2024.

The global gym equipment market is expected to grow significantly over the forecast period owing to rising health concerns among consumers. 
North America region is expected to dominate the global gym equipment market with more than 35% market share in terms of equipment sales. North America accounts for more than 150,000 health clubs with more than 130 million active members.

North America gym equipments market is driving on the back of rising obesity rates and growing spending over gym equipments. North America is closely followed by the Europe with more than 25% market share in global gym equipment market.

Germany and U.K are the major regions contributing to largest revenue share in Europe's gym equipment market. Europe is generating revenue from more than 45,000 fitness centers and nearly 41 million active members.

Asia-Pacific region is expected to be the fastest growing market owing to rapid urbanization in developing countries. Chine is the largest market with more than 2,600 operational health clubs with more than 3.5 million members.

Australia and New Zealand collectively accounts for more than 3,000 health clubs and more than 2.1 million active memberships.

Key Market Players

  • Brunswick Corporation 
    o Synopsis 
    o Business Strategy 
    o Product Portfolio 
    o SWOT Analysis 
    • Jordan Fitness 
    • Impulse Health Tech Co Ltd 
    • Matrix Fitness 
    • Promaxima Manufacturing 
    • Rogue Fitness 
    • Legend Fitness 
    • Precor Incorporated 
    • ICON Health & Fitness 
    • Hoist Fitness Systems. 
    • Nautilus 
    • Paramount Health Group 
    • Precor 
    • Technogym 

Market Segmentation 

The global gym equipments market is segmented as follows: 
• By Product Type (Market Size, Demand Analysis and Growth Analysis) 
• By Distribution channels Type (Market Size, Demand Analysis and Growth Analysis) 
Global Gym Equipments Market Report covered insights of below mentioned regions: 
• North America (U.S., Canada) {Market Size, Growth Analysis and Opportunity Analysis} 
• Latin America (Argentina, Mexico, Brazil and Rest of Latin America) {Market Size, Growth Analysis and Opportunity Analysis} 
• Europe (Germany, Italy, Spain, France, The U.K., Netherlands, Sweden, Hungary, Russia, Poland, Rest of Europe) {Market Size, Growth Analysis and Opportunity Analysis} 
• Asia-Pacific (China, India, Singapore, Japan, Australia, New Zealand, South Korea and Rest of Asia Pacific) {Market Size, Growth Analysis and Opportunity Analysis} 
• Middle East and North Africa (MENA) {Market Size, Growth Analysis and Opportunity Analysis} 
• Rest of World {Market Size, Growth Analysis and Opportunity Analysis} 

..CONTINUED

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