Rapidly growing urbanization and industrialization have led to an increase in pollution, work hours, and unhealthy eating habits resulting in drastically increased stress and other health issues. This has increased gym membership amongst the working population. Moreover, there is an increase in health awareness among the global geriatric population, predominately in the Asia Pacific and Europe regions, causing the baby boomer generation to enroll in specialized gyms and health clubs.
As per the report "Fitness Equipment Market by Type (Cardiovascular Training Equipment (Treadmills, Elliptical, Stationary bike, Rowing machine), Strength Training Equipment and Others Equipment),by End User (Home Consumer, Hospitals & Medical Centers, Corporate Offices, Hotels, Other Commercial Users), Industry trends, Estimation & Forecast, 2016 - 2024", the fitness equipment market was valued at $10.2 billion in 2016, and is projected to reach $13.8 billion by 2024, growing at a CAGR of 4.1% from 2017 to 2024. In 2016, the cardiovascular segment held the highest revenue share in the global fitness equipment market.
Among major regions, North American fitness equipment market was the highest revenue generating market valued at $4.1 billion in 2016.
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Cardiovascular Equipment market segment generated the highest revenue of $5.8 billion in 2016
The cardiovascular equipment market is anticipated to dominate globally with a CAGR of 4.1% from 2017 to 2024.
Modern cardiovascular devices are improved with body vital trackers and various software applications which can be connected to the smartphones or handheld devices of the consumer. Moreover, a rising concern of weight-loss and trend of lean body figure is boosting the fitness equipment market demand.
Treadmill market generated the highest revenue of $2.8 billion in 2016 owing to its easy operation and high demand.
The Health Club fitness equipment market segment held nearly 45% of the total market share in 2016
The health club fitness equipment market segment garnered a revenue of $4.5 billion in 2016 and is expected to grow at the highest CAGR of 4.8% during the forecast period, as a result of changing lifestyle coupled with awareness among the people. Furthermore, the home fitness equipment market segment is also projected to experience high growth over the forecast time span as a result of higher privacy, elimination of inconvenience and cost effectiveness in the long run.
Moreover, consumers are observed to purchase more cardiovascular equipment as they are durable and provide more functionality to the user.
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