Fitness equipment are used for physical exercises to manage overall weight, improve physical stamina, and develop muscular strength.
Fitness Equipment Market is expected to garner $12,885 million by 2022. Asia-Pacific is expected to witness the fastest growth, owing to increasing demand from developing countries such as India and China.
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The most commonly used cardiovascular equipment are treadmills, elliptical and stationary bike. They stimulate the heart rate, help in burning excess body fat and maintaining the overall health and fitness.
Strength training equipment are used to gain muscular strength and improve one’s appearance and personality. They comprise free weights and other strength machines.
Rising awareness regarding health & fitness, increasing obese population, Government initiatives for promoting good health, and increasing youth population are the major factors driving the global fitness equipment market. However, high cost of fitness equipment is a key restraining factor for the market.
Growing youth population, improved lifestyle, and rising disposable income of individuals in developing countries offer immense growth opportunities for the market players.
The report covers the study of the world fitness equipment market based on type, end user, and geography. Based on type, it is categorized into cardiovascular training equipment, strength training equipment, and other equipment.
On the basis of end user, it is classified into home consumer, health clubs/gyms, and other commercial users; other commercial users are further categorized into hotels, corporate offices, hospitals & medical centers, and public institutions. Geographically, the market is analyzed across four regions, namely North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East & Africa).
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The fitness equipment market is segmented based on type, end user, and geography. Based on end user, the market is segmented into home consumers, health clubs/gyms, and other commercial users.
The end user segment witnessed an upsurge in health clubs/gyms, owing to the growth in obesity rate and increase in health consciousness. In fact, the U.S. held the largest number of health clubs with the highest membership rates, followed by Brazil.
This segment is also expected to grow at a notable growth rate due to the increasing health awareness and favorable demographics, primarily in developing economies. Home consumers are the second highest revenue contributors to the fitness equipment market by end user.
The segment has the highest penetration in U.S. and is expected to witness healthy growth rates in Europe.
Cardiovascular training equipment is expected to remain the market leader throughout the forecast period on account of its greater penetration in developed markets such as the U.S. and Europe. Developing regions, such as Asia-Pacific and LAMEA is expected to witness the higher growth rates over developed regions on account of the increasing health consciousness, rise in disposable income and increasing obesity levels.
United States: The largest market for fitness equipment
The country exhibits the highest penetration of cardiovascular equipment across the world on account of high obesity rates and increased health consciousness. Moreover, the number of health clubs and memberships (number of members enrolled at these clubs) are also increasing at notable growth rates.
Research studies state that in 2015, approximately 26% of the total U.S. households with a household income of $100,000 or more, spent under $1,000 on home fitness equipment.
Adoption of cardiovascular equipment with advanced features is higher compared to the western European countries. Thus, increasing obesity rates and the rising spending on home fitness equipment is expected to drive the market of fitness equipment in the region.
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