The rise in individual disposable income in developing countries is expected to offer huge opportunities to market players
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, UNITED STATES, July 14, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research, titled “Fitness Equipment Market by Type and Endpoint User: Global Opportunity Analysis and Industry Forecast, 2020–2027”, the global fitness equipment market size was $11.5 billion in 2019 and is projected to reach $15.2 billion by 2026, registering a CAGR of 3, 5% from 2020 to 2027.
Mid-priced cardiovascular fitness equipment with smarter exercise tracking and entertainment features is expected to attract more buyers in developing countries such as India and China due to price sensitivity. However, developed markets are expected to be driven by high-end equipment with advanced and sophisticated user engagement and tracking functionality
Some of the key players in the fitness equipment market analysis include ICON Health & Fitness, Inc., Brunswick Corporation, Johnson Health Tech Co., Ltd., Technogym SpA, Amer Sports Corporation, Nautilus, Inc., Core Health and Fitness, LLC , TRUE Fitness Technology, Inc., Impulse (Qingdao) Health Tech Co., Ltd., and Torque Fitness, LLC.
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Fitness equipment is widely used for physical fitness, weight control, and improving physical endurance and muscle strength. Common fitness equipment includes treadmills, stationary bikes, stair climbers, and weight machines. Rising health and fitness awareness, increasing obese population, government initiatives to promote healthy lifestyles, and increasing youth population are the major factors driving the growth of the global fitness equipment market. However, counterfeiting of fitness equipment is a key restraining factor of the market. On the contrary, it is expected that the increase in the number of youth, improved lifestyles and growth in disposable income of individuals in developing countries will offer huge opportunities to market players.
The alarming rise in global obesity, especially in urban areas, is fueling the growth of the fitness equipment market. According to the WHO, there has been a staggering increase in the number of obese people worldwide. In 2016, 39% of the world’s adults over the age of 18 were overweight, and 13% were obese. Obesity is associated with numerous health problems or disorders such as sudden cardiac arrest, hypertension, hypotension and diabetes. Therefore, to lose weight, reduce stress and improve circulation, obese people tend to use more fitness equipment, thus increasing the sales of these products.
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The global fitness equipment market is segmented by type, end user, and region. Based on type, the fitness equipment market is categorized into cardiovascular training equipment, strength training equipment, and other equipment. The cardiovascular training equipment segment is divided into treadmill, elliptical, stationary bike, rowing machine, and others. By end user, the market is segmented into home users, health club/gym and other commercial users. The home consumer segment is further fragmented into home, apartment, and in-home gyms, while other commercial users are divided into hotel, corporate office, hospital and medical center, and public institutions.
KEY FINDINGS OF THE STUDY
North America dominates in terms of fitness equipment market share and is expected to maintain its dominance during the forecast period.
In 2018, by type, the cardiovascular training equipment segment is leading in terms of market share and is expected to gain market share in the coming years
The home consumer segment accounted for about one-third of the fitness equipment market share in 2018, however the health club/gym segment is poised to grow at the highest CAGR during the forecast period.
The health club/gym segment is expected to gain market share in the coming years and is estimated to grow at a CAGR of 4.1% during the forecast period.
On the basis of region, Asia Pacific is expected to grow at a robust CAGR of 6.6% during the forecast period.
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Companies can operate in a highly competitive market by launching new products or updating versions of existing products. Partnership/collaboration agreement with key stakeholders is expected to be a key strategy to sustain in the market. In the recent past, many leading players have opted for product launches or partnership strategies to strengthen their foothold in the market. In order to understand the key trends in the market, the strategies of the leading players are analyzed in the report.
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