The fitness equipment market size was estimated at USD 11.5 Billion in 2019 and is projected to hit USD 15.2 Billion by 2027, posting a 3.5 % CAGR from 2020 to 2027.
Fitness equipment is an exercise machine or tool necessary to control overall weight, enhance physical endurance, and build muscle strength. Treadmills, stationary bicycles, escalators, and weightlifting equipment are widely used fitness equipment. The significant factors driving the global fitness equipment industry are an increase in the number of obese people, rising health issues, and a growing youth population.
The COVID -19 pandemic has spread to nearly 100 countries across the globe since the outbreak in December 2019. The global impacts of the 2019 coronavirus disease (COVID-19) are already starting to be felt, and will affect the Fitness equipment market significantly in 2020. This report covers COVID-19 pandemic impact to fitness equipment market.
TRENDS INFLUENCING THE FITNESS MARKET SIZE:
It is projected that rising urban population and increasing health consciousness will drive the global fitness equipment market size during the forecast period.
Growing Health awareness-related government initiative programs is another factor that is expected to drive the fitness equipment market size. These initiatives are aimed at promoting and maintaining health by reduction of disease and death rates associated with an unhealthy diet.
Furthermore, the increase in the number of gym memberships, the rise in the sales of in-house equipment, and growth in the urban population have led to an increase in the fitness equipment market size.
Another reason for the rapid growth of the fitness equipment market size is the increasing population in developing countries. Developing countries’ age demographics like India, China, where the majority of the population consists of teenagers, generate opportunities for the fitness equipment market.
FITNESS EQUIPMENT MARKET SHARE
The category of cardiovascular training equipment accounts for the largest fitness equipment market share and is expected to rise during the forecast period with the highest CAGR.
Sedentary lifestyles and hectic timetables contributed to the use of workout equipment at home. Exercising at home using fitness equipment avoids money on a gym membership. The penetration of the exercise facilities for home use is the largest in the United States. This growing trend of working out at home has made the home fitness equipment occupy a significant market share. Furthermore, the impact of COVID-19 has allowed people to buy more home fitness equipment, which in turn is expected to increase the market share.Based on the region, North America is expected to hold the largest fitness equipment market share.
Asia-Pacific region is expected to witness the highest growth rate during the forecast period. Increasing disposable income and rapid economic growth in the Asia-Pacific region have resulted in sedentary lifestyles and increased fast-food consumption. This has, in turn, caused an unhealthy lifestyle. The prevalence of lifestyle diseases such as obesity, diabetes, heart disease, hypertension, and other bone diseases has also increased. Growing people’s understanding of the long-term effects of these diseases has inspired people to remain fit by working out in gyms and fitness centers. In addition, rapid urbanization in emerging economies, growing youth population, and rising disposable per capita income are expected to accelerate the region’s adoption of fitness equipment.
The market’s leading producers concentrate on exploiting prospects for developing Asia-Pacific markets, such as Thailand and India, on broadening their revenue base. Major players concentrate on increasing their global reach to cater to the consumer’s interests. Thus, expansion is one of the most preferred strategies in the fitness equipment market.