Increasing sedentary life-style is driving the demand for fitness equipment across the world. Also, rising variety of fitness service providers and facilities are fueling the expansion of the fitness equipment market. Service suppliers are providing packages and reductions for weight loss packages to attract most shoppers.
Revenue of the market is projected to surge with a rise in the client base of these fitness facilities. Growth within the prevalence of cardiovascular diseases is also providing an impetus to the demand for fitness equipment.
Surge in awareness regarding lifestyle-led ailments is compelling people to resort to bodily workouts, which is anticipated to expand the fitness equipment market size.
Fitness Equipment Market Trends
Increasing Number of Gyms & Fitness Clubs:Sedentary lifestyle, restricted or no time for physical activities, and consumption of junk meals are liable for obesity across the globe. Rising prevalence of weight problems is certainly one of the major factors fueling the growth of the global fitness equipment market, especially in developed regions such as Europe.
Increase within the variety of gymnasiums and fitness service providers providing various packages and reductions for weight reduction and related programs have elevated the shopper base. All these factors are creating a constructive impression on the growth of the fitness equipment market, particularly in Europe.
The population throughout the globe is now aware of various ailments caused by a sedentary life-style. Key players operating in the international fitness equipment market are coming up with new retailers and chains of fitness golf equipment and spas. This is prone to positively influence membership subscriptions, which is ready to finally enhance the expansion of the fitness equipment market over the projected interval.
Rising Incidence of Diseases Leading to Increased Focus on Fitness:Increasing incidents of cardiovascular ailments, diabetes, and osteoarthritis is a serious concern all over the world. According to the World Health Organization, heart problems is likely one of the major causes of deaths. However, many organizations are selling a healthy way of life through sports.
As a outcome, an rising variety of individuals are actively engaged in bodily activities such as signing up for workout packages and packages, or simply exercising independently. This is driving the growth of the fitness equipment market.
With economies rising rapidly, retail chains are additionally expected to exhibit substantial revenue growth over the forecast interval. As a substantial percentage of the total revenue from sales of fitness equipment comes from organized retail chains, the expansion of the fitness equipment market is anticipated enhance within the coming years.
Fitness Equipment Market Restraints
There is problem in procuring parts/components utilized for fitness equipment corresponding to heart fee grips, LED consoles, deal with bars, pressure knobs, motors, and so forth, and most of these are advanced to repair. This ends in substitute of the entire unit, rising overall maintenance costs. This issue is estimated to restrain the growth of the fitness equipment market in the near future.
At current, lots of people are inclining towards workout routines corresponding to dancing, aerobics, Pilates, and yoga, which require minimal use of fitness equipment. This has made fitness clubs purchase much less equipment and supply more & extra open areas. This is further expected to hinder the expansion of the worldwide fitness equipment market.
Regional Outlook of Fitness Equipment Market
North America, comply with by Europe, lead the global fitness equipment market share. At present, collectively, both these regions maintain around60%of the market share. However, over the forecast period of2020to2030, the fitness equipment market within the Asia Pacific region is set to expand at the quickest tempo, witnessing rising demand as the years go by.
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COVID-19 Impact on Fitness Equipment Market
The COVID-19 pandemic has wreaked havoc across the world. GDP development worldwide was already not nice, and this outbreak has further worsened the state of affairs. Restrictions on commerce, export, and manufacturing actions have led to produce chain disruptions.
Besides, with the shutting down of non-essential services across the world to include the virus spread, gymnasiums and health clubs have been badly affected, resulting in sluggish growth of the fitness equipment market. As lockdowns slowly ease the world over, market development is anticipated to choose tempo.
A study on the global fitness equipment market has led our analysts to conclude that, the market is poised to increase at a CAGR of around4%over the forecast interval of2020to2030. Though North America and Europe dominate the market, gamers in the fitness equipment market can look toward the quickly rising market in Asia Pacific for increased income.
Fitness Equipment Market: Segmentation
PMR’s research study on the worldwide fitness equipment market provides an in depth market evaluation, whereby, key segments have been mentioned in detail. The segmentation of the fitness equipment has been offered on the basis of application, end use, distribution channel, and area. Every section has been analyzed intimately, and data pertaining to the expansion of every segment has been included in the study.
* Cardiovascular Training Equipment * Treadmills
* Stationery Bicycles
* Stair Climbers
* Elliptical Machines
* Cross-country Ski Simulators
* Weight Training Equipment * Weight Lifting Machines
* Bars & Weights
* Various Types of Benches
* Indirect * Hypermarkets/Supermarkets
* Specialty Stores/Sports Chain Outlets
* Multi-brand Stores
* Discount Stores
* Independent Departmental Stores
* Sports Stores
* Online Retailers
* North America
* Latin America
* South Asia
* East Asia
Fitness equipment Market: Key Questions Answered
The research study offers inclusive insights concerning the progress of the Fitness equipment market in probably the most comprehensible method for the better understanding of readers. Key insights provided on this report answer a few of the salient questions that help stakeholders in gauging all emerging potentialities.
* How have quickly changing consumer perspectives acted as a significant growth engine for the fitness equipment market?
* How does e-Commerce boosted the growth of the fitness equipment market?
* Do omni-channel ideas assist companies grow in the world fitness equipment market?
* What are the key developments which are constantly shaping the expansion of the fitness equipment market?
* Which are the distinguished areas offering plentiful alternatives for the market?
* What are the differential methods adopted by key gamers to command a big chunk of the worldwide market share?
– Companies Covered in This Report –
* Brunswick Corporation
* Technogym S.p.A.
* ICON Health & Fitness, Inc.
* Nautilus, Inc.
* TRUE Fitness Technology, Inc.
* Core Health and Fitness, LLC
* Precor Incorporated
* Johnson Health Tech Co., Ltd.
* Amer Sports Corporation
* SportsArt Fitness, Inc.
* Cybex International
* Torque Fitness, LLC
* Vectra Fitness
* Woodway USA, Inc.
* Fitness World
* HOIST Fitness Systems