Fitness Equipment Market by Competitive Analysis, Demand and Global Outlook 2020 to 2030
Fitness
equipment is any device or gadgetry used during physical exercise to enhance
the effects of that particular exercise. The combination of exercise and
fitness equipment help in boosting immunity, improve muscle and bone strength
and manage BMI. Globally, more than 1 billion adults are overweight or obese.
Additionally 38 million children in 2019, as young as 5 years old, were found
to be overweight or obese. Worsening obesity problems worldwide, as well as,
growing ideal shift among the population are prime factors that have fostered
the growth of the fitness equipment market.
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Top Companies: Torque Fitness LLC, Cybex International Inc., Icon Health and Fitness,
True Fitness Technology Inc., Life Fitness, Nautilus Inc., Matrix Fitness, Amer
Sports Corporation, Johnson Health Tech and others.
The Fitness Equipment
Market is segmented on the basis of product type, end user and geography. Based
on product type, the market has been sub segmented into cardio equipment and
strength equipment. Cardio equipment has been further categorized into
treadmills, stationary bicycle, rowing machine and others Strength building
equipment has also been sub segmented into Weights, Extension Machines, Power
Racks, Barbells and Ladders etc. Based
on end user, the market has been segmented into household consumer such as
apartments and independent homes, Gyms/Health Clubs and other commercial users
like corporate offices, hotels and medical centers. In terms of geographical analysis
and breakdown the market is segmented into North America, Asia Pacific, Europe
and rest of the world.
Recent analysis
indicate that North America is leading in the global fitness equipment market
but is expected to be surpassed by the Asia Pacific region with the fastest
growing CAGR during the forecast period. The competitive nature of the global
fitness equipment market allows big players like Cybex International Inc., ICON
Health and Fitness, Johnson Health tech Co., Torque Fitness LLC and others to
exercise various innovative developmental activities to generate maximum growth
and extract more revenue even within the narrow profit lines.
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Strategic alliances between
manufacturers and corporate organizations is a commonly adopted strategy used
to maintain market dominance. The possession of commonly used fitness equipment
and strength building equipment is expected to increase due to the recent
inclination of people towards fitness and healthy lifestyles set in due to the
pandemic. Schemes from organizations like WHO that promote healthy life have
escalated the demand for fitness equipment. In the Asia Pacific region, the
rise of disposal income among the population has led to unhealthy way of
lifestyle. Rising cases of diseases such as diabetes, obesity etc have also propelled
the growth of the fitness equipment market in this region.
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