According to a new market report published by Industry Probe, the global fitness equipment market was valued at US$ 2.9 Bn in 2017 and is expected to expand at a CAGR of 6.7 % from 2019 to 2027.
New York, NY -- (ReleaseWire) -- 05/11/2020 --According to a new market report published by Industry Probe (www.industryprobe.com) titled 'Fitness Equipment Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027', the global fitness equipment market was valued at US$ 2.9 Bn in 2017 and is expected to expand at a CAGR of 6.7 % from 2019 to 2027. The global fitness equipment market was valued at US$ 2,960.2 Mn in 2019 and is expected to expand at a CAGR of 6.7 % from 2019 to 2027. Increasing awareness regarding health and fitness all over the world and the rising disposable incomes coupled with urbanization and industrialization has resulted in the growth of the fitness equipment market. Europe is expected to hold a largest market share in the global fitness equipment market in 2017 followed by North America and Asia Pacific. Asia Pacific is expected to be a key upcoming market for fitness equipment during the forecast period. The concept of preventive measures against chronic diseases has exercise as the main goal, driving consumers to the gym and various fitness centers. The market in Europe is anticipated to dominate the global fitness equipment market in revenue terms in the year 2017, and this trend is projected to grow throughout forecast period.
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The growth in fitness awareness has driven the growth of the fitness equipment market. Also, programs such as wellness festivals, cortisol-conscious workouts, upgraded gym amenities, and use of technologically advanced fitness equipment is driving growth of the market. As per OECD rates, Germany had 15% obesity rate in 2017. It is less as compared to the U.S (~35%). Individuals prefer a healthy and fit lifestyle with the use of technologically advanced products. Features offered by companies in fitness equipment such as connectivity between two equipment, and smart fitness trackers are expected to drive the growth of the market in the developed countries like Germany, U.K, U.S and others. More than one in four adults is obese in the United Kingdom, leading to the rise in number of gyms and fitness centers in the country. However, the high cost of commercial fitness equipment and their high maintenance cost are hampering the growth of the market. Moreover, people prefer other options such as swimming, aerobics, and yoga rather than physical exercise at the gym, which is also hampering the market growth.
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In terms of product type, cardio equipment are mostly preferred by gyms & health clubs as well as individual users due to fast results. Cardio fitness equipment stimulates the heart rate and builds endurance and helps in burning excess body fat. The exercise also reduces stress levels and strengthens the metabolism. Under the end-use segment, gyms/health clubs is expected to hold major market share and expand at a considerable rate during the forecast period. A steady rise in the number of gyms, fitness centers, and health clubs as well as a significant increase in their memberships supplements the growth of the fitness equipment market. This is expected to increase the market attractiveness of the gyms/health clubs segment during the forecast period.
In terms of distribution channel, the online distribution channel is expected to be the most attractive segment during the forecast period due to the preference of individuals toward online shopping. In terms of region, Europe holds a major share of the global fitness equipment market, followed by North America. Rapid change in consumer lifestyles due to busy working schedules and unhealthy food consumption drives the growth of the fitness equipment market. The fitness equipment market is dominated by several players who are focused on the development of new products to cater to the rising and shifting consumer preferences. The report includes the below mentioned pointers of major players operating in the fitness equipment market:
- Company Overview
- Market Share Analysis (2018)
- Product Innovation
- Business Strategies / Recent Developments
- Technological advancements
- Key mergers and acquisitions
- Expansion strategies
- Company Financials
Some of the major players covered under the scope include Amer Sports Corporation, Brunswick Corporation, ICON Health & Fitness, Inc., Impulse (Qingdao) Health Tech Ltd. Co, Johnson Health Tech Co., Ltd., Nautilus, Inc, TechnogymS.p.A, Torque Fitness LLC, Body-Solid Inc., and TRUE Fitness Technology, Inc.
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