Global Fitness Equipment Market is reach USD 16.47 Billion with anticipated CAGR of 5.14% for 2022-2027: Bonafide Research

Clifton, New Jersey, May 26, 2023 (GLOBE NEWSWIRE) -- The fitness equipment industry is going through an impressive transformation driven by a strong focus on innovation and technological advancements. As people increasingly prioritize their health and wellness, the demand for cutting-edge fitness equipment has reached unprecedented levels. This industry has witnessed rapid changes to meet the growing desire for overall well-being and individuals taking charge of their health. Recognizing this trend, leading companies have invested heavily in research and development, aiming to constantly improve and push the boundaries. The outcome is an incredible range of fitness equipment that seamlessly incorporates advanced features like artificial intelligence, virtual reality, and personalized tracking systems. These technologies not only enhance the workout experience but also help users set and achieve their fitness goals more precisely and efficiently. Additionally, there has been a strong focus on ergonomic design, prioritizing user comfort, safety, and biomechanical efficiency. Equipment now offers adjustable seating positions, optimized range of motion, and careful engineering to support proper posture, reduce the risk of injuries, and maximize the effectiveness of each exercise. Moreover, the use of durable and high-quality materials ensures the equipment's longevity, allowing both fitness centers and individuals to make long-term investments in their fitness equipment.

The global rise in obesity rates and lifestyle diseases such as diabetes and cardiovascular disorders has prompted individuals to invest in fitness equipment for convenient and regular exercise. Fitness equipment provides a convenient solution for people to engage in physical activity within the comfort of their own homes or at fitness centers. The increasing number of fitness centers and gym memberships globally is driving the demand for fitness equipment. As more individuals prioritize fitness and seek professional guidance, fitness centers invest in a wide range of equipment to cater to the diverse needs of their members, including cardio machines, strength training equipment, and specialized training systems. In addition to that, urbanization has led to sedentary lifestyles characterized by long working hours, limited physical activity, and increased reliance on technology. As a result, individuals are seeking ways to incorporate exercise into their daily routines, leading to a surge in the demand for fitness equipment that allows them to exercise conveniently at home or in fitness facilities. Also, the aging population, particularly in developed countries, has created a demand for fitness equipment that caters to the specific needs of older adults. There is a growing emphasis on active aging and maintaining fitness levels among seniors, driving the demand for specialized equipment that promotes mobility, balance, and overall well-being.

Key Takeaways:

• North America has been observed as the largest market with a 38.2% share in 2021, being the hub of manufacturing fitness equipment.
• The strength training equipment segment possesses a robust market presence with an estimated 3.85% CAGR for 2022–2027, owing to more consumers being attracted by the product's ability to increase muscle mass and flexible joints.
• The treadmill segment is leading the market with USD 1848 Million in 2021 whereas resistance bands & tubes are growing at 6.17% CAGR by 2022-2027.
• With the recent technological advancements, such as wearable self-monitoring and virtual group exercises, the residential segment is expected to reach USD 7522 Million by 2028.

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Many organizations are recognizing the importance of employee health and wellness. Corporate wellness programs are becoming more prevalent, offering opportunities for fitness equipment providers to supply gyms and fitness facilities within corporate offices. This includes equipment suitable for office gyms, such as compact treadmills, standing desks, and exercise bikes, promoting physical activity and well-being during work hours. With that, the rise of health and wellness tourism presents an opportunity for fitness equipment providers. Fitness centers and hotels catering to health-conscious travelers often require high-quality fitness equipment to meet the needs of their guests. Collaborating with wellness resorts and fitness retreats can open up new avenues for market expansion and brand exposure. There is a growing demand for eco-friendly and sustainable fitness equipment. Consumers are increasingly conscious of the environmental impact of their purchasing decisions and seek equipment made from recycled materials, energy-efficient designs, and sustainable manufacturing processes. The fitness equipment market is susceptible to counterfeit products and intellectual property infringement. Unauthorized manufacturers are producing imitation products that mimic popular brands, leading to brand dilution, reputational damage, and loss of market share. Protecting intellectual property rights and combating counterfeit products is a significant challenge.

Fitness equipment can be expensive, especially high-end and advanced models. Also, the high initial cost of purchasing fitness equipment is acting as a restraint for some consumers, particularly those with limited financial resources or budget constraints. This cost barrier is limiting the market reach and adoption of fitness equipment, especially in price-sensitive markets. Fitness equipment, particularly larger and bulkier machines, require ample space for installation and use. Limited space in homes, apartments, or commercial fitness facilities can be a restraint, preventing individuals or fitness centers from investing in certain types of equipment. Storage constraints also pose challenges, especially for home users who may not have dedicated workout areas. Fitness equipment requires regular maintenance and occasional repairs to ensure optimal performance and longevity. These maintenance and repair costs add up over time, particularly for commercial fitness facilities with a large inventory of equipment. While fitness equipment offers a range of features and settings, it still has limitations in terms of customization and personalization. Each individual has unique fitness goals, body types, and preferences, and not all equipment can cater to these specific requirements. This lack of customization also impacts the user experience and limits the effectiveness of the equipment for some individuals.

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Historically fitness equipment was only limited to weight training and some cardio equipment which are mostly used in health clubs and gyms. With the passage of time, a number of changes have been observed in the fitness habit of consumers at a global level. This change in fitness habits has led to the creation of a wide range of fitness equipment. The fitness equipment market has been getting broader verities of innovative equipment being manufactured by the existing players as well as the new players coming into the market. The trend toward home fitness has gained momentum, especially in the wake of the COVID-19 pandemic. There is a growing demand for compact, versatile, and user-friendly fitness equipment that individuals can use in the comfort of their homes. Additionally, there is an opportunity to provide personalized fitness solutions, such as connected equipment that offers customized workout programs and tracking features tailored to individual needs. With health awareness and fitness getting into the list of consumers' habit, their attitude towards bringing change in daily routine have been experienced. There are scenarios when due to hectic schedules and busy work life; many people are unable to make it to the gym every day. Things are getting changes with the advancement of technologies; also it is affecting the fitness industry. Also, fitness equipment is incorporating advanced biometric sensors and health monitoring capabilities. These sensors can track heart rate, calories burned, sleep patterns, and other health metrics, providing users with comprehensive data insights and personalized recommendations.

One such technology that is making its way into the fitness industry is virtual reality in fitness. With VR in fitness, people are not only getting attracted to it, but it is also letting them fight out the boredom associated with daily exercise. Working out in front of the television with loud music on till now was considered to be a joyful workout. Now, technology has removed the geographical barrier to fitness, now people can exercise in an entirely different world. The new form of workout in the form of virtual reality and augmented reality is viewed as the future of fitness. Many gyms and health clubs in developed countries are already implementing it to make workout fun for members and also increase their profits. The inclusion of wearable fitness devices like Fitbit and the Apple Watch has allured the attention of fitness freak consumers. From being luxurious items it has now become a fashion statement, these wearable are now accessible and widely used. The excitement of performing exercises in gyms to get more intensified with advancements in the wearable tech market resulting in improved fitness experiences. Gyms can now monitor users’ activities, and by using the resulting data,  give exercisers quantifiable results to let them know if they are on the right track or not.

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Individuals are becoming more aware of the importance of cardiovascular fitness in maintaining overall well-being. Cardiovascular exercise helps improve heart health, strengthen the cardiovascular system, and manage weight. This awareness has led to an increased interest in cardiovascular fitness equipment. As the global population ages, there is a growing focus on maintaining cardiovascular health to support healthy aging. Older adults are increasingly adopting regular cardiovascular exercise as part of their lifestyle, leading to increased demand for age-friendly and low-impact cardiovascular fitness equipment. Regular cardiovascular exercise is seen as a preventive measure to reduce the risk of chronic conditions such as heart disease, obesity, and diabetes. This increased focus on preventive healthcare has boosted the demand for cardiovascular fitness equipment. Treadmills are one of the most popular cardiovascular equipment types. They simulate walking or running, offering adjustable speed and incline settings to provide a customizable workout experience. Further, stationary bikes come in different variations, including upright bikes, recumbent bikes, and spin bikes. They simulate the experience of outdoor cycling and provide cardiovascular benefits while targeting the lower body muscles. Other Cardiovascular Equipment category includes a range of other cardiovascular equipment types such as arc trainers, ski machines, step mills, and versa climbers. These machines offer unique cardiovascular workouts and are often found in specialized fitness facilities or as part of a diverse cardio equipment selection in commercial gyms.

However, fitness centers and commercial gyms play a significant role in driving the demand for strength fitness equipment. These establishments invest in a wide range of strength training equipment to cater to their members' needs. The increasing number of fitness centers and the growing popularity of gym memberships have contributed to the growth of the strength fitness equipment market. The trend of strength training has transformed over the years from just being weight oriented to a number of innovative training with the inclusion of free weight and endurance training. For instance, dumbbells are incredibly versatile strength training tools. They can be used for a wide range of exercises, targeting different muscle groups. From basic movements like bicep curls and shoulder presses to compound exercises like lunges and bench presses, dumbbells provide numerous options for varying the intensity and targeting specific areas of the body. Their versatility appeals to individuals of all fitness levels and goals. Dumbbells also align with the trend of functional training, which focuses on movements that mimic real-life activities. Functional training emphasizes the development of strength, stability, and coordination for everyday tasks and sports performance.

Strength equipment is also used in sports training facilities for athletic performance enhancement. These facilities focus on strength and conditioning training programs tailored to specific sports and athletes. Strength equipment in sports training facilities is designed to improve power, agility, and overall athletic performance. Educational institutions such as colleges, universities, and schools may have strength equipment as part of their fitness facilities. These facilities cater to students, faculty, and staff, providing access to strength training for general fitness and wellness purposes. With the increasing popularity of home fitness, there is a growing market for strength equipment among home users. Home users include individuals who prefer to work out in the comfort and convenience of their own homes. Home strength equipment allows users to set up their personal workout spaces, providing access to strength training without the need to visit a gym.

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The rising prevalence of obesity and associated heart diseases across the North American region has undoubtedly, enunciated the need for fitness equipment thus supporting the expansion of the North American fitness equipment market. Speaking of the rising obesity rate, the Centers for Disease Control put forth obesity statistics for the United States. It was observed that the prevalence of obesity in U.S. adults was somewhere around 42 percent, which has opened gates for umpteen heart diseases, high blood pressure, type 2 diabetes, and depression. To cut on the rising count and incidences of such diseases, users in North America are incorporating strength training and cardiovascular workouts in their daily routine, escalating the demand for fitness equipment. Also, strength training has always been a priority for people who have been looking forward to losing extra inches while also attaining immunity. The demand for robust strength training equipment for enhancing joint flexibility and bone health will, to a much larger extent, support the prolific growth of the fitness equipment market across North America. In fact, the American Heart Association has been laying immense focus on practicing strength training at least twice a week.

European countries have the trend of larger gyms, more members, and lower prices have been the factor experienced in the growth of the fitness equipment segment in the region. Health and fitness clubs the major revenue generator have been very attractive to investors. Developing commercial fitness centers and the trends of boutique gyms have led fitness equipment manufacturers to make the market competitive. Some of the major fitness equipment manufacturers in the European market are Core Health & Fitness, Johnson Health Tech, Tunturi's new fitness BV, Body Solid Europe, Exigo, Torque Fitness LLC, etc. In addition, increased awareness about fitness and its related health benefits drives the adoption of fitness equipment, especially through gym memberships and in-home equipment sales. Initiatives, such as corporate wellness programs, contribute to the growth of the fitness equipment market. Further, the number of fitness centers at super specialty hospitals has increased due to the supportive government measures to promote health awareness, thereby further supplementing the demand for fitness equipment.

Asia-Pacific has emerged as one of the most promising markets for fitness equipment in the last couple of years. The region currently is standing at the third position in the overall fitness equipment market. People in the region have a higher attraction towards athletic & resistance training with the trend of getting a lean fit body. The market has emerged with several growing fitness equipment manufacturing companies some of the prominent companies in the list are SportsArt Fitness, BFT Fitness, Stingray Fitness, Shuhua Fitness, Amer Sports Corporation, etc. The fitness equipment market in the Asia-Pacific region has posed an increasing trend towards the in-home fitness routine which has boosted the residential sale of the equipment. Installation in the form of a home gym or training sections at housing societies has been a factor in the growth of the segments. Countries like India, Australia, and others have observed a surge in the adaption of gym fitness. Equipment like dumbbells, treadmills, stationary bikes, rowers, and other free weights, etc. are attracting consumers in the residential segment.

South America is considered an untapped but potential market for the fitness equipment industry to thrive. The commercialization in its fitness industry is still in the nascent phase, which has led to lower penetration of modernized ranges of fitness equipment in the region. Gym training is still the most preferred form of fitness training process adopted in South America. In addition to that, the region has observed an emergence of new business models and continues to have multipurpose and family-oriented clubs. However, the surge in demand for commercial fitness equipment has boosted the growth of the region's cardiovascular and strength equipment segment. The development of women-centric gyms also the trend of home gyms majorly in Middle-Eastern countries have fueled the overall region’s market growth. This has led to higher attraction toward the utilization of cardiovascular fitness equipment. The fitness sector has witnessed tremendous growth in the past few years, leading to the rise in permits for women’s fitness clubs in Saudi Arabia. Along with this, the government has approved the staging of the World Boxing Series, which has added significantly to the fitness industry’s growth.

Considered in the Report

• Geography: Global
• Historic Year: 2016
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Table of Contents

1.    Executive Summary
2.    Report Methodology
3.    Market Structure
3.1.  Market Considerate
3.2.  Market Definition
4.    Economic /Demographic Snapshot
5.    Global Fitness Equipment Market Outlook
5.1.  Market Size By Value
5.2.  Market Share
5.2.1.    By Region
5.2.2.    By Country
5.2.3.    By Company
5.2.4.    By Type
5.2.5.    By End User
6.    Global Cardiovascular Equipment Market Outlook
6.1.  Market Size By Value
6.1.1.    By Region
6.1.2.    By Type
7.    Global Strength Equipment Market Outlook
7.1.  Market Size By Value
7.1.1.    By Region
7.1.2.    By Type
8.    North America Fitness Equipment Market Outlook
8.1.  Market Size
8.1.1.    By Value
8.1.2.    By Cardiovascular Equipment Market
8.1.3.    By Strength Equipment Market
8.2.  Market Share
8.2.1.    By Country
8.2.2.    By Type
8.2.3.    By End User
8.2.4.    By Cardiovascular Type
8.2.5.    By Strength Type
8.3.  US Fitness Equipment Market Outlook
8.3.1.    Market Size By Value
8.3.2.    Market Share
8.3.2.1.        By Cardiovascular Type
8.3.2.2.        By Strength Type
8.3.2.3.        By End User

To be Continued.... TOC Continued

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