Fitness equipment are used for physical exercises to manage overall weight, improve physical stamina, and develop muscular strength. The most commonly used cardiovascular equipment are treadmills, elliptical and stationary bike. They stimulate the heart rate, help in burning excess body fat and maintaining the overall health and fitness. Strength training equipment are used to gain muscular strength and improve one’s appearance and personality. They comprise free weights and other strength machines.
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Rising awareness regarding health & fitness, increasing obese population, Government initiatives for promoting good health, and increasing youth population are the major factors driving the global fitness equipment market. However, high cost of fitness equipment is a key restraining factor for the market. Growing youth population, improved lifestyle, and rising disposable income of individuals in developing countries offer immense growth opportunities for the market players.
The report covers the study of the world fitness equipment market based on type, end user, and geography. Based on type, it is categorized into cardiovascular training equipment, strength training equipment, and other equipment. On the basis of end user, it is classified into home consumer, health clubs/gyms, and other commercial users; other commercial users are further categorized into hotels, corporate offices, hospitals & medical centers, and public institutions. Geographically, the market is analyzed across four regions, namely North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East & Africa).
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The fitness equipment market is segmented based on type, end user, and geography. Based on end user, the market is segmented into home consumers, health clubs/gyms, and other commercial users. The end user segment witnessed an upsurge in health clubs/gyms, owing to the growth in obesity rate and increase in health consciousness. In fact, the U.S. held the largest number of health clubs with the highest membership rates, followed by Brazil. This segment is also expected to grow at a notable growth rate due to the increasing health awareness and favorable demographics, primarily in developing economies. Home consumers are the second highest revenue contributors to the fitness equipment market by end user. The segment has the highest penetration in U.S. and is expected to witness healthy growth rates in Europe.
Cardiovascular training equipment is expected to remain the market leader throughout the forecast period on account of its greater penetration in developed markets such as the U.S. and Europe. Developing regions, such as Asia-Pacific and LAMEA is expected to witness the higher growth rates over developed regions on account of the increasing health consciousness, rise in disposable income and increasing obesity levels.
United States: The largest market for fitness equipment
The country exhibits the highest penetration of cardiovascular equipment across the world on account of high obesity rates and increased health consciousness. Moreover, the number of health clubs and memberships (number of members enrolled at these clubs) are also increasing at notable growth rates. Research studies state that in 2015, approximately 26% of the total U.S. households with a household income of $100,000 or more, spent under $1,000 on home fitness equipment. Adoption of cardiovascular equipment with advanced features is higher compared to the western European countries. Thus, increasing obesity rates and the rising spending on home fitness equipment is expected to drive the market of fitness equipment in the region.
Top Factors Impacting World Fitness Equipment Market
Rising awareness regarding health & fitness:
It is anticipated that a global rise in fitness consciousness and increase in level of health awareness would significantly drive the fitness equipment market. This trend is higher in urban areas and the market is expected to witness steady growth in semi-urban areas of developing economies. The total gym and health club membership is anticipated to rise to around 61 million by 2022, compared to 54 million in 2014, in the U.S.
Increasing obese population across world
Escalation in obese population globally has supplemented the growth of fitness equipment market. Inactive lifestyles and dysfunctional diets cause obesity, leading to several cardiovascular and lifestyle diseases. Consequently, cardiovascular equipment is the most popular choice for losing weight. As per a study by the Center for Disease Control and Prevention, in 2012, more than one-third (34.9% of U.S. adults) are obese. In 2015, as per an analysis, Arkansas, West Virginia, and Mississippi report obesity rates exceeding 35%, which has led to relatively higher adoption of cardiovascular equipment. Similarly, in U.K., According to the Health Survey for England conducted in 2014, 61.7% of the adults were obese, where 65.3% were men and 58.1 % constituted women.
Initiatives for promoting good health by government & enterprise
Governments of developed countries have conceptualized and established several healthcare programs. Developing countries too indicate a significant growth of similar trend for healthcare offerings across all sectors. For instance, fitness allowance for employees is expected to increase in future. Therefore, it is predicted that employees may invest a significant portion of their income on procuring fitness equipment, thereby, driving an increase in sales.
Browse For Complete Report Here : Fitness Equipment Market by Type (Cardiovascular Training Equipment, Strength Training Equipment), End User (Home Consumer, Health Clubs/Gyms, Commercial Users) – Global Opportunity Analysis and Industry Forecasts, 2014 – 2022
High cost of fitness equipment
High price of fitness equipment is a major factor that limits growth of the fitness equipment market. This stimulated start-up gyms & fitness centers and in-house users to buy second-hand equipment. A considerable demand for resale products were observed for upgrading fitness facilities in hotels, hospitals, health clubs, and wellness centers, along with marginal resale amongst individual users and smaller fitness establishments. However, it hampered the sale of new fitness equipment.
Detailed analysis for the major countries across all four regions has been provided in the report. Countries analyzed under the North American geographical segment are the U.S., Canada, and Mexico. Under Europe, detailed analysis has been provided for UK, France, Germany, Italy, Spain, Portugal, Benelux, and rest of Europe. Countries covered in the Asia-Pacific region include Japan, Korea, China, India, Hong-Kong, Indonesia, Vietnam, Australia, Malaysia, and rest of Asia-Pacific. Japan and South Korea are the leading markets for fitness equipment in this region. LAMEA includes Brazil, and rest of Latin America.
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