The growth in sedentary lifestyle and fast life is driving the demand for fitness equipment. Increase in the number of fitness service providers and centers are fueling the growth of the market. The service providers are offering packages and discounts for weight loss programs to attract maximum consumers. The revenue in the market is projected to surge with an increase in the client base of these fitness centers. Growth in the prevalence of cardiovascular diseases also provides an impetus to the demand in the market. The surge in the awareness regarding lifestyle-led diseases is compelling the demographics to adopt some methods of physical workout which is expected to push ahead of the boundaries of growth in the market. Organized retail chains are forecasted to be the end-user to generate major revenue in the market. Europe is estimated to lead the market with a growth rate of 3.5% by the end of 2024, driven by the growing retail chains.Major market players are opening new chains and outlets for fitness spas and clubs to strengthen their market presence. They are collaborating with different stakeholders in the sports sector to expand their market. They are making their offers lucrative by offering complete nutrition support to their members along with the functional training.
Europe region anticipated to grab maximum share of the global fitness equipment market
The Europe region accounted for a market share of 38% in terms of value in 2016 and is expected to lose 23 BPS over the forecast period. In 2016, the Europe fitness market was valued at more than US$ 6,200 Mn and is expected to cross US$ 8,000 Mn by 2024, registering a CAGR of 3.5% over the projected period. The Europe fitness equipment market represented an absolute $ opportunity of a little more than US$ 200 Mn in 2016 over 2015 and incremental opportunity of close to US$ 2,000 Mn between 2016 and 2024.
Increasing awareness of a healthy lifestyle accompanied by a surge in the number of fitness clubs likely to fuel the growth of the fitness equipment market in Europe
A sedentary lifestyle, limited or no time for physical activities and intake of junk food is responsible for obesity across the globe. The rising prevalence of obesity is one of the major factors fueling the growth of the global fitness equipment market, especially in developed countries like Europe. Increase in the number of gymnasiums and fitness service providers offering various packages and discounts for weight loss and related programs have increased the client base. All these factors are creating a positive impact on the growth of the fitness equipment market in Europe.
Population across the globe is now aware of the various diseases caused by a sedentary lifestyle. Key players operating in the global fitness equipment market are coming out with new outlets and chains of fitness clubs and spas. This is likely to positively impact membership subscriptions, which will ultimately boost the growth of the fitness equipment market over the projected period in Europe.
Increasing incidents of cardiovascular diseases, diabetes and osteoarthritis is a major concern now-a-days all over the world. According to the World Health Organization, cardiovascular diseases are one of the major causes of deaths. However, many organizations in Europe are promoting a healthy lifestyle through sports. As a result, an increasing number of individuals are actively engaging in physical activities such as signing up for workout programs and packages, or just exercising independently. This is driving the growth of the fitness equipment market in Europe. With economies growing rapidly, the retail chain is also expected to exhibit substantial revenue growth over the forecast period. As a substantial percentage of the total revenue from sales of fitness equipment comes from the organized retail chain, the growth of the fitness equipment market in Europe is anticipated to develop at a higher rate.
China-based fitness equipment manufacturer SportsArt collaborates with Xtreme CSC
China-based fitness equipment manufacturer SportsArt collaborated with U.K and Ireland based chain of fitness facilities, Xtreme CSC in 2016. The later offers complete nutritional support to its members along with providing strength and conditioning with functional training. With 30 pieces of SportsArt equipment, the new gymnasium started by Xtreme CSC is located in Cashel, Ireland. It is believed that Xtreme CSC’s philosophy and ambitious brand development methods matched that of SportsArt and thus their variety of innovative new cardio, free weights and fix resistance equipment made it possible for Xtreme CSC to appeal to the widest user base. SportsArt has been picked over severe competition to bolster the rollout of more than 100 Xtreme CSC clubs. Even before the negotiations, it was clarified that one of their (SportsArt) qualities is their emphasis on individuals. According to the highly placed officials of Xtreme CSC, SportsArt continues to influence them with the strength of their quality of service and the quality of their equipment.
The analysts of Persistence Market Research have focused on market value and volume estimates while examining the global fitness equipment market in a new publication titled “Fitness Equipment Market: Global Industry Analysis and Forecast, 2016-2024.” While collecting the data necessary to study the market, the analysts have taken inputs from government databases and other third party sources. Inputs from regional manufacturers, secondary and primary sources have been taken to inspect this market thoroughly. After completing the process of data collection, the analysts have validated the data to get a crystal-clear scenario of the global fitness equipment market. While validating this data they have excluded regional average profitability margins from the estimated data collected from distributors. The expert analyst team has also estimated approximate annual consumption of end-use sectors in target geographies. The analysts have observed that in the global fitness equipment market, key players are focusing on providing smart fitness equipment that can connect and share workout data to wearable devices and fitness apps. The analysts have considered the following growth rate projections and forecast factors affecting the global fitness equipment market.
The analysts have not considered the yearly change in inflation while forecasting market numbers. Top-down approach has been used to assess market numbers for each segment while the bottom-up approach has been used to counter-validate the reached market numbers. Macro-economic indicators such as food industry outlook, food and health supplement spending, and others have been considered to arrive at the indicated market numbers. Replacement rate and life cycle analysis are the key features of this report. The market overview section comprises the global fitness equipment market value chain, global profitability margins analysis and profitability margins analysis by region. The report also highlights the drivers, restraints, opportunities, global trends, macro-economic factors and forecast factors impacting the global fitness equipment market.
Impact analysis of key growth drivers and restraints based on the weighted average model along with key country-specific trends is included in the report to better equip clients with information and hidden insights. At the end of the report, Persistence Market Research provides key strategic recommendations for both existing and new players in the market to emerge sustainably profitable. In the final section of the report, detailed company profiles are included that focus on company-specific long-term and short-term strategies, key offerings and recent developments in the global fitness equipment market.
The average price of each fitness equipment type is inferred across all the five assessed regions.
Market volume is inferred through in-depth secondary research and validated from industry experts through primary interviews. Each interview is thoroughly analyzed and average market volume is deduced and reconfirmed prior to incorporating in the report. The market value of the global fitness equipment market is thus calculated from the data derived from the average selling price and market volume.
For the eight year forecast of the global fitness equipment market, various macroeconomic factors and changing trends have been observed, giving an idea about the future of the market. Other important factors considered to arrive at market forecast include the size of the current market, inputs from the supply side and the demand side and other dynamics shaping the scenario of the market. In the compilation of the report, the forecasts are conducted in terms of CAGR, while other important criteria such as year-on-year growth and absolute dollar opportunity have also been incorporated presenting the client with crystal clear insights and future opportunities likely to emerge in the global fitness equipment market.
By End Use
By Equipment Type
By Distribution Channel