Fitness Equipment Market to Be Valued at US$ 18 Bn by 2030; Closure of Gyms & Health Clubs Due to COVID-19 Crisis Stunting Demand
Published On : Aug 07, 2020
Main factors surging the demand for fitness equipment are rising incidence of diseases and increasing focus of people across the globe on fitness activities due to sedentary lifestyles. Sales of fitness equipment are channeled through both, online and offline stores. A wide range of products is being offered by online retailers with detailed catalogs. Historically, offline stores have accounted for more than 80% volume share of the global fitness equipment market. However, online store are expected to exhibit faster growth over the forecast period of 2020 to 2030.
The global fitness equipment market is poised to expand at a CAGR of more than 4% through 2030, and cross a valuation of US$ 18 Bn by the end of the same year.
Key Takeaways from Fitness Equipment Market Study
- The global fitness training market is projected to be valued at over US$ 18 Bn by 2030-end, with maximum demand coming from health clubs and gymnasiums.
- Among the applications, cardiovascular training accounts for a significant share of over 40% of the global fitness training market.
- North America held the largest share in the global fitness equipment market in 2010. However, the market in the East Asia region is expected to expand at the highest CAGR of nearly 8% over the forecast period.
- The COVID-19 pandemic has affected the manufacturing and supply chain of the fitness equipment market. Temporary shutting down of fitness clubs and gymnasiums is leading to reduced demand, which is also hurting market growth.
“With more and more people across the world turning toward cardiovascular exercises to stay fit, demand for related fitness equipment will be strong through 2030,” says a PMR analyst.
Cardiovascular Training Equipment Witnessing High Demand
In terms of volume, weight training equipment is expected to continue its dominance over the global fitness equipment market through 2030. The ability of cardiovascular training equipment of being utilized by all age groups is expected to drive its sales over the coming years. However, demand for strength training equipment will increase at the fastest pace in the coming years.
Fitness Equipment Market Competition Analysis
Key players in the global fitness equipment market are actively focusing on the provision of smart fitness equipment, capable of connecting and sharing workout data to fitness apps and wearable devices. Major market players are opening new chains and outlets of fitness spas and clubs to strengthen their market presence. They are also collaborating with different stakeholders in the sports sector to expand their market presence, and are offering complete nutrition support to their members along with functional training. Some of these players include Brunswick Corp., Technogym S.p.A, Nautilus, Inc., Amer Sports Oyj, Johnson Health Tech Co., Ltd., ICON Health & Fitness, Inc., True Fitness Technology, Inc., SportsArt Fitness, Inc., Iron Grip Barbell Company, and Adidas AG.
Health Clubs to Remain Dominant End User
Health clubs are expected to remain the most important end-user segment through 2030. In contrast, the home/individual segment is expected to witness highest sales in volume during the forecast period. Region-wise, Asia Pacific is estimated to register the fastest growth during the forecast period. In contrast, Europe and North America are expected to remain the most lucrative regions for the sales of fitness equipment over the next few years.
More Valuable Insights on Fitness Equipment Market
Persistence Market Research released a new market research on the fitness equipment market, covering global industry analysis 2015-2019 and forecasts for 2020–2030. The fitness equipment market study reveals compelling insights on the basis of application, end use, distribution channel, and region.
For additional information on how the fitness equipment market will shape up in the near future, write to the team of expert research analysts at firstname.lastname@example.org
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Global Market Study on Fitness Equipment: Flourishing Gyms & Fitness Clubs Leading to Increased DemandRequest TOC