Fitness Market Undergoes Sluggish Growth during COVID-19 Crisis, Homes Gain Prominence as End-User, Says PMR
Date : Apr 24, 2020 Author : PMR Editorial Staff
The continued COVID-19 crisis has transformed into a leading factor influencing human health. After being declared by the World Health Organization as a world health emergency, the virus has affected millions of people.
The continued COVID-19 crisis has transformed into a leading factor influencing human health. After being declared by the World Health Organization as a world health emergency, the virus has affected millions of people. The rapidly growing rate of morbidity and mortality is compelling the governments and the public to take proactive measures to mitigate the transmission of corona virus. Different public health authorities have advised their citizens to reduce traveling and stay at home to limit their exposure to the corona virus.
With the uncertainties surrounding the cure of corona virus, the lockdown period is getting extended across the globe. These prolonged home stays are projected to give rise to sedentary lifestyles, creating a negative impact on public health. A reduction in regular physical activity is anticipated to enhance the risk of various chronic health conditions.
However, many industry leaders and social media influencers are working in the direction of inspiring people to stay active in their homes during the lockdown. Health authorities are recommending safe and easy implementable exercises to be performed at home to maintain the fitness level. The growing impact of corona virus has enhanced the concern regarding health in people. The association of respiratory illness and immunity with corona virus has turned out to be a major benefit to society as people are indulging in different means of physical exercises to maintain fitness to increase their immunity levels.
Home-Based Fitness Equipment Gain Traction
With the shutdown of gyms and other fitness centers, people are using fitness equipment at home. Demand for fitness equipment has spiked during the COVID-19 pandemic. Homes have surfaced as the leading end-user with maximum demand for this equipment. Along with the fitness enthusiasts, the family members are also increasingly using this home-based fitness equipment, boosting the adoption rate of the equipment. PMR expects the cardiovascular training equipment to gain rapid traction as compared to weight training equipment which will be used primarily by experts and regular users. The absence of certified trainers is expected to hinder the adoption of weight training equipment.
High Demand For Mobile Health Trackers
Mobile sports and fitness ecosystem is the other aspect of the fitness market which is witnessing a steep hike in popularity and adoption. With the growing penetration of the internet during the COVID-19 crisis, mobile-based fitness is experiencing a new peak in demand. Fitness enthusiasts are taking the help of mobile health and fitness sensors to track their daily fitness goals. These sensors are finding space in everyday lives on the back of a lack of experts and trainers to advice. The basic information like the number of steps and temperature aids in tracking the daily fitness activity are motivating the users to further workout, and stay active.
Mobile health apps have emerged as a major beneficiary in the fitness market. With increasing subscription during COVID-19 pandemic, companies of these apps are launching new programs to keep their audiences engaged and active inside their houses. Different brands such as Peloton are offering gym-quality workouts that can be performed at homes.
Social Media Influences Market Growth
Social media platforms such as YouTube and Instagram have emerged as the medium of inspiration and training for the users at home. Many fitness trainers are continuing their classes online. Social media influencers and celebrities have intensified their social media presence to inspire the general population towards taking up physical exercise to stay healthy at home. PMR highlights social media platforms to have a significant contribution to the adoption of fitness equipment at home.
The closed gym and fitness centers are negatively influencing revenue in the market of other fitness products such as whey protein isolates. Though regular users are anticipated to continue their consumption along with their workout, the absence of new consumers will bring down the revenue in its market.
While the offline distribution sources of fitness equipment and mobile fitness sensors are in the shutdown mode, online channels are picking up the pace. There has been a significant surge in the online purchase owing to the benefit of doorstep delivery. The fitness industry is expected to witness slow growth during the COVID-19 pandemic. However, the revenue generated by online orders is expected to decline if the restrictions on delivery of non-essential goods continue.
Report Highlights: Fitness Market
- Parent market overview covering the impact of COVID-19 crisis
- Evolving market dynamics
- Latest market trends and developments
- Competitive landscape analysis
- Overall market performance