Fitness Equipment Market Outlook: Growth and Opportunities
The global fitness equipment market, valued at USD 10,392.4 million in 2021, is set to embark on a journey of robust growth, with a projected Compound Annual Growth Rate (CAGR) of 11.4 percent during the forecast period. This burgeoning market is driven by various factors, including urbanization, a rising prevalence of obesity and chronic diseases, corporate wellness programs, and cross-industry demand. Additionally, growing awareness about the consequences of obesity, an aging population, and increasing demand for minimally-invasive and non-invasive surgeries are further propelling market growth.
A Healthier World in the Making
Escalating obesity rates, resulting in conditions such as diabetes, are a major catalyst for the global fitness equipment market. In the United States alone, over 34.2 million people have been diagnosed with diabetes, with millions more undiagnosed, according to the National Institutes of Health. The push towards physical activity, including activities like biking, jogging, and swimming, is also contributing to the demand for fitness equipment. In 2018, nearly 58 percent of North Americans and 46.6 percent of Europeans were engaged in physical activities, as reported by Global Wellness Institute.
Government Initiatives Boosting Health
Government initiatives focused on health awareness are adding momentum to market growth. These programs aim to reduce disease and death rates associated with unhealthy lifestyles, fostering greater interest in fitness activities among consumers. Additionally, the rise of online fitness sessions and home fitness equipment investments are eliminating the need for fitness instructors and personal trainers, making fitness more accessible.
COVID-19: A Fitness Catalyst
The COVID-19 pandemic has driven people to work out from the safety of their homes, resulting in a significant increase in fitness equipment sales. In May 2020, fitness equipment sales saw a remarkable 170 percent growth, as reported by Business Wire. The pandemic has also heightened awareness about the importance of health and fitness, further fueling market growth.
The global fitness equipment market is being driven by various factors:
- Rising Health Complications: Obesity-related health issues are driving demand for fitness equipment, as it plays a crucial role in weight management and overall health. Adult obesity rates in the United States alone exceed 35 percent in 12 states, according to State of Child Obesity.Org.
- Digital Technology Adoption: The popularity of fitness apps and online fitness sessions has contributed to market growth. In the first half of 2020, fitness app usage increased by 50 percent, according to the World Economic Forum.
The high cost of fitness equipment, especially in developing and underdeveloped countries, is a key challenge. Some equipment can be prohibitively expensive, limiting access for middle and low-income earners. The proliferation of commercial gyms has also impacted the demand for home fitness equipment.
The cardiovascular training equipment segment dominates the market due to its ability to strengthen the heart and muscles, making it vital for those with heart disease, diabetes, and high blood pressure. The strength training equipment segment is also strong, appealing to consumers looking to gain muscle mass and improve bone health.
North America leads the market due to the increasing establishment of home gyms. With over 39,570 gyms and a rising trend in high-value homes, North America has seen a surge in fitness equipment consumption. Meanwhile, the Asia Pacific region is experiencing rapid growth due to the increasing number of dual-income households and government initiatives promoting physical education in schools.
Major players in the fitness equipment market include Core Health & Fitness, Life Fitness, Technogym, Johnson Health Tech, and more. These companies continue to innovate, launching new products and digital fitness solutions to stay competitive.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)
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This press release first seen on Brilad