New York, USA, July 19, 2021 (GLOBE NEWSWIRE) -- The global fitness equipment market is anticipated to generate a revenue of $15,576.5 million by the year 2027, growing at a CAGR of 4.0% during the forecast period (2020-2027), increasing from $11,364.2 million back in 2019. The inclusive report provides a brief overview of the current scenario of the market including significant aspects of the market such as growth factors, challenges, restraints, and various opportunities during the forecast period. The report also provides all the market figures making it easier and helpful for the new participants to understand the market.
Dynamics of the Market
Drivers: There has been a gradual increase in the risk of various diseases associated with obesity such as cardiovascular and gastrointestinal diseases. Thus, engaging in fitness activities becomes a vital aspect for the overall health of an individual. These factors are driving the growth of the global fitness equipment market.
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Restraints: Setting up of gym is expensive due to the extortionate pricing of the modern fitness equipment like elliptical, smith machine, rowing machine, squat track, treadmills, and so on. This factor is expected to impede the growth of the fitness equipment market.
Opportunities: More and more companies are introducing advanced fitness gadgets and applications that motivate and track the daily performance of consumer. In addition, increasing concerns over the importance of sound health is further expected to surge the growth of the market.
Segments of the Market
The report has divided the market into different segments based on type, user, and regional outlook.
Type: Cardio-vascular Training Equipment Sub-Segment to be Most Lucrative
Cardio-vascular training equipment sub-segment type is expected to generate a revenue of $9,713.4 million during the forecast period. Cardio-vascular training enhances endurance, stabilizes blood pressure, and decreases body weight. These factors are anticipated to increase the demand for this sub-segment.
User: Home Consumer Sub-segment to be Most Profitable
Home consumer sub-segment is anticipated to generate a revenue of $7,237.5 million during the forecast period, increasing from $5,074.4 million back in 2019. The adoption of home fitness saves a lot of time and reduces a great deal of membership expenses. These factors are expected to drive the growth of the home consumer sub-segment during the analysis period.
Regional Outlook: North America to Dominate the Market
North America is estimated to generate a revenue of $5,411.3 million during the analysis period, increasing from $4,400.2 million back in 2019. The increasing rate of obese population in the region leads to more health concerns and adoption of fitness activities. These factors are expected to drive the growth of the fitness equipment market.
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Impact of COVID-19 on the Market
The outbreak of the COVID-19 has positively impacted the fitness equipment market as more and more people started engaging in fitness activities to stay healthy during the pandemic. In case of lockdowns, people started setting up their own home gyms to work out at home, which surged the demand for fitness equipment.
Key Players of the Fitness Equipment Market
The major players of the market are -
- Amer Sports Corporation
- Cybex International Inc.
- Torque Fitness LLC
- Core Health & Fitness LLC
- ICON Health & Fitness LLC
- Nautilus Inc.
- Impulse (Qingdao) Health Technology Co. Ltd.
- Technogym SPA
- Johnson Health Tech Co., Ltd.
These players are working on developing strategies such as product development, merger and acquisition, partnerships and collaborations to sustain the market growth.
For instance, in October 2020, ICON Health & Fitness, an American manufacturer, developer, and marketer of exercise equipment, declared a $200 million growth investment led by L Catterton, which is the largest consumer-focused private equity firm in order to offer connected fitness experience.
The report also summarizes many important aspects including financial performance of the key players, SWOT analysis, product portfolio, and latest strategic developments.
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