Dublin, March 08, 2024 (GLOBE NEWSWIRE) -- The "Global Fitness Equipment Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2023-2031" report has been added to ResearchAndMarkets.com's offering.
The fitness equipment market is expected to grow at a CAGR of 5.5% during the forecast period of 2023 to 2031, propelled by health consciousness, the home fitness boom, and technological innovations. However, affordability remains a challenge for certain segments. The segmentation highlights the dominance of cardio equipment and the growing influence of home consumers.
Geographic trends underscore regional variations, while competitive insights emphasize strategic efforts to navigate this dynamic landscape. As the industry evolves, addressing affordability concerns and continuing to innovate will be critical for sustained success in the fitness equipment market.
Growing Health Consciousness and Fitness Trends
The increasing emphasis on health and fitness acts as a primary driver for the fitness equipment market. A global shift towards a healthier lifestyle and rising awareness of the benefits of regular exercise contribute to the growing demand for fitness equipment. Evidence includes the surge in fitness-related social media content, the popularity of fitness influencers, and the widespread adoption of fitness apps, reflecting a broader cultural shift towards prioritizing physical well-being.
Home Fitness Boom Amidst the Pandemic
The COVID-19 pandemic significantly accelerated the demand for home fitness equipment. With lockdowns and gym closures, individuals turned to home workouts, driving a surge in sales of cardio and strength training equipment. The evident spike in sales and increased online searches for home fitness equipment during the pandemic serves as evidence of this impactful driver.
Innovations in Technology and Connected Fitness
Technological advancements play a crucial role in driving the fitness equipment market. The integration of smart technologies, including touchscreens, virtual reality, and fitness tracking features, enhances the overall workout experience. Evidence includes the launch of innovative fitness equipment with interactive features, the proliferation of fitness wearables, and the increasing adoption of virtual fitness classes, showcasing the industry's commitment to technological innovation.
Restraint
Despite the positive drivers, the fitness equipment market faces a notable restraint related to the high cost of certain types of equipment. Premium fitness equipment, especially those incorporating advanced technologies and features, may be cost-prohibitive for a significant portion of the population. Evidence includes consumer feedback highlighting affordability concerns, with some potential buyers opting for alternative, lower-cost fitness solutions or delaying their purchase decisions.
Market Analysis by Type: Cardiovascular Training Equipment Dominates the Market
The market segmentation by type includes Cardiovascular Training Equipment, Strength Training Equipment, and Others. In 2023, Cardiovascular Training Equipment dominated both in terms of revenue and highest CAGR during the forecast period from 2024 to 2032. This indicates the sustained popularity of cardio-focused workouts and the market's responsiveness to consumer preferences.
Market Segmentation by End-User: Home Consumers Dominate the Market
The end-user segmentation comprises Home Consumers, Fitness Centers/Gyms, and Others. In 2023, Home Consumers emerged as the highest revenue contributor, driven by the aforementioned home fitness boom. The highest CAGR during the forecast period is also expected from the Home Consumers segment, showcasing a sustained interest in home-based fitness solutions.
North America Remains the Global Leader
The fitness equipment market exhibits diverse geographic trends, with varying revenue contributions and CAGR across regions. North America led in revenue in 2023, fueled by the home fitness trend and established fitness culture. However, the Asia-Pacific region is expected to have the highest CAGR during the forecast period, underscoring the region's growing fitness awareness and economic development.
Market Competition to Intensify during the Forecast Period
Competitive dynamics in the fitness equipment market involve key players such as Peloton Interactive, Inc., Icon Health & Fitness, Inc., Technogym S.p.A., Precor Incorporated, Life Fitness (KPS Capital), Shandong EM Health Industry Group Co., Ltd., Johnson Health Tech, Nautilus, Inc., True, Torque Fitness, Core Health & Fitness, and Impulse Health Technology Co., Ltd. These industry leaders deploy strategies like product diversification, partnerships, and global marketing to maintain their market positions. In 2023, these players collectively contributed significantly to market revenues, with expectations of continued growth during the forecast period from 2024 to 2032.
Historical & Forecast Period
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Market Segmentation
Type
- Cardiovascular Training Equipment
- Treadmills
- Stationary Cycles
- Elliptical Trainers & Others
- Strength Training Equipment
- Others
Distribution Channel
- Offline
- Online
End-User
- Home Consumers
- Fitness Centers/Gyms
- Others
Region Segment (2021-2031; US$ Million)
- North America
- U.S.
- Canada
- Rest of North America
- UK and European Union
- UK
- Germany
- Spain
- Italy
- France
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East and Africa
- GCC
- Africa
- Rest of Middle East and Africa
Companies Mentioned
- Peloton Interactive, Inc.
- Icon Health & Fitness, Inc.
- Technogym S.p.A.
- Precor Incorporated
- Life Fitness (KPS Capital)
- Shandong EM Health Industry Group Co. Ltd.
- Johnson Health Tech
- Nautilus, Inc.
- True
- Torque Fitness
- Core Health & Fitness
- Impulse Health Technology Co. Ltd.
Key Questions Answered
- What are the key micro and macro environmental factors that are impacting the growth of Fitness Equipment market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2031.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Fitness Equipment market?
- Which is the largest regional market for Fitness Equipment market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Fitness Equipment market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Fitness Equipment market worldwide?
For more information about this report visit https://www.researchandmarkets.com/r/ijwrnq
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