New York, USA, May 24, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global functional fitness equipment market is predicted to generate a revenue of $2,73,315.2 million and rise at a fascinating CAGR of 47.7% during the estimated period from 2022 to 2031.
As per our analysts, the increasing awareness among individuals about performing physical activities to prevent and manage non-communicable diseases such as cancer, cardiovascular diseases, and diabetes is expected to bolster the growth of the functional fitness equipment market during the estimated period. Besides, the rising number of people participating in various physical activity competitions such as bodybuilding, fun-runs, cross-fit competitions, and many more are predicted to uplift the growth of the market over the forecast timeframe. Moreover, the increasing health club memberships among individuals to avail the benefits of fitness and a healthy lifestyle and get proper assistance in developing a personalized workout regimen is expected to create major growth opportunities for the functional fitness equipment market in the coming period. However, the high cost associated with fitness equipment may hamper the growth of the market over the estimated period.
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Segments of the Functional Fitness Equipment Market
The report has divided the market into segments based on type, application, and region.
Type: Rowing Machine Sub-Segment to be Most Productive
The rowing machine sub-segment is expected to hold the largest share of the market over the analysis timeframe. This is mainly because rowing machines have several advantages such as rising endurance and body strengthening. Moreover, the growing popularity of rowing machines due to their integrated cardiovascular features with anti-muscle designs is predicted to propel the growth of the market sub-segment over the analysis timeframe.
Application: Health Clubs Sub-Segment to be Most Profitable
The health clubs sub-segment is predicted to garner the maximum revenue over the estimated period. The increasing number of consumers are willing to spend more money at health club facilities to avail themselves of personal training with the newest exercise equipment which is expected to foster the growth of the market sub-segment during the forecast period.
North America Region to Have Huge Growth Opportunities
The North America region of the functional fitness equipment market is expected to have the biggest share of the market over the analysis timeframe. This is mainly due to the rising consciousness of people for performing exercise in their daily routine across the region. Moreover, the growing popularity of fitness clubs and health centers in the region due to increased obesity and physical inactivity among people in this region is expected to drive the regional growth of the market over the estimated period.
Covid-19 Impact on the Functional Fitness Equipment Market
Though the outbreak of the Covid-19 pandemic has negatively impacted several other industries, it has had a positive effect on the functional fitness equipment market. The government-imposed lockdowns across the globe to check the spread of the deadly virus forced people to stay at home. This has increased the demand for workout equipment among individuals as they started performing various exercises and yoga to enhance their immunity. These factors have increased the growth of the market over the crisis.
Key Players of the Functional Fitness Equipment Market
The major players of the global market include
- Hampton Fitness
- Torque Fitness
- Escape Fitness
- Johnson Health Tech
- Total Gym Global
- Technogym
- Brunswick Corporation
- Precor SA
- XFit Brands
- Concept2
These players are widely working on the development of new business strategies and tactics such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
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For instance, in October 2021, Dior, a European multinational luxury fashion house announced its collaboration with Technogym, a company selling equipment and digital technologies for fitness, sport, and health. With this collaboration, the companies aimed to develop high-end fitness equipment such as branded dumbbells, multifunctional weight benches, and treadmills.
Further, the report also summarizes other vital aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Functional Fitness Equipment Market:
- The Latest Trends in Functional Fitness Equipment: New Launches and Developments
- Global Functional Fitness Equipment Market to Experience Noteworthy Growth by 2031 With an Increase in the Number of Users Using Functional Fitness Equipment
