Dublin, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The "Functional Fitness Equipment Market By Type, By Application: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global functional fitness equipment market is set to experience substantial growth, with a projected value of $273.3 billion by 2031. This growth represents a significant increase from $6.32 billion in 2021, driven by a robust compound annual growth rate (CAGR) of 47.7% from 2022 to 2031.
Key Drivers of the Functional Fitness Equipment Market
- Rising Awareness of Healthy Lifestyles: The increasing awareness of maintaining a healthy lifestyle and improving overall health and fitness is contributing to the expansion of the functional fitness equipment market.
- Prevalence of Obesity and Cardiovascular Disease: The global rise in obesity and cardiovascular diseases is leading to a higher demand for functional fitness equipment. As more individuals seek to improve their health and fitness, the demand for such equipment is expected to grow.
- Health Organizations and Corporates Promoting Fitness: Non-profit organizations and corporate entities are actively promoting health and fitness through functional training. As a result, the market is benefiting from increased awareness and focus on healthy living.
- At-Home Fitness Trends: The COVID-19 pandemic has accelerated the trend of at-home fitness. With gym closures and restrictions on public spaces, more people are turning to functional fitness equipment for their workout needs.
Challenges and Restraints
- Space Limitations and Cost: While at-home fitness is on the rise, space limitations and the high cost of equipment can be limiting factors for market expansion.
Opportunities and Trends
- Smart Functional Fitness Equipment: The development of smart functional fitness equipment, such as smart treadmills and dumbbells with built-in sensors, presents opportunities for growth. These devices offer features like heart rate monitoring and connectivity with other smart devices.
- COVID-19 Impact: The pandemic has led to increased demand for workout equipment as people turn to home workouts. Fitness apps and platforms have also gained popularity, further driving the market.
Key Market Segments and Players
The functional fitness equipment market is segmented by type, including medballs, bars and plates, flat benches, squat racks, rowing machines, kettlebells and dumbbells, among others. The market is further categorized by application, encompassing health clubs, home, hotels, hospitals, corporate offices, and others.
Key players in the market include:
- XFit Brands
- concept2, inc.
- precor sa
- Technogym
- Johnson Health Tech
- torque fitness
- Hampton Fitness
- escape fitness
- Total Gym Global
- brunswick
Key Takeaways
- The functional fitness equipment market is projected to reach $273.3 billion by 2031, driven by the growing awareness of healthy lifestyles and the prevalence of health concerns.
- COVID-19 has led to a surge in at-home fitness trends, boosting the demand for functional fitness equipment.
- Smart functional fitness equipment and sustainable practices are emerging as potential growth areas in the market.
- The market is segmented by type and application, with a range of players catering to different segments.
- Despite challenges like space limitations and cost, the market is expected to continue growing due to increasing health consciousness and the ongoing influence of the pandemic.
For more information about this report visit https://www.researchandmarkets.com/r/9pgqvl
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