Fitness equipment is considered to be a subset of the large sporting goods sector. Fitness equipment’s includes items such as free weights, treadmills, weight machines etc. Fitness equipment devices are used for physical movement of the body to improve physical stamina, obesity, overall weight and muscle strength development. The demand for fitness is growing worldwide due to increased health awareness among people. Furthermore, fitness exercises are advised sometimes under certain medical treatments. Surging number of sales of in-home equipment, gym memberships, growing urban population along with government initiatives to promote healthy lifestyle has uplifted the acceptance of fitness equipment.
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FITNESS EQUIPMENT MARKET DYNAMICS
Along with growing urbanization acceptance of fitness equipment is also rising. Changing lifestyle and busy and hectic schedule have further led to the acceptance of in-home fitness equipment’s so that it becomes easy for individual and can be time saving also. Working out at home saves gym membership expenses. However low space and high cost of equipment’s might hamper the market growth. Home fitness equipment’s are available with adjustable pulleys and cables that offers options for shoulder back, abdominal, arms, leg press, chest exercise and calf raise which provides customization in a single multipurpose equipment. Furthermore, key players are doing high investments to offer more innovative solutions. The rise in production of smart treadmills which are structured to help monitor heart rate, run speed and jog, distance covered by an individual, work out timings, number of calories burned, are also available in compact foldable form for ease is further acting as a positive opportunity for the market growth. Another innovation of smart dumbbells which consists of built-in sensors helping to monitor the movement of arm has an advantage to connect with smart electronic devices is likely to uplift the market.
COVID 19 IMPACT ON FITNESS EQUIPMENT MARKET
The evolution of the pandemic has resulted in the growing number of people working out from there homes to avoid getting infected which in turn has positively attributed towards the market growth. For instance, fitness equipment sales observed a positive growth of 170 percent according to data forwarded by business wire in May 2020, which is further attributed by the outbreak of the coronavirus. This pandemic has also projected non-fitness enthusiasts to show more importance to the maintence of fitness and health, which further supports to generate traction.
FITNESS EQUIPMENT MARKET SEGMENTAL OVERVIEW
The report analyses of the fitness equipment market based on type, sales channel, end-user and by geography.
FITNESS EQUIPMENT MARKET BY TYPE
By type, the global fitness equipment market is segmented into cardiovascular training equipment, strength training equipment, and other equipment. Cardiovascular training equipment is projected to hold the largest market share over the forecast period. Due to its ability to support in heart and muscle toughening along with improvement of health of people with high blood pressure, heart disease and diabetes. The strength training equipment segment also witnessed high CAGR rate due to its benefit of increasing muscle weight, building stronger bones and flexibility of joints and other benefits.
FITNESS EQUIPMENT MARKET BY DISTRIBUTION CHANNEL
The fitness equipment market by end user is classified into online and offline. Offline channel is anticipated to be the leading segment owing to the channels ability to reduce wait time, availability of salesman who help in guiding the individuals to buy products according to their needs and requirements. On the other hand, online segment is also showing positive growth as it provides comfort to large number of customers.
FITNESS EQUIPMENT MARKET BY END- USER
The fitness equipment market by application is classified into home consumer, health club/gym, and other commercial user. Home consumer segment is becoming a significant segment due to growing number of innovative home fitness equipment’s and the purpose of saving gym memberships costs along with time management. People are preferring to work out at home due to growing infections of covid -19 therefore, according to the research people are preferring to workout at home than going out at gyms.
FITNESS EQUIPMENT MARKET BY GEOGRAPHY
Geographically, the fitness equipment market is studied across the countries of key regions such as, North America, Europe, Asia Pacific and the rest of the world regions which includes Latin America, and Middle East & Africa. North America holds the largest market share over the forecast period. Rapid economic growth and disposable income has further led to sedentary lifestyles, unhealthy lifestyle, and large number of spending on fast foods. This has further led to health issues such as obesity, heart disease, diabetes, hypertension and other bone related issues. This has encouraged people to stay fit and follow a healthy lifestyle by working out in homes or gyms or any fitness centers. Furthermore, growing youth population, increased rapid urbanization and growing per capita disposable income are anticipated to propel the acceptance of fitness equipment in this region.
FITNESS EQUIPMENT MARKET KEY PLAYERS
Some of the major players operating in this market include Brunswick Corporation, Technogym S.p.A., ICON Health & Fitness, Inc., Nautilus, Inc., Amer Sports Corporation, TRUE Fitness Technology, Inc., Core Health and Fitness, LLC, Torque Fitness, LLC Precor Incorporated, Johnson Health Tech Co., Ltd., SportsArt Fitness, Inc., Cybex International, Vectra Fitness, NordicTrack, Woodway USA, Inc., Fitness World, HOIST Fitness Systems.
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