Fitness Equipment Market 2020 How the Business Will Grow in 2024? Prominent Players: Amer Sports Corporation, Brunswick Corporation, HOIST Fitness, Freemotion Fitness - A Division of ICON Health & Fitness, Johnson & Johnson Health and Wellness Solutions,

The Asia Pacific region is surprisingly touted to be one of the most opportunistic belts for the growth of fitness equipment market. This change of dynamics since the last few years may be attributed to a barrage of determinants, such as the increasing disposable incomes, the subsequent lifestyle changes, increasing purchasing power, and most importantly, the rising number of cardiovascular and other disorders arising due to lack of fitness and a lethargic lifestyle. In addition to growing health awareness due to fitness drives, the rising spending capacity has also led to consumers willing to expend on luxury goods such as home gym equipment.

Technological advancements in countries such as India, Japan, and China have led to an increase in the sales of wearables and connected devices. Fitness monitors, smartphone apps, fitness trackers, etc., to track consumer vitals have depicted a robust increase in demand, pertaining to rising health awareness levels. A research study demonstrates that one in six consumers use wearable technology, thereby stimulating wearable devices market, eventually bring about a renewed traction in fitness equipment industry. Recently, the Chinese consumer electronics giant Xiaomi surpassed Apple and FitBit to become the number one wearable brand.

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The contribution of tech giants in the development of APAC fitness equipment market thus, cannot be ignored, and what's more, these behemoths have been constantly combating with one another to come up with upscaled versions of smart fitness products, and have also been making efforts to establish in-house gyms equipped with 24X7 trainer facility, thereby stimulating fitness equipment industry share from office gyms.

The fitness equipment market, a pivotal sub-sphere of the global fitness sector - has been strongly reinforcing its stance in its parent industry ever since the advent of fitness gyms. Valued at $10 billion in 2017, fitness equipment market has been showcasing an exponential rate of growth primarily on account of the fact that the lifestyle of a modern-day human is increasingly becoming more and more sedentary. The prevalence of this lifestyle coupled with the modern-day conveniences, where cheaply-priced fast-food is readily made available at the touch of a button, creates an extremely flourishing environment for cases of obesity as well as chronic diseases. This trend further propagates the inherent need to exercise and pursue fitness, augmenting fitness equipment industry trends.

Government-led initiatives in several nations that work on raising the awareness regarding the maintenance of better fitness would also be adding fuel to the industry growth. For instance, in the UK, the National Health Service (NHS) Live Well initiative maintains an extensive online portal that provides fitness tips to people of all ages in an ongoing effort to help individuals lead a healthier life.

The scope of fitness equipment market is extraordinarily colossal, say experts. This comes as no surprise, given that more and more people are becoming extremely health conscious. In addition, the rising disposable incomes of consumers have led to an increase in their purchase parity as well as living standards, both of which are inherent drivers of fitness equipment industry. It has been observed that this business space has a rather fragmented value chain, given its massive outlook. Invariably, fitness equipment market offers quite a lucrative spectrum of opportunities for manufacturers, component suppliers, distributers, wholesalers, retailers, and resellers, since the business has been gaining renewed prominence pertaining to extensive awareness programs.

Companies have also been collaborating with software vendors to provide AI-powered personal assistants to their consumers, for a personalized feel. The number of gyms and fitness centers have been on a consistent incline since the last few years and are expected to depict an exponential graph in the ensuing years as well, thereby providing an impetus to the overall fitness equipment market.

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Furthermore, it is noteworthy to mention that one of the essential factors driving fitness equipment industry is that of consumer awareness, which is continually being exploited by fitness companies. Most of the fitness equipment market players and even the regional governments have been collaborating with the local fitness clubs and new entrants to launch fitness drives for generating a sense of awareness regarding the importance of health maintenance. Ireland's 2016 launch of a ten-year National Physical Activity Plan to promote a healthy lifestyle via fitness training is an instance of the same.

Furthermore, these companies also have intensive marketing and promotional tactics on the cards, which will further augment product sale, indirectly spurring fitness equipment industry. The increasing health consciousness among consumers is sure to prompt companies to expand their product portfolios, which will gradually propel fitness equipment market even further, leading this business sphere to register a growth rate of 4% over 2018-2024.

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