Macroeconomic Developments will Contribute to Elliptical Market Growth By 2025
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With the advent of smartphones, global vendors have innovated to integrate fitness equipment along with technological facility which is operational through smartphones. Connected gym equipment helps to track physical activity and collects data with the help of wearable devices and mobile apps. Global vendors are focusing on improving and developing gym equipment such as elliptical, treadmills, and other related gym equipment that is likely to be connected to a fitness app which will help users to screen their health status. Integration of gym equipment with smartphones is predicted to create more scope of growth for the elliptical market in the coming years.
The elliptical market is segmented by end-users into health clubs and gyms, commercial users, and individual users. Health clubs and gyms held the dominant market share in 2016 and is likely to retain dominance over the forecast period. Rise in need for fitness coupled with the urge to stay stress free is expected to drive the growth of this segment. Rapid adoption of new equipment and technology in health clubs and gyms is likely to be one of the crucial driving factors for the growth of the elliptical market. Growing rate of youth population along with an urge to lead a healthy lifestyle is contributing to the development of the elliptical market.
On the basis of geography, the elliptical market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America. North America held majority of the market share in 2016 and is likely to retain its dominance over the forecast period. Rise in interest for fitness in developed countries and increasing health consciousness among consumers is expected to boost the growth of the elliptical market in this region. Rise in product innovation along with increasing trend of home gym is likely to drive the elliptical market. The U.S is likely to hold dominant share of the elliptical market by the end of the forecast period. Europe is likely to hold a significant market share owing to the rise of aging population in this region. Asia-Pacific is likely to be the most attractive market owing to the rise in youth population in this region. Predominance of diabetes and obesity, among other conditions in this region is expected to push the growth of the elliptical market. China and India are potential markets for the elliptical market during the forecast period due to the significant youth population in these countries.
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The elliptical market is highly competitive due to significant presence of numerous regional and local vendors. The global manufacturers are competing based on brand, price, availability, product differentiation, and innovation. Key players in the elliptical market are Precor, Cybex International, Life Fitness, SOLE Treadmills, Johnson Health Tech, ProForm Fitness, Smooth Fitness, Core Health & Fitness, ICON Health and Fitness, Paramount, FreeMotion Fitness, and Octane Fitness, among others.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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