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Fitness Equipment Market is Anticipated to Raise at a CAGR of 3.6% by 2024
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Key players in the global fitness equipment market are actively focusing on the provision of smart fitness equipment, capable of connecting and sharing workout data to fitness apps and wearable devices. These players include Brunswick Corp., Technogym S.p.A, Nautilus, Inc., Amer Sports Oyj, Johnson Health Tech Co., Ltd., ICON Health & Fitness, Inc., True Fitness Technology, Inc., SportsArt Fitness, Inc., Iron Grip Barbell Company, and Adidas AG.
According to PMR’s Report, the global fitness equipment market is projected to register a sluggish growth at 3% CAGR during 2016 to 2024, in terms of volume. In 2016, 13,812,312 units of fitness equipment were sold across the globe, and by 2024, the sales of fitness equipment are expected to reach 17,548,158 units. Developing economies such as China, India, Mexico, and others have shown weak aftersales services for fitness equipment. In addition, fitness equipment requires huge maintenance costs, which is impeding the growth of the global fitness equipment market.
There is a difficulty in procuring parts/components utilized for fitness equipment such as heart rate grips, LED console, handle bars, tension knobs, motors, and so on, and most of these are complex to repair. This results in replacement of the whole unit, increasing overall maintenance costs. These factors are estimated to restrain the market growth in the near future. At present, people are inclining towards exercises such as dancing, aerobics, Pilates, and yoga which require minimal use of fitness equipment. This has made fitness clubs to buy less equipment and provide more & more open spaces. This is further expected to hinder the growth of the global fitness equipment market.
In terms of volume, weight training equipment is expected to continue its dominance over the global fitness equipment market through 2024. This segment is estimated to account for sales of 12,098,390 units by 2024 end, expanding at a CAGR of 3.1%. Weight training equipment is expected to register a substantial growth during the forecast period. The ability of cardiovascular training equipment of being utilized by all age groups is expected to drive its growth in sales by 2024. This segment is expected to witness 2.9% CAGR, in terms of volume, during the forecast period.
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Health clubs are expected to remain the fastest growing end-user segment, in terms of volume, through 2024. In contrast, the home/individual segment is expected to witness highest sales in volume during the forecast period. This sale of this segment is expected to reach 8,409,796 units by 2024. Region-wise, Asia Pacific is estimated to register the fastest growth at 3.8% volume CAGR during the forecast period. In contrast, Europe is expected to remain the most lucrative region for sales of fitness equipment. The sales of fitness equipment in Europe is expected to reach 5,908,833 units by 2024.
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