The Global Fitness Equipment Market was valued at an estimated $10 billion US dollars in the year 2016. Between 2017 and 2024, this market is expected to see a moderate compound annual growth rate of an estimated 3 percent. The increased incidence of chronic heart disease an obesity and are expected to contribute the most significant growth for this market in the upcoming years.
The global fitness equipment market will experience moderate growth in upcoming years. This market comprises various machines that are designed and utilized specifically for fitness related purposes, such as treadmills, stationary bicycles, stair lifters and the like. Various factors are expected to fuel the growth of this market, and market growth will be more significant in certain regions.
Factors Expected to Fuel the Growth of the Global Fitness Equipment Market
As mentioned, it is believed that a variety of factors will fuel the growth of the fitness equipment market worldwide.
One of the largest factors that is expected to enhance augmentation of this market is the increased incidence in obesity and cardiovascular conditions. Worldwide, people are living a more sedentary lifestyle and as a result, they are getting less exercise. The result of this type of lifestyle is largely responsible for the rising rate of obesity and the development cardiovascular health conditions. As more people are looking for ways to increase their activity levels in order to combat obesity and offset the development of cardiovascular health conditions, there has been an increased interest in global equipment.
Ireland launched their National Physical Activity Plan in 2016. This 10 year plan introduces initiatives and health awareness programs, which are expected to drive the growth of the fitness equipment market, as it is projected to increase the amount of people who are engaging in exercise on a regular basis.
Moreover, the rapid industrialization and increase in population in emerging economies, as well as longer work hours and unhealthy eating habits and higher rates of stress have lead to an increase in the amount of gym memberships. As such, this has lead to a greater need for fitness equipment.
Additionally, there has been increased awareness in the importance of maintaining proper health among the aging population. This has given rise to increased use of fitness equipment by this population, which is also expected to boost the size and value of the global fitness equipment market.
Lastly, the advancements in technology related to wearable technologies, such as pedometers, has also spurred an increased use in fitness equipment and will help to increase the growth of this market during the projected time period.
However, while the global fitness equipment market is expected to see growth in the coming years, there are factors that could be problematic and prevent the market from reaching its full potential. For instance, the high cost of manufacturing and maintaining fitness equipment could pose as challenges for market growth. Additionally, the increased demand for used fitness equipment among consumers could also inhibit market growth and restrain the demand for new products.
Global Fitness Equipment Market by Equipment Type
During the forecasted time period, cardiovascular equipment is expected to dominate the global fitness equipment market. It is projected that this type of equipment will account for approximately 50 percent of the market share. This will largely be due to the increased adoption of this type of equipment by both commercial and consumer users. Moreover, the increased emphasis on weight loss will further contribute to the increased demand for cardiovascular fitness equipment.
Strength training fitness equipment is also expected to hold a large percentage of the market share of the global fitness equipment market. This equipment focuses on products that are designed to tone particular parts of the body, including the biceps, calves, triceps, abdomen, glutes and more. The increased demand by consumers for these types of machines will continue in the upcoming years.
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Global Fitness Equipment Market as per End User
The global fitness equipment market is segmented by end user. These end users include home users, home office users, and gym users.
The home fitness equipment segment is projected to see a substantial growth rate in the forecasted time period; an estimated compound annual growth rate of 5 percent. This type of equipment increases privacy, minimizes distractions, and allows for greater freedom for consumers, allowing them to use the equipment that they are most interested in. Moreover, home fitness equipment also reduce the inconvenience that is associated with having to travel back and forth to the gym.
The office end user segment is also expected to see growth in the upcoming years. This will largely be due to an increase in the amount of businesses that are offering corporate wellness programs for their employees. These programs are intended to reduce the amount that companies spend on employee health insurance, and also helps to increase the retention rate of employees. For example, top companies such as Google, Verizon and Marriot Hotels offer large workout spaces in their offices, which are outfitted with fitness equipment.
Regional Analysis of the Global Fitness Equipment Market
During the forecasted time period, it is anticipated that the Asia Pacific region will see the largest growth. This will largely be due to the increase in the amount of patients that are suffering from cardiovascular diseases. Additionally, the increase in disposable income of the middle class in this region will also aid in the growth of this market in Asia Pacific.
The Americas, specifically the United States, Mexico and Argentina, are also expected to see an increased demand for fitness equipment during the forecasted time period. Increased rates of obesity and the rising cost of memberships to gyms and health clubs will drive the growth of this market, specifically in regard to the home fitness equipment segment.
Key Vendors in the Global Fitness Equipment Market
There are several companies that serve as key vendors in the global fitness equipment market. Some of the most notable vendors include Icon Health and Fitness, Brunswick Corporation, Nautilus Inc, and Technogym.