The global fitness equipment market size is expected to reach USD 13.24 billion by 2022 according to a new study by Grand View Research, Inc.
Increasing awareness of health & wellness, increasing urbanization, and an exponential increase in obese population across the world are some of the factors expected to drive the global fitness equipment market growth.
The market is analyzed in accordance to equipment type such as cardiovascular, strength training, and other devices such as monitors & trackers. Treadmills, stationary bicycles, stair climbers, and weightlifting machines are commonly used by people across all age groups for weight management and to maintain an overall body well-being.
Governments in developed countries are constantly in the process of conceptualizing and establishing effective and timely healthcare programs. Developing countries also indicate a significantly growing trend of healthcare offerings across all sectors. Additionally, increasing trends of corporate fitness and wellness programs offered by organizations across different industry verticals to their employees have further propelled industry growth.
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Further key findings from the study suggest:
- Cardiovascular training devices are expected to strengthen their presence over the forecast period and are expected to grow at a CAGR of over 3% from 2015 to 2022. Adoption of cardiovascular training devices is comparatively higher as compared to strength training devices as it offers dual benefit of disease prevention and well-being. Cardiovascular training devices such as treadmills, stationary bicycles, rowing machines, and stair machines are extensively used to maintain body fitness and keep the Body Mass Index (BMI) within healthy limits.
- Health clubs and gyms dominated the industry accounting for over 45% of the market share in 2014. Home users of such devices procure different equipment for their personal use while these devices are an essential prerequisite for health clubs and gyms in order to run their businesses. Other commercial users, such as hotels, hospitals, and corporate offices, purchase them to improve the customer experience they offer.
- Asia Pacific is expected to grow at a CAGR of over 7% over the forecast period due to a relatively untapped market for sophisticated and advanced fitness equipment in the region. Large youth population with rising disposable incomes in countries such as China and India are expected to drive industry growth during the next seven years. Rising overweight population in North America has led the region to dominate the industry. North America occupied nearly 45% of the overall industry share in 2014 and is projected to grow steadily over the forecast period at a CAGR of nearly 2%.
- Companies operate their businesses in highly competitive market by launching new products or updated versions of existing products. Technological and product innovations have driven the highly dynamic market. Industry participants such as Brunswick, Cybex International Inc., Johnson Health Tech, Nautilus Inc., Paramount, and Precor have formed strategic alliances with gym and health club service providers to gain the industry revenue share and establish their dominance in the market.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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