Fitness equipment is used to perform physical exercises to manage the overall weight, to improve physical stamina, and develop body muscles and their strength. Fitness equipment range from simple spring like devices to computerized electromechanical rides. Fitness equipment types are cardio equipment and strength equipment such as free weights and other strength machines to build the muscle mass.
Most fitness equipment are fitted with an ergo-meter, which is a device used to measure the amount of work the person has done while exercising.
Europe is the largest market for fitness equipment in the world, followed by North America and Asia Pacific.
The North America region, especially the US, has an established fitness culture and many companies offer fitness equipment in the market. The U.S market has maximum penetration of cardio fitness equipment as compared to other countries. This is due to increased health consciousness and high obesity rates across the U.S. in addition to the rise in number of health club memberships and health & fitness centers.
A rapidly growing population of youngsters in the Asia Pacific region along with rising awareness about health and fitness and a growing disposable income are the factors driving the fitness equipment market in the region. Also, due to increasing occurrence of cardiovascular diseases, the market for cardio fitness equipment is on the rise in the Asia Pacific region.
Fitness equipment manufacturers are adding new features to their products to increase their overall functionality. Customers are always looking for multi-functional devices to perform various operations with the help of a single device. Fitness technology, which includes trackers and smartphone applications have become popular currently for measuring and encouraging physical activity.
Consumers prefer products with latest features and hence companies are launching advanced features such as Bluetooth, Wi-Fi connectivity, and built-in smart phone/MP3 storage.
Rising awareness among the people regarding health and fitness and governments across the world promoting good health measures to reduce the risk of chronic diseases are major factors boosting the global fitness equipment market.
Moreover, a rising youth population and increasing obesity are also boosting the fitness equipment market the world over.
In addition, improved lifestyle of the people coupled with a rise in disposable incomes, particularly in developing countries offer immense growth potential for market players operating in the fitness equipment market.
Obesity and cases of chronic heart disease are rising due to the sedentary lifestyle of the people. To counter this, governments and people are introducing several health awareness programs and initiatives that are set to boost the fitness equipment market.
In addition, rapid industrialization and urbanization has led to a rise in the rates of pollution, work hours, and unhealthy eating habits which are leading to health problems like stress and other health issues. To counter these ill effects, memberships in gyms has increased among the urban, working class population. This is also boosting the fitness equipment market.
However, the high cost of fitness equipment and their high maintenance cost are hampering the market growth. Moreover, people also prefer swimming, aerobics, and yoga rather than physical exercise at the gym and this also hampers the growth of the fitness equipment market.
The global fitness equipment market has been segmented based on product type, end-use, distribution channel, and region.
In terms of product type, the global fitness equipment market has been classified into cardio equipment, strength equipment, and others. Cardio equipment is classified into cross-country ski machine, elliptical trainers, stationary bicycle, treadmill, rowing machines, and others. In terms of strength equipment, the market is segmented into squat rack, bench press, hammer strength machine, leg pull-down machine, leg extension machine, hyper extension bench, smith machine, abdominal bench, leg press machine, peck deck machine, and others.
The fitness equipment market has been divided into individual, gyms/health clubs, and commercial based on end-use. The commercial segment is further divided into hotels, corporate offices, public institutions, and others.
The market has been bifurcated into online and offline, where the offline segment has been further divided into hypermarkets/ supermarkets, specialty stores, and brand stores.
Based on region, the market is classified into North America (U.S, Canada, and Rest of North America), Europe (U.K, Italy, France, Germany, and Rest of Europe), Asia Pacific (India, China, Japan, and Rest of Asia Pacific), Middle East & Africa ( GCC, South Africa, and Rest of Middle East & Africa), and South America (Argentina, Brazil, and Rest of South America)
The fitness equipment market is fragmented due to the presence of several players. Competition is expected to intensify in the coming years with the entry of several local players. Key Amer Sports Corporation, Brunswick Corporation, ICON Health & Fitness, Inc, Impulse (Qingdao) Health Tech Ltd. Co., Johnson Health Tech Co., Ltd, Nautilus, Inc, Technogym S.p.A, Torque Fitness LLC, and others players are planning to enter into the market.