The Global Market for Physical Fitness Equipment is Projected to Exceed US$21 Billion by 2024

Booming Health and Wellness Industry and the Resulting Exponential Increase in Fitness Centers and Health Clubs Drive Demand for Physical Fitness Equipment, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size, and demand forecasts on the global Physical Fitness Equipment market. The global market for Physical Fitness Equipment is projected to exceed US$21 billion by 2024, driven by growing focus on health and wellness against the backdrop of increasing health consciousness and rising incidence of chronic diseases and the resulting increase in number of fitness centers, health clubs and gyms.

The fitness equipment market globally is exhibiting consistent growth over the last few years owing to increasing number of individuals in countries across the world affected by obesity. These people are at high risk of asthma, childbirth issues, cardiovascular diseases and cancer. Growth in the market is driven by the strong focus on leading healthy lifestyles through healthy diets and fitness regimes. Aging population and growing number of fitness program activities targeted at improving the abilities of even the frail older adults to perform day-to-day activities, and high prevalence of chronic disorders among the aging individuals augurs well for the market. Growing economic strength of the global middle class, focus on preventive healthcare along with easy access to wellness information and online programs as a result of broader penetration of the Internet is positively influencing demand for home physical fitness equipment. As therapeutic tools for heart patients, cardio machines and equipment are witnessing healthy demand. Exponential increase in the number of health clubs, fitness centers, recreational outfits, and gyms, is also benefiting growth in the market. The trend is especially favoring cardio machines such as treadmills and elliptical trainers, steppers, bicycles and rowing machines.

Future growth in the market will be driven by the rise of the connected consumers and the digital disruption caused by advanced technologies intended to enhance customer experience. The rapidly changing digital world is driving fitness facilities and equipment makers to focus on tech-based solutions and interactions such as activity trackers, sophisticated physical fitness equipment, apps, smart connected fitness equipment, wearable devices, sensor-embedded workout wear, artificial intelligence, and VR headsets. Gyms featuring virtual reality equipment such as the Spivi studio that enables spinning enthusiasts to compete with each other by leveraging a big screen for tracking their progress, and cryochambers, are expected to become increasingly commonplace. Also, integration of technology such as LED screens, heart beat readers/monitors, etc., into fitness equipment is witnessing unprecedented growth. Few of the innumerable innovative and advanced fitness equipment poised to benefit market prospects in the near term include the “smart speed” VUE VR Treadmill; Fusion CST exercise machine; the high-technology integrated treadmill Peloton-Tread; Suunto-3 Fitness wearable; Rope trainer machines; Jacobs Ladder; Air 300 Squat Machine, and Self-Powered Treadmills. Other factors driving gains in the market include rising participation of women in sports and fitness due to increasing spending power; and the emergence of Internet, particularly social media, as the new marketing platform for a rising fitness-crazy generation.

As stated by the new market research report on Physical Fitness Equipment, the United States represents the largest market worldwide, followed by Europe. The growth in these countries is supported by aging baby boomers, rising wave of fitness and wellness, increase in gym and health club memberships, and wide availability and easy access to advanced fitness gear. Asia-Pacific ranks as the fastest growing market with a CAGR of about 8.9% over the analysis period, driven by increasing awareness about the importance of regular physical activity, growing number of well-equipped gyms, coupled with rapid economic growth and disposable incomes, and the huge potential offered by the unpenetrated and underpenetrated developing countries in the region.

Key players in the market include Amer Sports Corporation, Precor Incorporated, BFT Fitness Co. Ltd., Body-Solid Inc., Brunswick Corporation, Cybex International Inc., Life Fitness Inc., Dyaco International Inc., Heart Rate Inc., Heinz Kettler GmbH und Co. KG, ICON Health & Fitness Inc., Johnson Health Tech Co. Ltd., Nautilus Inc., Technogym S.p.A., TRUE Fitness Technology Inc., Tunturi New Fitness B.V. and YANRE Fitness Equipment Co. Ltd., among others.

The research report titled “Physical Fitness Equipment: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, drivers, mergers, acquisitions and other strategic industry activities of global companies. The report provides market estimates and projections in dollars for all major geographic markets such as the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific, Middle East & Africa, and Latin America. Product Groups/Segments analyzed in the report include Treadmills, Resistance Equipment (Free Weights, and Home Gyms/Multi-Stations), Elliptical Trainers, Aerobic Riders, Cross Country Ski Machines, Stationary Exercise Bicycles, Exercise Bikes (Upright Stationary, Group Exercise, and Recumbent Stationary), Benches, Ab Crunchers/Abdominal Machines, Step Machines/Stair Climbers, Stretching Machines, Rowing Machines, Toning Machines, Massagers, and Other Physical Fitness Equipment.

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