WILMINGTON, Del., May 21, 2024
/PRNewswire/ -- Allied Market Research published a report, titled,
"Fitness Equipment Market by Type (Cardiovascular Training
Equipment, Strength Training Equipment, and Others), End User
(Health Clubs/Gyms, Hospitality, Residential, and Leisure, Health,
Corporate, Public, and Home Consumer), and Price Point
(Premium/Luxury and Mass): Global Opportunity Analysis and Industry
Forecast, 2024-2033". According to the report, The global
fitness equipment market was valued at $11.0
billion in 2017, and is projected to reach $18.4 billion by 2033, growing at a CAGR of 3.02%
from 2024 to 2033.
Prime determinants of growth
The fitness industry has witnessed a significant transformation
with the rise of the Internet of Things (IoT), leading to the
evolution of conventional fitness equipment into intelligent
counterparts. Through IoT-enabled fitness equipment, workout
metrics such as reps, weights lifted, and duration are seamlessly
captured and transmitted in real time. This data is then integrated
into individual user profiles, offering valuable insights into
workout performance and progress. With IoT connectivity, users can
effortlessly access their training history across different devices
and machines, enabling them to track their gym sessions with ease.
This enhanced connectivity promotes greater user engagement and a
deeper understanding of fitness advancement. Additionally,
IoT-enabled fitness equipment often features interactive screens
that offer guided exercises and demonstrations, allowing users to
participate in group classes or follow virtual trainers for an
enriched and immersive training experience.
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A corporate wellness program is a structured initiative
established by a company to promote and facilitate employee
physical activity and general well-being. By integrating physical
activity into the workplace environment, these programs make it
convenient for employees to participate in gym sessions, exercise
classes, or other wellness activities. Highlighting the fact that
approximately 90% of large U.S. companies have adopted workplace
wellness programs, which highlights the growing awareness and
emphasis on employee health in the corporate world. The primary
goal of corporate fitness programs is to prevent the harmful
effects of sedentary work habits and cultivate a healthier, more
active workforce. Typically, these programs offer access to fitness
facilities, exercise classes, and wellness activities focused on
health and fitness. Through these initiatives, corporate fitness
programs foster a culture of well-being within the organization
that leads to an increased demand for fitness equipment in
workplace gyms and wellness facilities, driving growth in the
commercial fitness equipment segment.
Report Coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024-2033
|
Base Year
|
2017
|
Market Size in
2017
|
$11.0
billion
|
Market Size in
2033
|
$18.4
billion
|
CAGR
|
3.02 %
|
No. of Pages in
Report
|
2,398
|
Segment
covered
|
Type, End User, Price
Point, and Region
|
Drivers
|
- IoT Integration of
Fitness Equipment
- Corporate Wellness
Programs
- Active Aging
Population
|
Opportunities
|
Increase in Sports
Participation
Concerns about
Childhood Obesity
|
Restraints
|
Service and Repair
Plans
|
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Tables, and
Figures): https://bit.ly/3QTb5Db
Cardiovascular training equipment segment to maintain its
leadership status throughout the forecast period
By type, the cardiovascular training equipment segment held the
major share of the market share in 2023, accounting for more than
three-fifths of the global fitness equipment market and is
estimated to maintain its leadership status throughout the forecast
period. The cardiovascular training equipment segment is projected
to grow with the highest CAGR of 3.05% during the forecast period.
The segment dominates the global fitness equipment market, owing to
higher value and increase in popularity among the obese
population.
Home consumers segment to retain its dominance by
2033
By end user, the home consumer segment held the major share of
the market in 2023, accounting for more than four-fifths of the
global fitness equipment market and is estimated to maintain its
leadership status throughout the forecast period. The adoption of
fitness equipment is expected to increase among the population.
Sedentary lifestyles and hectic schedules have led to the adoption
of in-home fitness equipment. Exercising at home using fitness
equipment saves gym membership expenses.
Mass segment to maintain its leadership status throughout the
forecast period
By price point, the mass segment held the major share of the
market share in 2023, accounting for more than three-fifths of the
global fitness equipment market and is estimated to maintain its
leadership status throughout the forecast period with a CAGR of
3.93%. This is the most preferred price range among global
consumers, as the customer can acquire good quality fitness
equipment with numerous features at this price range. Most of the
major players such as ICON Health & Fitness, Life Fitness,
Brunswick, and True Fitness offer their fitness equipment products
at a mid-price range.
North America to maintain
its dominance by 2033
By region, North America held
the highest market share in terms of revenue in 2023, accounting
for two-fifths of the global fitness equipment market. North America is the largest market for
fitness equipment across the globe. A larger base of obese
population in the region leads to higher adoption of fitness
equipment. Obesity has long-term negative effects on health
including but not limited to heart disease, stroke, type 2
diabetes, high blood pressure, cancer, and other bone & joint
diseases. The Centers for Disease Control and Prevention (CDC)
reports that the prevalence of obesity among adults in the U.S. was
41.9% in 2020, highlighting the need for accessible and convenient
fitness solutions.
The LAMEA region holds greater potential in terms of growth over
the next few years. Brazil and
South Africa drive the growth of
the fitness equipment market in the LAMEA region. Brazil is the market leader in the fitness
equipment market among Latin American countries. Health clubs
contribute significantly to the growth of the fitness equipment
market in Brazil. A larger base of
the youth population, a rise in per-capita income, and increase in
health consciousness are expected to propel the demand for fitness
equipment.
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Leading Market Players
- ICON Health & Fitness, Inc.
- Brunswick Corporation
- Johnson Health Tech Co., Ltd.
- Technogym S.p.A,
- Amer Sports Corporation
- Nautilus, Inc.,
- Core Health and Fitness, LLC,
- TRUE Fitness Technology, Inc.,
- Impulse (Qingdao) Health Tech
Co., Ltd.
- Torque Fitness, LLC.
The report analyzes these key players in the global fitness
equipment market. These players have adopted various strategies
such as expansion, new product launches, partnerships, and others
to increase their market penetration and strengthen their position
in the industry. The report helps determine the business
performance, operating segments, developments, and product
portfolios of every market player.
Explore AMR's Extensive ongoing Coverage on Consumer and
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