Fitness Equipment Market – A modernized way of fitness!

Posted by Swati Tamhankar on March 26th, 2021

Fitness equipment is used to perform physical exercises to enhance physical endurance and strengthen body muscles and strength. Fitness equipment ranges from basic springs to computerized electromechanical rides. With technological advances, today's society is becoming more dependent on technology for its day-to-day operations. As any invention or improvement has its pros and cons, it can be said that daily physical activities have been limited by technological advancement. In modern years, technology has directly or indirectly impacted human health. This has created a greater need to increase physical activity to balance body weight and cardiovascular health.

It is possible to consider keeping oneself physically fit as one of the best precautions to eradicate or prevent the risks of such diseases. Because of the number of health problems encountered in today's world, fitness training centers have experienced spontaneous development. A rise in demand for fitness equipment has been generated by rise in number of fitness centers around the world and this demand is expected to grow in the coming years. Treadmills, stationary bicycles and weightlifting machines are some of the most common fitness and muscle building fitness equipment favored by consumers.

Fitness Equipment Gaining Momentum

The recent growth seen in the market for fitness equipment can be attributed to an increase in awareness about health among young and old age groups. The advantages of physical exercise are continuously being promoted by physicians and governments of different countries, thus creating health consciousness in the society. In recent years, diabetes, heart disease and cholesterol have been experiencing growing health problems. In addition, obesity is a major concern in developing countries, thereby increasing the vulnerability to various diseases. These factors in developed regions such as North America and Europe, are driving the demand for the overall fitness equipment.

Another reason for the rapid growth of the fitness equipment market is the rising population in developing countries. The demographic age of developing countries such as China, where the bulk population consists of young people, offers good opportunities for the demand for fitness equipment. Forms of fitness equipment include equipment for cardiovascular training and equipment for strength training.

Increase in number of gymnasiums and fitness clubs

The client base has been expanded by rise in the number of gymnasiums and health service providers providing different packages and incentives for weight loss and related programs. All of these factors are having a positive effect on the growth of the market for fitness equipment, especially in Europe.

The worldwide population is now aware of numerous illnesses caused by a sedentary lifestyle. Thus, key players operating in the global fitness equipment industry are coming up with new outlets and chains of fitness clubs and spas. This is expected to have a positive effect on membership subscriptions, which will potentially fuel the demand for fitness equipment during the forecast period.

Increase in disease incidence leading to increased emphasis on fitness

A major problem around the world is the growing prevalence of cardiovascular disorders, diabetes, and osteoarthritis. Cardiovascular disease is among the leading causes of death, according to the World Health Organization. However, through sports, several organizations encourage a balanced lifestyle.

As a consequence, a growing number of people are regularly engaging in physical activities, such as signing up for fitness programs and packages or just individually exercising. This is driving the growth of the demand for fitness equipment.

With economies rising rapidly, it is also predicted that retail chains will exhibit significant sales growth over the forecast period. The growth of the fitness equipment industry is expected to increase in the coming years, as a large percentage of the overall revenue from sales of fitness equipment comes from organized retail chains.

According to a report published by Allied Market Research, the fitness equipment market size was valued at $ 11.5 billion in 2019, and is expected to reach $ 15.2 billion by 2027, registering a CAGR of 3.5% from 2020 to 2027. In terms of exercise equipment market share in 2019, the cardiovascular training equipment segment was the highest contributor and is expected to maintain its dominance during the forecast period.

Consumer's Sustainable Lifestyle Tendency

At present, an increasing desire for a safe and fit lifestyle is the key factor driving the growth of the fitness equipment industry. In exchange, this has also contributed to a rise in the number of health and fitness clubs around the world, further propelling the growth prospects of the market. In addition, in recent years, an increase in government programs in different countries aimed at promoting a healthier lifestyle has played a key role in driving the market.

In addition, by encouraging engagement in physical activity and improving relations between the community and different sports and fitness organizations, the government encourages people to become more involved frequently.

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Author:

Jaya Bundele

Research Associate

Consumer Goods Domain

Allied Market Research