Fitness Equipment Global Market Report 2022: Growing Adoption of Virtual Classes Bodes Well for Growth - ResearchAndMarkets.com
The "Fitness Equipment Market by Type, and by End User - Global Opportunity Analysis and Industry Forecast, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The "Fitness Equipment Market by Type, and by End User - Global Opportunity Analysis and Industry Forecast, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The Fitness Equipment Market size was valued at USD 12.43 billion in 2021 and is predicted to reach USD 16.56 billion by 2030 with a CAGR of 2.8% during the forecast period, 2022 to 2030.
The growing adoption of virtual classes and inclination of individuals towards residential gyms due to their busy and hectic working schedule that allows residents to plan a workout at their own convenience is expected to drive the growth of the home fitness equipment market.
However, high cost of fitness equipment products coupled with the limitation of space, especially for people indulging in home workouts is expected to restrain the growth of the market during the forecast period. On the contrary, growing advanced technologies by the manufacturers for innovating better fitness equipment such as fitness trackers, smart exercise equipment, and wearable fitness technology that enables to monitor of real-time health data are expected to create ample growth opportunities for the market in the coming years.
Segment Overview
The global fitness equipment industry is segmented on the basis of type, end user, and region.
- By type, the market is classified into cardiovascular training equipment, strength training equipment, and others
- By end user, the market is categorized into home consumer, health club & gym, and other commercial.
- By region, the market is segmented into North America, Europe, Asia-Pacific, and RoW.
Regional Analysis
Asia Pacific market is projected to hold a dominant share by 2030.
The rapidly rising sports and fitness industry is due to the rising trend of consumer inclination towards health fitness in recent years in this region. According to Active & Sport Expo, in Mexico, there were more than 12,000 sports clubs with over 4 million members, which generated annual revenues of USD 1.8 billion in 2021.
Also, the presence of major key players, such as Rogue Fitness, iFIT Health & Fitness Inc., and Life Fitness, Inc. are adopting partnership strategies that boost the market growth in this region. For instance, in October 2021, Life Fitness announced Life Fitness Connect, a free-to-download mobile app for Apple and Android devices. It provides advanced workout tracking capabilities and on-demand classes to help exercisers stay motivated on-and-off life fitness and cybex equipment.
Key Market Players
Emerging and efficient key players in the global fitness equipment market research include companies such as:
- Johnson Health Tech
- iFIT Health & Fitness, Inc.
- Life Fitness, Inc.
- Technogym S.p.A
- Core Health & Fitness, LLC
- Impulse (Qingdao) Health
- Peloton Interactive, Inc.
- ShuHua Sports Co., Ltd.
- Rogue Fitness
- ABC Fitness Solutions
Recent Developments
August 2022
ABC Fitness Solutions (ABC) acquired Glofox. The strategic addition of Glofox to ABC significantly expands ABC's global reach and amplifies its ability to serve fitness organizations of all sizes. Collectively they will support over 31 million members across more than 24,000 fitness locations in 116 counties.
April 2022
Core Health & Fitness LLC acquired Wexer Holding LLC, a leader in digital health and fitness offerings. This acquisition will provide Wexer with the funding to scale its business through significant acquisitions to consolidate the digital fitness sector. It further helps to drive digital adoption across the global health club sector.
October 2021
iFIT announced multi-year exclusive connected treadmill and content partnerships with boston, chicago, london and new york city marathons. This partnership will expand iFIT's defining, long-term content strategy which engages subscribers through powerful interactive workouts around the globe.
October 2021
Matrix Fitness, a subsidiary of Johnson Health Tech announced a partnership with Myzone, the leading wearable technology solution in the fitness industry. The first phase of the partnership seamlessly integrates Myzone heart rate devices with Matrix Touch and Touch XL consoles and the new Virtual Training Cycle.
October 2021
Technogym partnered with Dior Partners on branded sports equipment to launch a series of pop-up stores to introduce the Dior Vibe line, which includes the Dior and Technogym Limited Edition series of home wellness products. This new project Technogym and Dior have joined forces to devise these unique pieces such as Technogym MyRun connected treadmill, Technogym multifunctional workout bench and Technogym exercise ball.
Market Dynamics
Drivers
- Growing Health Complications Among the Population Across the Globe
- Rising Inclination Towards Advanced Digital Technology
- Increasing Number of Gyms & Fitness Clubs Around the Globe
Restraints
- High Cost of Equipment Along With the Complex Procurement of Components
Opportunities
- Rising Innovative Products Along With the Trend of the Home Fitness Industry
Key Topics Covered:
1. Introduction
2. Fitness Equipment Market - Executive Summary
3. Market Overview
4. Market Share Analysis
5. Global Fitness Equipment Market, by Type
6. Global Fitness Equipment Market, by End-user
7. Global Fitness Equipment Market, by Region
8. Company Profiles
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