Global Functional Fitness Equipment Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Functional Fitness Equipment Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Functional fitness equipment is any machine or device required for physical exercise to manage overall weight, improve physical stamina, and develop muscular strength. Meanwhile, functional fitness equipment is used to perform physical exercises to manage the overall weight, to improve physical stamina, and develop body muscles and their strength. Functional fitness equipment ranges from simple spring like devices to computerized electromechanical rides.

Market Overview:

The latest research study on the global Functional Fitness Equipment market finds that the global Functional Fitness Equipment market reached a value of USD 8902.9 million in 2022. It’s expected that the market will achieve USD 11600.54 million by 2028, exhibiting a CAGR of 4.51% during the forecast period.

The outbreak has had a negative impact on commercial Functional Fitness Equipment. The epidemic will have a short-term impact on functional fitness equipment industry, although it is relatively limited. Due to the impact of the epidemic, the production of raw materials and equipment procurement and transportation supply are difficult to be in place, and upstream enterprises affect the work schedule of downstream enterprises. Equipment manufacturing and product manufacturing enterprises in functional fitness equipment industry are affected to different degrees, and the production and delivery work may be delayed to some extent. Meanwhile, if it fails to meet the customer's delivery time requirements according to the contract, it may lead to the customer looking for another enterprise and lose business.

The impact of COVID-19 on the functional fitness equipment industry will involve all major links and all entities in the industry chain. The company's management efficiency has declined, commuting has been severely hindered, production plans have been severely hindered, network expansion has been delayed, marketing has been delayed, brand adjustments have been forced, and company and employee revenue have declined. The government has also put forward higher requirements for the production and operation of enterprises. Although various industries around the world are gradually resuming work, production and demand will not pick up rapidly and substantially, and will require a certain recovery period.

The functional fitness equipment market will witness a small dip in 2020 due to recent coronavirus (COVID-19) pandemic. With the spread of the virus, several government administrations globally have enforced lockdowns. This has led to closures of several fitness centers and gyms owing to need for maintaining social distancing to stop the spread of the virus. This has led to a decline in the demand for functional fitness equipment from offices and health clubs.

Increased demand

Busy lifestyles, lack of routine physical exercises, increased consumption of packaged, processed, and fast food is increasingly becoming the norm for the urban populace of the world. Stress levels are also hitting upsetting levels, especially among working middle-class populace residing in rapidly expanding urban spaces in emerging economies. Repercussions of these factors are highlighted by the rising prevalence of chronic diseases such as diabetes, cardiovascular conditions, and the swelling population of obese people across the globe.

Stiff competition

With major manufacturers and suppliers in the functional fitness equipment industry competing at globally, the intensity of competition within the functional fitness equipment industry has increased. The vendors adopt strategies like price premiums to stay competitive in the market. Meanwhile, the local vendors in developing nations are providing tough competition to the global players based on product pricing. The fierce competition is not conducive to the sustainable development of the industry. At the same time, small companies or small retailers enter the business consequently as venturing into a functional fitness equipment business does not require immense capital or investment. However, this leads to the proliferation of sub-standard or duplicate products which then hampers the competitive scenario in the market as established functional fitness equipment manufacturers are compelled to lower the price of their products, which ultimately impacts their profit margins and sales volumes.

Region Overview:

North America is projected to account for a considerable share of the Functional Fitness Equipment market and is expected to become the largest region by 2027.

Company Overview:

ICON Health & Fitness is one of the major players operating in the Functional Fitness Equipment market, holding a share of 21.01% in 2022.

ICON Health & Fitness

Icon Health & Fitness, Inc. (stylized as ICON Health & Fitness) is a manufacturer, developer, and marketer of exercise equipment based in Logan, Utah, United States. ICON Health & Fitness has a wide range of brands, products and technologies, including the brands NordicTrack, ProForm, Weider, Gold's Gym and FreeMotion Fitness. Icon Health & Fitness, Inc. develops, manufactures, and markets fitness equipment. The Company provides treadmills, elliptical machines, exercise and stationary bikes, weight benches, yoga and pilate equipment, hand-held exercise products, performance apparels, and strength training products. Icon Health & Fitness distributes its products worldwide.

Peloton

In 2012, Peloton brought the best talent in technology, hardware and production together to accomplish an ambitious goal: bring the community and excitement of boutique fitness into the home. Peloton Interactive, Inc. provides recreational facilities and services. The Company offers workout bikes for indoor cycling, as well as other fitness related instruments. Peloton Interactive serves customers in the United States.

Segmentation Overview:

By type, Treadmill segment accounted for the largest share of market in 2021.

Application Overview:

The market's largest segment by application is the segment Health Clubs, with a market share of 59.91% in 2021.

Key Companies in the global Functional Fitness Equipment market covered in Chapter 3:

Hampton Fitness
Dyaco
WaterRower
Nautilus
WNQ Fitness
True Fitness
Torque Fitness
Shanxi Orient
Shuhua Sports
Precor (Amer Sports)
Landice
Total Gym Global
Concept2
BH Fitness
Impulse
Technogym
Escape Fitness
Johnson Health Tech
Life Fitness (KPS Capital Partners)
Peloton
ICON Health & Fitness

In Chapter 4 and Chapter 14.2, on the basis of types, the Functional Fitness Equipment market from 2018 to 2029 is primarily split into:

Medballs
Bars & Plates
Flat Bench
Squat Rack
Rowing Machine
Kettlebells and Dumbbells
Treadmill
Exercise Bike
Elliptical
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Functional Fitness Equipment market from 2018 to 2029 covers:

Health Clubs
Home/Individual
Hotels
Hospitals
Corporate Offices
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)