Fitness Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Fitness Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The global fitness equipment market is poised to grow at a CAGR of 5.8% during the forecast period (2020 - 2025).

Key Highlights

• Growing preference for a healthy and fit lifestyle is the primary factor driving the fitness equipment market growth. This has also led to a surge in the number of fitness centers and health clubs across the globe, further propelling the growth of the market.
• The trend of bodybuilding and personality development among the young population results in increasing gym subscriptions and further increases the consumption of cardiovascular machines such as treadmills, spin bikes, and others.
• Growing government initiative programs related to health awareness is another factor propelling the growth of the market. These initiatives aim to promote and protect health by guiding at each individual, national, and global level in reducing disease and death rates related to unhealthy diet and physical inactivity, which, in turn, indulges consumers into fitness activities.

IMPACT OF COVID-19 ON THE MARKET

Key Highlights

• The coronavirus outbreak is, first and foremost, a human tragedy, affecting hundreds of thousands of people. In addition to the serious implications on people's health and the healthcare services, COVID-19 is having a significant impact on businesses and the economy. Thus, it also makes an impacts on the market for fitness equipment market globally. With continuation with quarantines, and social distancing, closed gyms will highly boost the culture of home-workout which is likely to boom the demand for fitness equipment for home.
• Around the world, many gyms and fitness studios are closed due to the spread of COVID-19. But fitness enthusiasts are not letting their fitness goals fall by the wayside because they’re stuck in the house. In fact, this is an opportunity for the equipment manufacturers to tap the market as increased number of people are motivated to develop a home fitness routine that can extend beyond social distancing mandates.​
• It has taken a pandemic to show the world that in-home workouts are the future of fitness. Traditionally, for most people, fitness meant working out at the gym or participating in outdoor sports, such as running, cycling, or even playing games such as football or basketball. Gradually, with busy lifestyles cutting into the time available for workouts, specialized gyms and fitness studios gained popularity.​
• Many fitness studios have begun live streaming classes via Zoom, there are countless meditation and workout videos available for free on YouTube, and other applications. This has eventually eliminated the absence of fitness instructors and personal trainers for the trainees and they are likely to invest in the home fitness equipment to continue their old training and gym workout regimes at their homes.​

Key Market TrendsConsumer's Inclination Towards Healthy Lifestyle

A growing preference for a healthy and fit lifestyle is currently the primary factor driving the fitness equipment market growth. This, in turn, has also led to a surge in the number of health and fitness clubs across the globe, further propelling the growth prospects of the market. Moreover, an increase in government initiatives in various countries, meant to promote a healthy lifestyle, is playing a key role in driving the market in the last few years. For instance, the government of Australia is planning to invest USD 230 million in sport and physical activity initiatives over the next five years. Moreover, the government encourages more Australians to get more active more often, by promoting participation in physical activities and strengthening links between the community and various sports and fitness organizations.

Asia-Pacific to Witness Strong Growth in Fitness Equipment Market

Asia-Pacific is the fastest-growing region in the global fitness equipment market. China, Japan, Australia, India, and South Korea are some of the top contributing countries in the region. One of the major factors driving the growth of the region is increased inclination towards personal training and instruction services.

The demand for personal trainers and fitness instructors has grown over the past due to the rise in weight-loss services and high interest in customized workout schedules. As baby boomers are actively focussing on their health, there is a growing demand for trainers with specialized knowledge of safe and effective fitness exercises for senior citizens. Owing to this factor various global players are expanding their presence in APAC countries in order to broaden their customer base and to get an edge over their competitors. For instance, in June 2017, the US-based Anytime Fitness announced plans to establish 500 new gyms in China over the next several years.

Competitive Landscape

Prominent players operating in the fitness equipment market include Johnson Health Tech, Amer Sports, Icon Health & Fitness, Technogym S.p.A., Brunswick Corporation, Nautilus, Inc., and Body-Solid Inc. Moreover, leading manufacturers in the market are focusing on leveraging opportunities posed by the emerging markets of Asia-Pacific, like Thailand and India, to expand their revenue base. Major players are focusing on expanding their geographical presence in order to cater to the interests of the consumers. Thus, expansion is one of the most preferred strategies in the fitness equipment market. For instance, in January 2019, Metro Detroit franchise owners opened a Crunch Fitness gym in Waterford Township. It is their 5th fitness center including locations in Farmington Hills, Dearborn, Taylor, Westland.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

BRUNSWICK CORPORATION
TECHNOGYM S.p.A
Nautilus Inc.
Johnson Health Tech Co.
Amer Sports
ICON Health & Fitness, Inc
Body
Solid Inc.
JERAI FITNESS PVT. LTD.

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