Global Functional Fitness Equipment Market 2023-2030

Global Functional Fitness Equipment Market 2023-2030

Global Functional Fitness Equipment Market Size, Share & Trends Analysis Report by Type (Medballs, Bars and Plates, Flat Bench, Squat Rack, Kettlebells and Dumbbells and Others), and by End-User (Flat Bench Clubs, Squat Rack/Individual, Hotels and Corporate Offices) Forecast Period (2023-2030)

The global functional fitness equipment market is anticipated to grow at a CAGR of 8.5% during the forecast period. The growth of the market is attributed to the factors such as the growing preference for a healthy and fit lifestyle and a surge in the number of fitness centers and health clubs across the globe, propelling the market's growth. According to the Global Health and Fitness Association (IHRSA), the Physical Activity Council, approximately 1 out of 5 Americans or 21.8% of the total American population, belonged to a health club or studio in 2021, totaling 66.5 million consumers ages 6 years and older.

Segmental Outlook

The global functional fitness equipment market is segmented based on the type, and end user. Based on the type, the market is segmented into medballs, bars and plates, flat bench, squat rack, kettlebells and dumbbells and others which includes accessories and rowing machines. Based on the end-user, the market is sub-segmented into flat bench clubs, squat rack/individual, hotels and corporate offices. Among the end-users, hotels and corporate offices are expected to grow significantly over the forecast period, owing to the prevalence of working long hours which increases the risk of obesity and cardiovascular disease among various individuals.

The kettlebells and Dumbbells Sub-Segment is Anticipated to Hold a Prominent Share of the Global Functional Fitness Equipment Market

Among the type segment, the kettlebells and dumbbells sub-segment is anticipated to hold a prominent share of the market, owing to the rising attraction towards muscular endurance and strength activities such as long-distance running, cycling, or swimming, along with circuit training and bodyweight exercises. Working out with kettlebells is a cardio workout and it challenges the center of gravity with the strange off-balance design of the equipment. Another key factor bolstering the market includes the innovative product launches by the key market players. For instance, in September 2021, FITBENCH and YBell Fitness developed the FITBENCH YBell, the latest all-in-one workout solution. The new equipment launched offers exercise versatility and space-saving opportunities,

Regional Outlook

The global functional fitness equipment market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). Among these, North America is expected to hold a prominent share of the global functional fitness equipment market. The regional market growth is owing to the growing awareness for a healthy lifestyle and the rising number of fitness clubs across the region.

Global Functional Fitness Equipment Market Growth, by Region 2023-2030

Source: OMR Analysis

The Asia-Pacific Region is Anticipated to Grow in the Global Functional Fitness Equipment Market

Among all regions, the Asia-Pacific regional market is anticipated to grow over the forecast period. Owing to the surging prevalence of obesity, the increasing number of fitness influencers, and the growing gym culture. China has witnessed a surge in the number of overweight or obese individuals over recent years. As per the National Health Commission (NHC) of China, over 50% of Chinese adults are classified as overweight, out of which more than 16% are obese. Moreover, with the recovery of the market economy.

In addition, in June 2022, Johnson Health Tech acquired the fitness division of Cravatex Brands Ltd., a prior distributor for Johnson Health Tech, have become first fitness equipment company to have a wholly owned subsidiary in India. With its continued investment in product development, manufacturing expertise, Johnson Health Tech upgraded the fitness industry. Through this strategic initiative, the company has expanded its business in the region.

Market Players Outlook

The major companies serving the global functional fitness equipment market include Brunswick Corp., Johnson Health Tech. Co., Ltd., ACE Controls Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in April 2021, Peloton acquired Precor to expand its manufacturing capabilities in the US. Further, the company also collaborated with Precor's manufacturing team to strengthen its R&D capabilities which will support company in accelerating its commercial market penetration.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global functional fitness equipment market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.