The global fitness equipment market is
anticipated to reach USD 13.24 billion by 2022. Key factors that are expected
to fuel growth include urbanization leading to changing lifestyles, growing
awareness of health & wellness and drastic increase of obese population.
Emerging
economies have been observing growing trend for healthcare programs across all
segments. In addition, governments in these countries are persistently
attempting to conceptualize and establish effective healthcare plans. The
introduction of new fitness regimes and healthcare programs across various
corporates to encourage employees is expected to trigger growth. Fitness
equipment market is projected to grow at a CAGR of 3.6% from 2015 to 2022.
On the basis
of equipment type, the industry is segmented into strength training,
cardiovascular and devices such as trackers & monitors. Commonly used
equipment across all age groups to maintain fitness and manage weight include
stationary bicycles, treadmills, weightlifting machines and stair climbers.
Demand for
cardiovascular training devices is comparatively greater than strength training
devices on account of dual benefit of well-being and disease prevention.
Cardiovascular training devices are estimated to strengthen their hold on the
industry in the next seven years and grow at a CAGR exceeding 3.0% from 2015 to
2022 owing to its increased adoption. Cardiovascular training devices such as
treadmills, stair machines, and rowing machines stair machines. They are
extensively used to keep Body Mass Index (BMI) within limits and maintain body
fitness.
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Further key findings from the study suggest:
- Health clubs and gyms accounted for nearly 45.0% of total market share and dominated the market in 2014 as they form an essential prerequisite for health clubs. However, home users buy different equipment for their use. Purchase of these devices by commercial firms such as hospitals, hotels, and corporate offices to enhance customer experience is also expected to drive growth in the market.
- Asia Pacific is a lucrative market with a high requirement for advanced and sophisticated fitness equipment. It is projected to grow at a CAGR of over 7.0% from 2015 to 2022. Outsizing youth population coupled with increasing disposable incomes in emerging economies is anticipated to propel growth.
- North America is expected to be a major market for this industry owing to rising overweight population. North America acquired nearly 45.0% of the total industry share in 2014 and is expected to continue the trend over the forecast period at a CAGR of over 2.0%.
- Firms in this business are very competitive and strategize by introducing updated version of existing products or launching newer and improved equipment. Key strategies being adopted by the companies include product innovations and exclusivity owing to technological enhancements. Market players engage in forming alliances to gain market share and dominate the industry. It includes Cybex International Inc., Brunswick, Johnson Health Tech., Paramount, Precor and Nautilus Inc.
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