A new report published by Allied Market Research, titled, “Fitness Equipment Market by Type and User: Global Opportunity Analysis and Industry Forecast, 2018 – 2025,”projects that the global fitness equipment market is estimated to reach $14,200.8 million by 2025. Asia-Pacific is expected to witness the fastest growth, owing to increase in demand from the developing countries such as India and China.
Market growth is fostered by rise in obese population, increase in number of health awareness initiatives by the government & other enterprises, and growth in number of gyms & fitness clubs, worldwide. However, rise in demand for non-machine fitness equipment has posed a challenge for the industry. Moreover, high cost of fitness equipment restrains the market growth, particularly in emerging economies.
Fitness equipment are used for physical exercises for managing weight, improving physical stamina, and developing muscular strength. The most commonly used cardiovascular equipment are treadmills, elliptical, and stationary bikes. They stimulate the heart rate as well as help in burning excess body fat and maintaining the overall health and fitness. Strength training equipment are used to gain muscular strength and improve one’s appearance and personality. They comprise free weights and other strength machines.
Based on type, the market is segmented into cardiovascular training equipment, strength-training equipment, and other equipment such as activity monitors and body analyzers. Among these, the cardiovascular training equipment accounts for the largest market, in terms of value, due to its increased usage among health-conscious individuals. The segment is expected to grow at the highest CAGR of 4.1% during the forecast period. The Asia-Pacific region is expected to witness a relatively faster growth of the strength fitness equipment segment, driven by youth population.
In 2017, health clubs/gyms segment dominated the global fitness equipment market, accounting for over 44.10% of the total fitness equipment market revenue. The segment is anticipated to maintain its dominance throughout the forecast period, growing at the highest CAGR of 4.2%. Home users segment was the highest revenue contributor in the U.S. fitness equipment market in 2017, and the second highest revenue contributors, globally. Hotels are the fastest growing end-user sub segment of the other commercial user segment.
In-depth country wise analysis is provided for all the four regions covered in the report. Countries analyzed under the North American geographical segment are the U.S., Canada, and Mexico. Countries covered under Europe include the UK, France, Germany, Italy, Spain, Portugal, Benelux, and rest of Europe. Larger base of obese population and high per-capita income have led to higher adoption of fitness equipment in North America and Western Europe. Countries covered in the Asia-Pacific region include Japan, Korea, China, India, Hong Kong, Indonesia, Vietnam, Australia, Malaysia, and rest of Asia-Pacific. Japan and South Korea are the leading fitness equipment markets in this region. LAMEA includes Brazil and rest of Latin America.
U.S. is the global leader of fitness equipment market, as it exhibits the highest penetration of cardiovascular equipment worldwide, on account of high obesity rates and increased health consciousness. However, Asia-Pacific is expected to grow at a fast pace from 2018 to 2025 due to rapid urbanization, rise in consciousness toward physical appearance, and increase in the number of gyms & health clubs. Japan is the largest market for fitness equipment in the Asia-Pacific region. As per a study, population in the age group of 65 years or above in Japan has nearly quadrupled in the last four decades. About 33% of the Japanese population was above the age of 60 years in 2014, which has led to relatively higher adoption of cardiovascular equipment in the region as compared to most of the other Asian countries.
Brazil is the largest market for fitness equipment in Latin America. As per the statistics from Brazils ministry of Health, in 2015, 52.5% of the population was overweight (with body mass index 25 or greater), which reflects the expected rise in obesity in future. This has led to relatively greater penetration of cardiovascular over strength equipment in Brazil.
Post time: Jul-16-2019