The global fitness equipment market is expected to grow at a modest pace of 0.3% CAGR from 2021 to 2028, according to a new report by Allied Market Research. The market was valued at $13.2 billion in 2020 and is projected to reach $15.4 billion by 2028. The report analyzes the market by type, end user, price point, and region.
Cardiovascular Training Equipment Dominates the Market
The report reveals that the cardiovascular training equipment segment accounted for the largest share of the global fitness equipment market in 2020, with around three-fifths of the total revenue. This segment includes treadmills, ellipticals, stationary bikes, rowers, and other machines that stimulate the heart and lungs. Cardiovascular training equipment is popular among health-conscious consumers, as it helps to improve aerobic fitness, burn calories, and reduce the risk of cardiovascular diseases. The report expects this segment to maintain its dominance throughout the forecast period, as the demand for cardiovascular training equipment is likely to increase due to the rising prevalence of obesity, diabetes, and hypertension.
Home Consumer Segment Leads the End User Market
The report also segments the global fitness equipment market by end user, which includes health clubs/gyms, hospitality, residential, & leisure, health, corporate, public, and home consumer. Among these, the home consumer segment emerged as the leading end user of fitness equipment in 2020, holding around three-fifths of the market share. The report attributes this to the growing trend of home fitness, especially amid the COVID-19 pandemic, which forced many people to stay at home and avoid public places.
The report also notes that exercising at home using fitness equipment saves time, money, and space, as well as offers convenience and privacy. The report predicts that the home consumer segment will continue to lead the market during the forecast period, as more people will opt for in-home fitness equipment to maintain their health and wellness.
Premium/Luxury Segment to Witness the Highest Growth Rate
The report further categorizes the global fitness equipment market by price point, which includes premium/luxury and mass. The premium/luxury segment is expected to witness the highest growth rate of 0.9% CAGR from 2021 to 2028, as per the report. This segment comprises of high-end fitness equipment that offers advanced features, superior quality, and better performance.
The report states that the premium/luxury segment is driven by the increasing disposable income, rising consumer preference for premium products, and growing awareness about the benefits of fitness equipment. The report also mentions that the premium/luxury segment is favored by the health clubs/gyms, hospitality, and corporate sectors, as they seek to attract and retain customers with state-of-the-art facilities and services.
Asia-Pacific to Register the Fastest Growth Rate
The report also analyzes the global fitness equipment market by region, which includes North America, Europe, Asia-Pacific, and LAMEA. Among these, Asia-Pacific is projected to register the fastest growth rate of 6.3% CAGR from 2021 to 2028, according to the report. The report attributes this to the rapid urbanization, increasing population, rising disposable income, and growing health awareness in the region. The report also highlights the opportunities for the fitness equipment market in Asia-Pacific, such as the growing demand for home fitness equipment, the expanding fitness industry, and the supportive government initiatives to promote physical activity and healthy lifestyle.
Key Players and Strategies
The report also provides a comprehensive overview of the key players operating in the global fitness equipment market, along with their business overview, product portfolio, financial performance, and strategic moves. Some of the major players profiled in the report are Amer Sports Corporation, Brunswick Corporation, Core Health and Fitness LLC, Cybex International Inc., Exigo, Fitness EM LLC, Icon Health & Fitness Inc., Johnson Health Tech Co. Ltd., Nautilus Inc., and Technogym S.p.A. The report reveals that these players have adopted various strategies, such as product launch, innovation, expansion, partnership, collaboration, merger, acquisition, and agreement, to gain a competitive edge and increase their market share.
