- Fitness equipments encompass machines like analyzers and monitors to train the body and track its fitness. Consumer awareness regarding good health is the major demand driver of the fitness equipment market. Common devices in use are treadmills, weightlifting machines, stair climbers, and stationary bicycles. The rising urban & obese population and health concerns also drive the market.
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The market is projected to achieve USD 13.2 billion by 2022. It exhibits a growth rate of 3.5% from 2015 to 2022 (forecast period). In 2014, the market was valued around USD 10 billion. Resales of these equipments continue to be a market hurdle. But increasing demand from developing countries can ensure continuous expansion in the fitness equipment market.
The market is segmented on the basis of products into cardiovascular training devices, strength training devices, and others. Cardiovascular devices were the dominant product in 2014, occupying more than half of the overall shares. They have an estimated growth rate exceeding 3.5% during the forecast period. Strength training kits & devices are gaining popularity owing to the youth population and increasing disposable earnings in developing nations.
Additionally, the rising urban population pushes the sales of these equipments. End-users of the fitness equipment market are health clubs and homes. Health clubs drive the demand for strength training and cardiovascular training devices. They offer diet plans and schedule weekly exercises to improve the overall health. Health clubs occupied 45% share in 2014. They will face decline over the forecast period owing to the popularity and convenience of home fitness devices. Other end-users include hotels, hospitals, and corporate offices.
North America dominated the fitness equipment market in 2014, owing to its large obese population. It occupied more than 45% share the same year and would experience stable growth rate in the next seven years. Asia Pacific captured 16% share in 2014 and is predicted to experience a growth rate of nearly 7% till 2022.
Major companies in the worldwide fitness equipment market comprise Paramount Fitness Corporation, Amer Sports (Precor), Nautilus Inc., Torque, and Brunswick Corporation (Life Fitness). Most of these have collaborated with health clubs or gyms to gain a foothold in the market.
Information Source: Grand View Research
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