Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Fitness Equipment Market 2017–2027
Fitness equipment includes treadmills, weightlifting machines, and stationary bikes. They are used in home, gym, fitness the club, hotels, and corporate offices. This equipment helps in weight management, boost stamina, and remove excessive fat. Fitness equipment can be classified into cardiovascular training and weight training and are widely available in online and offline stores. The health club is the largest consumers of fitness equipment but these equipment are also gaining huge demand from the homecare sector due to the rising number of people adopting a healthy lifestyle and aspire to have a good personality.
The global fitness equipment market is projected to reach around US$ 24.1 billion by the end of 2027, in terms of revenue, growing at CAGR of 3.5% during the forecast period (2019-2027).
A growing number of obese populations around the globe due to an unhealthy lifestyle and lack of physical exercise is expected to propel the market growth of fitness equipment. According to the World Health Organization, in 2016, more than 1.9 billion adults, 18 years and older, were overweight. Of these over 650 million were obese. Also, a growing number of a fitness service provider such as a gym and health club that offer various packages and discounts is again estimated to foster the market growth of fitness equipment.
Rising prevalence of various age-related disease especially cardiovascular is estimated to augment the market growth over the forecast period. For example, according to the European Health report 2015 by WHO premature deaths (age group 30–69) resulting from cardiovascular diseases has decreased significantly due to better preventive measures such as people leading healthier lifestyles, and improved life-saving measures for those individuals who have suffered a heart attack or stroke.
On basis of the region, Europe region dominated the global fitness equipment market, in 2018, accounting for 38% share in terms of revenue, followed by North America and Asia Pacific respectively.
Figure 1. Global Fitness Equipment Market, Revenue Share (%), By Region, 2018
Rising awareness regarding the exercises that require less use of equipment is estimated to restrict market growth over the forecast period. Exercises such as Pilates, yoga, dancing, and aerobics require minimal use of fitness equipment, therefore, fitness clubs are using less equipment and are providing more and more open spaces for exercise. This factor is anticipated to restrict the market growth of the fitness equipment market over the forecast period.
Some of the other major factors such as discomfort associated with the machines and even it can leads to injuries if proper training is not given to the person is expected to hinder the market growth of fitness equipment. Workout in the gym may even damage the heart as exercise with long-cardio can increase the risk of heart damage. The aforementioned factors are anticipated to restrict the market growth of fitness equipment.
Increasing installation of a fitness facility in the corporate world is anticipated to offer potential growth opportunities to the market of fitness equipment. In the Asia-pacific region, most MNCs are offering employees to use fitness clubs on the premises and motivate them for regular exercise. Furthermore, such companies also provide free fitness training to employees. Therefore, the rising inclusion of a fitness club in the corporate world is projected to foster the market growth of fitness equipment.
The rising focus of key players to introduce multiple brands to attract customers and to enhance the market presence is propelling the market growth of fitness equipment. According to the Coherent Market Insights, Nautilus, Inc. is offering five different brands namely Bowflex, Nautilus, Schwinn, Universal, and Octane Fitness. All these brands are characterized on the basis of their target market. Therefore, rising such initiatives by key players is augmenting market growth over the forecast timeframe.
Figure 2. Global Fitness Equipment Market – Opportunity Analysis
The growing trend of exercising at home due to a busy and hectic lifestyle is expected to augment the market growth of fitness equipment. Ø According to Europe Active, which is a non-profit organization formerly known as the European Health and Fitness Association (EHFA), states that over 30% of people in Europe exercise at home to save time. Hence, this ongoing trend of exercising at home will favor the market growth of fitness equipment over the forecast timeframe.
The rising number of partnerships among major players to expand their product portfolio and increase their presence in the market is expected to augment the market growth of fitness equipment. For instance, in November 2016, Towers Health & Racquets Club has announced that it has signed a long term partnership with Technogym to supply the equipment for its new 500 sq. m gyms and Group Cycle studio. Therefore, increasing the adoption of such a smart strategy among key players is augmenting the market growth of fitness equipment over the forecast period.
Figure 3. Global Fitness Equipment Market, Revenue Share (%), By Equipment Type, in 2018
On the basis of end-user, in 2018, home/individuals segment has accounted the largest market share of 49.6% in terms of value, followed by health clubs and other commercial organization respectively.
Figure 4. Global Fitness Equipment Market – Value Chain Analysis
Key players operating in global fitness equipment market includes Brunswick Corp., Technogym SpA, Nautilus, Inc., Amer Sports Oyj, Johnson Health Tech Co. Ltd., ICON Health & Fitness, Inc., TRUE Fitness Technology, Inc., SportsArt Fitness, Inc., Iron Grip Barbell Company, and Adidas AG.
Few Recent Developments
- In January 2017, Life Fitness, which is a subsidiary of Brunswick Corp., partnered with a developer of virtual content, VirZOOM. The objective of this partnership was to offer virtual reality experience to consumers
- In 2016, the company showcased all of its product offerings operating under its six brands including Life Fitness, Hammer Strength, SCIFIT, In Movement, Brunswick Billiards and the Cybex at International Health, Racquet & Sportsclub Association (IHRSA) held in Orlando, Florida.
- In 2016, Brunswick Corp. acquired Cybex International, which is one of the leading manufacturers of commercial fitness equipment. The objective of this acquisition was to enhance its product offerings in the cardiovascular and weight training sub-segments.
- In March 2017, Technogym SpA launched Skillrow at International Health, Racquet & Sportsclub Association (IHRSA) held in Calfornia U.S., which is rowing equipment for cardiovascular exercise, in order to enhance its product offerings in the cardiovascular segment
- In March 2017, Technogym SpA collaborated with International Business Machines Corporation (IBM), which is a multinational technology company, in order to launch an artificial intelligence-based coaching platform to offer virtual coaching through its mywellness cloud platform
- In 2016, Technogym SpA was the official supplier of the Rio 2016 Olympic Games and offered equipment to 15 facilities at the location. Furthermore, Technogym SpA has been an official fitness equipment supplier for Sydney 2000, Athens 2004, Turin 2006, Beijing 2008, and London 2012 Olympics.