Fitness equipment are devices used for physical exercise for weight management, building up of muscle, and improve physical stamina. Fitness equipment can be classified into weight training equipment and cardiovascular training equipment. Cardiovascular equipment covers elliptical, treadmills, and stationary bikes whereas weight training equipment include weights machine, bars, racks, and other strength machines. Fitness equipment is ideal for enhancing personality and appearance and also promote better health. Among all the fitness equipment treadmill is the most common type of fitness equipment that and is gaining popularity due to various advantage offer such as fat loss, easy usage, and enhanced joints flexibility.
The global fitness equipment market is estimated to account for slightly less than US$ 18 billion in terms of value in the year 2018 and it predicted to grow at a CAGR of 3.5% during the forecast period (2019-2027)
A growing number of fitness center around the globe is expected to augment the market growth of fitness equipment. Owing to growing awareness regarding the various diseases due to a sedentary lifestyle, service providers of major domestic and international fitness clubs are opening new outlets and chains in untapped markets, thereby propelling the market growth of fitness equipment. For instance, according to the International Health, Racquet & Sportsclub Association, the U.S. witnessed a 5% increase in the overall number of clubs in the country in 2016 over 2015.
Growing interest among millennial regarding health fitness due to increasing introduction of smart machines with new and attractive designs with entertainment systems, and also get connected to wearable tracking devices, and fitness apps for phone users by the manufacturer is expected to foster the market growth. For instance, in 2015, Life Fitness launched cloud-based Mywellness open platform technology that enables fitness equipment to be connected with wearable devices and fitness apps, so as to allow sharing of workout data. The company showcased the new feature with compatible devices from Samsung electronics, polar, sensoria, and others.
Factors such as weak aftersales service and high maintenance cost of equipment are expected to hinder the market growth of fitness equipment. According to the Coherent Market Insights analysis, developing countries such as India, Mexico, China, and others have weak aftersales services for fitness equipment. Moreover, parts/components used such as LED console, heart rate grips, tension knobs, handlebars, motors, etc. are hard to procure and most electronics components are complex to repair for which entire equipment needs to be replaced, thus increases overall maintenance costs. The aforementioned factors are anticipated to hinder the market growth of fitness equipment.
On the basis of distribution channel, offline segment has dominated the global fitness equipment market in 2018 with a 90% of market share in terms of value, followed by online.
The introduction of smart fitness equipment is expected to foster the market growth of fitness equipment in the near future. For instance, in March 2018, Hyfit has announced the launch of the latest technology in wearable fitness tracking combined with tension-cord exercises provides personal training and body analysis in One Innovative Package. This new product offer accelerometer readings with a deeper analysis of body tension, strength building, BMI, fat burn, calorie burn, heart rate and other critical measurements of exercise progress.
Increasing integration of fitness products with the medical sector for a more successful outcome and rising number of patients suffering from obesity and other disease is expected to foster the market growth of fitness equipment. According to the Coherent Market Insights, Life Fitness has its in-house biomechanics testing lab and performs kinematic testing, pressure testing, VO2 testing, and others, where it designs and manufactures fitness equipment as per specific needs of patients.
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
Amer Sports Oyj
3Johnson Health Tech Co. Ltd.
By Equipment Type
By Distribution Channel