Fitness Equipment Market by Product Type (Cardiovascular Training Equipment, Strength Training Equipment, and Others), End User (Home/Residential, Commercial, and Institutional), Distribution Channel, and Region (North America, Europe, Asia-Pacific, Middle East and Africa, and South America).
The global Fitness Equipment Market size is projected to reach a CAGR of 7.0% from 2023-2030.
Home exercise/fitness equipment is any apparatus or device used during physical activity to enhance the strength or conditioning effects on the body. Fitness equipment mainly consists of weightlifting machines, treadmills, stationary bikes, and others for physical exercise and is specifically used in fitness clubs, homes, hotels, gyms, and corporate offices. Such equipment help maintains weight, reduce excessive fat, and boost stamina.
Growth of the Fitness Equipment Market is due to various factors such as increasing sedentary lifestyle is driving the demand for fitness equipment across the world. Also, rising number of fitness service providers and centers. Furthermore, growth in the prevalence of cardiovascular diseases is also providing an impetus to the demand for fitness equipment.
On the other hand, a lot of people are inclined toward exercises such as dancing, aerobics, Pilates, and yoga, which require minimal use of fitness equipment. This has made fitness clubs buy less equipment and provide more & more open spaces. This is further expected to hinder the growth of the global fitness equipment market. There is difficulty in procuring parts/components utilized for fitness equipment such as heart rate grips, LED consoles, handlebars, tension knobs, motors, and so on, and most of these are complex to repair. This results in the replacement of the whole unit, increasing overall maintenance costs. This factor is estimated to restrain the growth of the fitness equipment market in the near future.
The COVID-19 pandemic has wreaked havoc across the world. GDP growth worldwide was already not great, and this outbreak has further worsened the situation. Restrictions on trade, export, and manufacturing activities have led to supply chain disruptions. Besides, with the shutting down of non-essential facilities across the world to contain the virus spread, gymnasiums, and health clubs have been badly affected, leading to sluggish growth of the fitness equipment market. As lockdowns slowly ease across the world, market growth is expected to pick pace.
The market for fitness equipment is a quickly expanding sector of the economy that provides a wide range of goods intended to support physical fitness and exercise. The market is driven by the rising trend of exercise and wellness activities, the rising trend of public health consciousness, and the rising demand for home gym equipment as a result of the COVID-19 epidemic. In order to better understand market dynamics and consumer behaviour, the market is categorized based on product type, end-user, distribution channel, and geography. The home/residential end-user sector, the online distribution channel segment, and the cardiovascular training equipment segment are predicted to have the biggest market shares. Overall, the fitness equipment market is anticipated to develop steadily over the next few years, offering several chances for manufacturers and distributors to increase their operations and meet changing customer expectations.
North America to Dominate the Market