The global fitness equipment market is slated to gain significant momentum over the forthcoming years, given the robust focus on maintaining health & well-being worldwide. The escalating adoption of sedentary lifestyle and the resultant increase in the prominence of adverse health conditions such as heart disease have stressed the need to fit exercise into the daily routine.
There has been a substantial rise in demand for connected devices owing to the rapid advancements in technology, with digital connectivity considerably revolutionizing the fitness industry. In addition, the seamless connection of devices through the deployment of IoT, Bluetooth, GPS, and other technologies
will further add impetus to the overall fitness equipment business over the forecast spell.
As per Global Market Insights, Inc. estimates, the global fitness equipment market size is expected to register revenue of over $ 25 billion by 2027.
The following are 3 trends augmenting fitness equipment industry share:
1. Rapid introduction of remote workout sessions amid COVID-19
Mounting demand for online fitness sessions, along with the escalating number of fitness centers and health clubs in the MEA and Latin America, will further contribute to the overall fitness equipment market forecast in years ahead.
In the wake of the coronavirus pandemic, the fitness industry has been observing a significant upsurge, with manufacturers rapidly introducing multiple compact fitness products to be installed at their homes. For example, in March 2021, Lifepro unveiled two in-home, adjustable dumbbell sets, PowerFlow Plus and PowerUp, designed to offer affordable and professional-grade workouts.
Rising prevalence of chronic heart diseases has also led to high awareness about fitness equipment and their uses. As per the CDC, heart disease has emerged as the predominant cause of death among the ethnic and racial groups in the United States, thus resulting in the increased consumption of cardiovascular equipment.
2. Rising adoption of stationary exercise bikes due to compact size
Considering the equipment, the exercise bikes segment is projected to register a considerable revenue in years ahead, on account of the increasing adoption of stationary exercise bikes due to their compact size, ease of installation, and other health benefits. The product is capable of improving oxygen & amp; blood flow throughout the body as well as effectively strengthening lungs, heart, and muscles.
With regards to the end use spectrum, the global fitness equipment market from the hotel segment will hold an appreciable share in years to come, which can be credited to the rapid incorporation of fitness centers in the burgeoning hospitality sector. The segmental growth will further be boosted by the accelerating introduction of solutions that are tailored to meet specific hotel requirements.
3. Growing number of health-conscious consumers in APAC region
On the regional front, the Asia Pacific fitness equipment industry is set to depict a remarkable growth rate through 2027, due to the rising disposable incomes, strong product demand in countries like India, South Korea, and China, and increasing population-conscious population. consumers. The regional industry will further be fostered by the presence of large youth and working population base. Consumers across the region are currently placing high emphasis on stress management, thus motivating them to conduct several recreational activities and exercises on a daily basis.
Key fitness equipment market participants are focusing on varied strategies such as innovative product launches and mergers & amp; acquisitions to solidify their position and capture a large market share. To illustrate, Cult.fit acquired a fitness startup Tread in June 2021 to launch the hardware-at-home vertical, with an objective to become one of the leading fitness equipment brands in India.
In essence, high economic growth, adoption of the sedentary lifestyle, especially due to the COVID-19 lockdown measures, and subsequent surge in prevalence of cardiovascular and chronic diseases across the globe are among the major drivers for strong adoption of advanced fitness equipment over the foreseeable future.