Fitness Equipment Market is Expected to Reach $11.9 Billion, Globally, by 2020 – Allied Market Research
According to a new report, published by Allied Market Research, titled, “Global Fitness Equipment Market – Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2014 – 2020”, the fitness equipment market worldwide, is expected to reach $11.9 billion by 2020, registering a CAGR of 3.89% during 2015 – 2020.
The cardiovascular fitness equipment would continue driving the fitness equipment market during the analysis period. The cardiovascular equipment would contribute for more than 50% of the market size throughout the analysis period. The adoption of the fitness equipment by all the end users (home, health clubs, other commercial users such as hotels etc.) would grow considerably in future. The adoption by health clubs would grow at a CAGR of 4.13% during 2015 – 2020.
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The increasing obese population across the world, especially in developed countries such as U.S.A., UK, Canada, etc. drives the usage of fitness equipment. Presently, about 2/3rd of the global obese population resides in developed countries. The use of cardiovascular fitness equipment by the obese end-user segment largely drives the overall fitness equipment market, particularly in North America and Europe. Strength training equipment are most commonly preferred by the youth for body building and muscle strengthening. Therefore, this market holds promising future across the developing regions with a large presence of young population.
Among the end user segments of fitness equipment, the home/ individual users significantly drive the market growth. A majority of the home users of fitness equipment are from the U.S. There is a significant increase in the count of health conscious aging population across developed countries such as U.S., UK, Canada that indicate a higher preference for exercising at home, which, in turn boosts the market for fitness equipment.
Key findings of the study:
- The fitness equipment market would grow at steady rate during the forecast period owing to the increasing demand by obese population and rising health & fitness awareness
- The North American region would continue to dominate the market, with around 2/5th of the market size contribution, each year
- The cardiovascular equipment segment would drive the market throughout the forecast period with more than 50% of contribution to market size by value
- The adoption of fitness equipment by commercial customers such as hotels, hospitals, enterprises, etc. would increase at a CAGR of 3.95% during the forecast period
The market growth can be attributed to innovative product launches and increasing collaborations between fitness equipment vendors and the commercial user segment. The need of commercial user segment to improve their infrastructural offerings, largely supplements the demand for fitness equipment. Numerous leading companies such as Amer Sports, Nautilus, Cybex International are launching new products and forming partnerships in order to sustain amidst a stiff competitive environment. The report covers a detailed study of numerous players such as Paramount, Amer Sports, Nautilus Inc., Brunswick Corp., Cybex International Inc., ICON Health & Fitness Inc., Johnson Health Tech Ltd., Technogym SpA, Impulse Health Tech Ltd. Co., Torque Fitness LLC and Fitness EM.