WASHINGTON, Oct. 26, 2023 (GLOBE NEWSWIRE) — According to Vantage Market Research, the Global Fitness Equipment Market is estimated to be valued at USD 20.54 Billion by 2030 at an exponential growth of 5.1% in the next seven years.
The global market has seen tremendous expansion in recent years because of growing health consciousness among people, a greater understanding of the advantages of regular exercise for overall well-being, and rising disposable incomes.
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The Report Provides Insights on the Following Pointers
- Market Penetration: Provides comprehensive information on the market offered by the key players.
- Market Development: Provides in-depth information about lucrative emerging markets and analyzes penetration across mature segments of the markets.
- Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments.
- Market Trends: Provides comprehensive understanding of the Cumulative Impact of COVID-19, the Russia-Ukraine Conflict, and the High Inflation.
- Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.
- Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments.
Expanding government activities to raise public knowledge of health issues is a significant growth factor. By providing local, national, and international guidance in decreasing disease and death rates caused by unhealthy diets and physical inactivity, these efforts intend to promote and safeguard health and, in turn, increase consumer enthusiasm for fitness-related activities.
Prominent Players in The Global Fitness Equipment Market Report Scope:
- Peloton Interactive Inc.
- Icon Health & Fitness, Inc.
- Impulse Health Technology Co., Ltd.
- Core Health & Fitness, LLC
- Nautilus, Inc.
- True Fitness Technology, Inc.
- Johnson Health Tech. Co., Ltd.
- Torque Fitness, LLC
- Technogym S.P.A.
- Anta Sports Products Limited
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Factors Affecting the Growth of the Fitness Equipment Industry
The development of the Fitness Equipment market may be impacted by a number of variables. Some of these factors include:
- As people become more aware of the significance of leading a healthy lifestyle, the need for Fitness Equipment upsurges. The increasing interest in fitness and wellness drives the industry’s expansion.
- The worldwide obesity epidemic is growing the demand for Fitness Equipment. Governments, healthcare organizations, and individuals are becoming more attentive to battling obesity, driving the growth of the Fitness Equipment market.
- Rapid urbanization and inactive lifestyles are leading to a rise in health issues like obesity, diabetes, and cardiovascular disorders. This has prompted individuals to invest in home-based Fitness Equipment, thus propelling the industry’s growth.
- Fitness Equipment manufacturers nowadays focus on offering personalized solutions to their customers by integrating features like personalized training sessions, customizable workout programs, and individualized data tracking to cater to users’ specific needs and preferences. This, in turn, is fuelling the market development.
- By Type, the Cardiovascular Training Equipment segment is expected to have major growth in the market, contributing over 55.2% in the forecast period.
- By End User, Health Clubs/Gyms segment is anticipated to lead the market over the projected period.
- The market was ruled by North America in 2022 with a revenue share of 48.5%.
- The Asia Pacific region is projected to witness maximum market growth during the forecast period.
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- One of the top market trends in the Fitness Equipment market is the rise in gyms and fitness centers. The increase in fitness centers and gyms has expanded the Fitness Equipment industry. These establishments require a broad range of equipment to cater to the needs of their members, leading to augmented demand for Fitness Equipment.
- The influence of fitness trends & influencers on social media platforms is another noteworthy trend. The impact of fitness trends & influencers on social media platforms is boosting the Fitness Equipment industry. Consumers are often motivated to buy Fitness Equipment endorsed by their favorite influencers, leading to high sales.
- Advances in technology are revolutionizing the Fitness Equipment industry. Innovations such as wearable technology, connected devices, and virtual reality are transforming how individuals exercise and making new prospects for the overall market.
Key Strategies in Fitness Equipment Market
The Fitness Equipment industry is highly competitive, with key players dominating the market. Nevertheless, emerging companies are achieving traction with innovative, connected fitness solutions. Here are crucial insights into key competitors and success strategies in the industry:
- Fitness Equipment companies are focused on integrating new technologies, enhancing functionality, and improving user experience, thus upgrading their products to meet consumers’ evolving requirements and preferences.
- Companies are increasing their market reach by exploring and entering new geographic markets. This is further achieved by evolving distribution networks, making partnerships with local retailers, and adapting products to suit different markets’ exact needs and preferences.
- Companies are involved in strategic marketing campaigns emphasizing products’ unique features and benefits to leverage social media and influencers, improving brand visibility. This is intended towards developing a solid brand identity in the competitive market.
- Offering customization and personalization choices can interest an extensive customer base, and thus, companies are providing options for users to personalize equipment based on their preferences, like color, design, and add-on features.
- In today’s digital age, having a strong online presence is essential. Fitness Equipment companies have invested in user-friendly websites, online sales platforms, and mobile applications to develop customer convenience and accessibility.
Recent Development of the Global Fitness Equipment Market
- In September 2022, the release of the Fitness Equipment Peloton Row by Peloton Interactive, Inc. The device features high-end hardware design and cutting-edge software. The apparatus is utilized for full-body, low-impact aerobics and strength training.
- In August 2021, JHT became the first Fitness Equipment company with a fully-owned business in Africa when it acquired Matrix Fitness South Africa, which was JHT’s distributor prior to the acquisition.
- In March 2021, Peloton Interactive Inc. introduced its products in Australia, thereby broadening its product portfolio in the Asia-Pacific region. With the release of the Peloton Bike, which provides the greatest cardio and strength training, and the Peloton App, which includes content for over ten different exercise styles, such as yoga, cardio, strength training, indoor and outdoor running, and indoor cycling, Peloton made its debut in Australia.
Browse market data Tables and Figures spread through 250 Pages and in-depth TOC on Fitness Equipment Market Forecast Report (2023-2030).
- Cardiovascular Training Equipment
- Strength Training Equipment
- Other Equipment
By End User
- Home Consumer
- Health Clubs/Gym
- Other Commercial Users
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Highlights From Segments
- Cardiovascular training equipment segment is anticipated to have maximum market growth during the projected timeframe.
- Demand for cardiovascular training Fitness Equipment seamlessly connected with technologies like Internet of Things devices, cloud computing, and mobile applications has been prompted by the growing use of wearable gadgets and fitness apps.
- This segment is also being driven by the growing corporate wellness and corporate fitness programs that are being offered to employees.
End User Analysis
- The health clubs/gyms segment accounted for the most significant market growth in 2022.
- The number of cases of obesity, diabetes, hypertension, and high blood pressure is increasing globally due to poor diet and inactivity. People are, therefore, a lot more inclined to exercise at gyms and health clubs.
- The market for Fitness Equipment is being driven by a rising inclination for a healthy lifestyle, resulting in the usage of health clubs/gyms.
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Scope of the Report:
|Market Size in 2022||USD 13.8 Billion|
|Revenue Forecast by 2030||USD 20.54 Billion|
|CAGR||5.1% from 2023 to 2030|
|Forecast Year||2023 to 2030|
|Key Players||Peloton Interactive Inc., Icon Health & Fitness, Inc., Impulse Health Technology Co., Ltd., Core Health & Fitness, LLC, Nautilus, Inc., True Fitness Technology, Inc., Johnson Health Tech. Co., Ltd., Torque Fitness, LLC, Technogym S.P.A., Anta Sports Products Limited|
|Customization Options||Customized purchase options are available to meet any research needs. Explore customized purchase options https://www.vantagemarketresearch.com/fitness-equipment-market-2305/customization-request|
- North America led the Fitness Equipment market growth in 2022. One of the key drivers is the rising awareness of the significance of physical fitness and maintaining a healthy lifestyle. As people become more conscious of the benefits of regular exercise, the need for Fitness Equipment surges.
- The increasing obesity rates in the region have led individuals to seek ways to stay fit and lose weight, propelling the market further. The United States has the highest obese population.
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