LONDON, Dec. 30, 2015 /PRNewswire/ -- Technavio€™s market research analyst predicts the global fitness equipment market to grow steadily at a CAGR of around 4% during the forecast period. The growing health awareness worldwide is a key driver for the growth fo this market. The rising health conditions like diabetes, cholesterol and obesity have increased, leading to heart-related ailments. For instance during 2012, nearly 29 million Americans had diabetes. Diabetes was also the 7th leading cause of death in the US during 2010. Continuous workout for the body helps prevent such diseases and increases the life expectancy of people.
The rise in government and corporate initiatives to promote fitness has also been driving the market growth. Numerous corporates are providing gym services within the company premises aiding employees to balance their work and health. For instance, nearly 79% of the large companies and offer wellness programs in the Americas for their employees.
Product segmentation and analysis of the fitness equipment market
Cardiovascular training equipment
Strength training equipment
Other equipment (activity monitors and body analyzers)
The cardiovascular training equipment segment is anticipated to dominate the market during the forecast period and reach a market value of around US $ 6 billion. The growing obese population segment is a key driver for the growth of this segment. For instance, during 2014, around 2 billion adults above the age of 18 years were overweight with 600 million people in this group being classified as obese.
Segmentation by end-users and analysis of the fitness equipment market
Other commercial users (corporate offices, hospitals, and hotels)
The home/individual user segment accounted for around 42% of the market share during 2015.
Affluent consumers are the largest users in this segment. Treadmills and cyclic machines comprise a major share of the home fitness equipment market as they are convenient to use and don't require a trainer, which makes them more cost effective.
Geographical segmentation and analysis of the fitness equipment market
North America dominated the market during 2015, accounting for a market share of around 36%. Factors such as innovation, aging population, and rising health issues are the key growth drivers for this region. The report anticipates this region to retain its market leadership until the end of 2020.
Competitive landscape and key vendors
The global fitness equipment market is highly fragmented due to the presence of numerous small and large vendors. Intense competition coupled with rapid changes in technology and consumer preferences constitute significant risk factors for the vendors in this market.
The leading vendors in the market are-
ICON Health & Fitness
Other prominent vendors in the market include Accell Fitness, Asian Sports & Enterprises, Body Solid, Bullworker Enterprises, Johnson Health Tech, Jerai Fitness, Life Fitness, and Vibrogym.
Key questions answered in the report include
What will the market size and the growth rate be in 2020?
What are the key factors driving the global fitness equipment market?
What are the key market trends impacting the growth of the fitness equipment market?
What are the challenges to market growth?
Who are the key vendors in this market space?
What are the market opportunities and threats faced by the vendors in the global fitness equipment market?
Trending factors influencing the market shares of the APAC, Europe, North America, and ROW?
What are the key outcomes of the five forces analysis of the fitness equipment market?
Technavio also offers customization on reports based on specific client requirement.
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