The global health and fitness club market is projected to grow at the rate of 10.6% during the forecast period 2018 to 2023
NEW YORK, Jan. 22, 2020 /PRNewswire/ --
Health and Fitness Club Market Insights
The global health and fitness club market is projected to grow at the rate of 10.6% during the forecast period 2018 to 2023. Significant growth in sports industry has huge impact on the health and fitness club market. It is also encouraging new regions to adopt fitness as an essential part of their lifestyle. Due to intense competition in the market, key players are trying to distinguish their services offerings by providing a unique value proposition and benefits to survive in the highly competitive environment. For instance, Gold's Gym offers the opportunity to enroll in term life insurance, which provides coverage starting at USD 10,000, through Lincoln Financial. Health and fitness club market is witnessing development in new and upgraded products, and are likely to focus more on efficiency in customer service, quality, technological innovations, and attractive membership benefits.
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Growing Inclination towards Healthy Lifestyle to Drive the Health and Fitness Club Market Growth
Consumers are willing to spend more on health and fitness club with healthy aspects is playing key role to drive the market growth across the globe. The rising number of health clubs and gym with personal training and latest fitness equipment is attracting consumers to join the health and fitness clubs which will continue to influence the market growth in upcoming years. Growing popularity of yoga, aerobic dance, and swimming among consumers who are looking to improve cardiovascular fitness is expected to boost the growth of health and fitness club market globally. Increasing awareness about benefits of physical fitness especially are continuously encouraging consumers to adopt the healthy lifestyle which is supporting the market growth. Moreover, rising cases of obesity especially in developed countries is a major concern, thus making them subject to different diseases. These factors are driving the market for health and fitness club in developed regions such as US, Japan, and Italy. Rising number of millennial and baby boomers joining fitness clubs is also playing major role to drive the market growth.
Health and Fitness Clubs to Witness Fastest Growth during the Forecast Period
Growing equipment and facility spaces in fitness clubs such as such as hot yoga studios, high altitude training rooms, metabolic testing equipment, medical exercise areas and day spas is gaining popularity among the consumers which is likely to drive the market growth. Significant growth in gym businesses owning to convenience of attending gym sessions at any time, and affordable memberships are expected to boost the revenue of health and fitness clubs in upcoming years. Increasing collaborations between fitness training centers and corporates are also expected to support the health and fitness club market. The conventional tools of various social media platforms continue to allow major fitness centers to keep a constant dialogue with their consumers providing them information about the updates on new services and their benefits which is likely to play key role in the market growth during the forecast period. Many key players are competing on the basis of the quality and range of services offered, service differentiation, pricing, and value-added services. The market is likely to intensify with an increase in service offerings, development in fitness equipment, and collaboration of domestic and international health club which is expected to play major role in health and fitness market growth during the forecast period.
Increasing Inclination towards Fitness Activities to Drive the Market Growth in Asia-Pacific Region
Rising health awareness and increasing obesity among consumers in North America is likely to support the market growth in the region. For instance, according to the CDC (Centers of Disease Control & Prevention), in 2017, almost more than 68% of Americans over the age of 20 are overweight, including 35% that are considered to be obese. Moreover, awareness and education about the importance of a healthy lifestyle continues to increase in the region which is supporting the market growth from last few years. Inclination of young generation towards strength training in Africa region is expected to boost the health and fitness club market growth in the region. For instance, according to The Kenya Bodybuilding Federation (KBBF), the popularity of bodybuilding is increasing in the country and as a result Nairobi is slowly becoming home to one of Africa's largest gym going communities. In Asia-Pacific, increasing female participation is expected influence in number of female centered health club facilities in upcoming years.
Key Developments in the Health and Fitness Club Market
- Nov 2016: LA Fitness was focusing on improvement accessibility with the help of updating its policies to ensure that its locations are accessible to all customers, after reaching an agreement with Attorney General Eric Schneiderman's office.
- July 2018: Life Time has opened a membership sales center in Baybrook Mall ahead of the fitness center's opening. The Baybrook fitness center was the second of three new locations opening in the Houston area by mid-2019. In June, Life Time opened a USD 42 million fitness complex in Cypress, and is also developing a location in Greenway Plaza.
Competitive Landscape of Health and Fitness Club Market
Original Temple Gym
Metroflex Gym
Titan Fitness
Crunch Fitness
LA Fitness International LLC
Life Time, Inc.
24 Hour Fitness
Equinox Fitness
Gold's Gym International, Inc.
The Bay Club Co.
Capital Fitness Inc.
UFC Gym
Reasons to Purchase Health and Fitness Club Market Research Report
- Analyzing outlook of the market with the recent trends and Porter's five forces analysis
- Market dynamics, which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and non-economic aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market
- Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- 3-month analyst supports, along with the Market Estimates sheet in excel
Customization of Health and Fitness Club Market Research Report
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