PORTLAND, Oregon, November 2, 2018 /PRNewswire/ --
An alarming rise in global obesity, especially in urban areas, supplements the growth of the fitness equipment market. Medium-priced cardiovascular fitness equipment with smarter workout tracking, and entertainment features are expected to attract more customers in developing countries such as India and China, due to price sensitivity. However, the developed markets are anticipated to be driven by high-end equipment with advanced and sophisticated user engagement and monitoring features.
Allied Market Research published a report, titled, "Fitness Equipment Market by Type (Cardiovascular Training Equipment, Strength Training Equipment, and Other Equipment) and User (Home Consumer, Health Club/Gym, and Other Commercial User): Global Opportunity Analysis and Industry Forecast, 2018-2025". The report offers in-depth insights on the key investment pockets, market share analysis, drivers & opportunities, major market segments, strategic developments, and competitive landscape. According to the report, the global fitness equipment market was pegged at $10.68 billion in 2017 and is expected to reach $ 14.20 billion by 2025, registering the CAGR of 3.6% through 2025.
Market growth is fostered by rise in obese population, increase in number of health awareness initiatives by the government & other enterprises, and growth in number of gyms & fitness clubs, worldwide. However, rise in demand for non-machine fitness equipment has and high cost of fitness equipment restrain the market growth, particularly in emerging economies.
Cardiovascular training equipment segment to be lucrative
The cardiovascular training equipment segment captured more than half of the market share in 2017 and is anticipated to manifest the fastest CAGR of 3.8% from 2018 to 2025. Cardiovascular training equipment stimulates the heart rate and help in burning excess body fat and build endurance. The exercise also strengthens the metabolism and reduces stress levels. These equipment are best used for conditioning by athletes and regular people alike. The report also discusses about other types of fitness equipment which includes strength training equipment, and other equipment.
Health clubs/gyms segment to govern the market through 2025
In 2017, health clubs/gyms segment dominated the global fitness equipment market, accounting for over 44.10% of the total fitness equipment market revenue. The segment is anticipated to maintain its dominance throughout the forecast period, growing at the highest CAGR of 4.2%. Increase in the number of health clubs and gyms significantly drive the growth of the global fitness equipment market. In the U.S., fitness clubs and membership rates have witnessed decent increase in the recent years owing to rise in incidence of obesity, with 34,460 clubs and 55 million members in 2015. Other users discussed in the report include home consumer, other commercial users.
North America to accrue lion's share through 2025
The North America fitness equipment market accounted for two-fifths of the total market share in 2017. U.S. exhibits the highest penetration of cardiovascular equipment across the world on account of high obesity rates and increased health consciousness. However, The Asia-Pacific fitness equipment market is projected to grow at the highest CAGR of 6.7% during the forecast period.
Frontrunners of the market:
The key players profiled in the report include ICON Health & Fitness, Inc.; Brunswick Corporation, Johnson Health Tech Co. Ltd.; Technogym S.p.A., Amer Sports Corporation, Nautilus, Inc.; Core Health and Fitness, LLC, TRUE Fitness Technology, Inc.; Impulse (Qingdao) Health Tech Co. Ltd.; and Torque Fitness, LLC.
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SOURCE Allied Market Research