SAN FRANCISCO, May 20, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Physical Fitness Equipment - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Released: May 2021
Executive Engagements: 2787
Companies: 157– Players covered include Amer Sports Corporation; Precor Incorporated; BFT Fitness Co., Ltd.; Body-Solid, Inc.; Cybex International, Inc.; Life Fitness, Inc.; Dyaco International Inc.; Heart Rate Inc.; ICON Health & Fitness, Inc.; Johnson Health Tech Co., Ltd.; Nautilus, Inc.; Reebok International Ltd.; SportsArt Fitness, Inc.; Star Trac Health & Fitness, Inc.; Technogym S.p.A.; Total Gym Global Corp.; TRUE Fitness Technology, Inc.; Tunturi New Fitness B.V.; YANRE Fitness Equipment Co., Ltd. and Others.
Coverage: All major geographies and key segments
Segments: Equipment Type (Cardiovascular Training, Strength Training, Other Equipment Types); End-Use (Health Club/Gym, Home Consumers, Other End-Uses)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
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Global Physical Fitness Equipment Market to Reach $18.5 Billion by 2026
Physical fitness industry comprises equipment and gear that are used at home or institutions such as clubs/gyms, colleges, schools, hotels, hospitals and spas for maintaining healthy body through regular exercise. Growth in the market is set to be driven by growing focus on health and wellness against the backdrop of increasing health consciousness amidst rising incidents of chronic diseases. The increase in number of fitness centers, health clubs and gyms and gym memberships is also expected to boost demand. Rapid industrialization and urbanization, especially in countries like China and India, along with resulting increase in work hours, sedentary lifestyles, unhealthy eating habits and pollution are making people susceptible to high stress levels and health issues.
The scenario is driving people to pay more attention to their health, engage in exercise and join gyms or fitness centers. The rapidly changing digital world is driving fitness facilities and equipment makers to focus on tech-based solutions and interactions such as activity trackers, sophisticated physical fitness equipment, apps, smart connected fitness equipment, wearable devices, sensor-embedded workout wear, artificial intelligence, and VR headsets. Amid the gym and fitness club closures due to COVID-19, fitness enthusiasts are purchasing fitness equipment to workout at home. The significant increase in purchase of physical fitness equipment resulted in massive shortages and spike in equipment prices.
Amid the COVID-19 crisis, the global market for Physical Fitness Equipment estimated at US$13.5 Billion in the year 2020, is projected to reach a revised size of US$18.5 Billion by 2026, growing at a CAGR of 5.3% over the analysis period. Cardiovascular Training, one of the segments analyzed in the report, is projected to record a 5.7% CAGR and reach US$11 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Strength Training segment is readjusted to a revised 5% CAGR for the next 7-year period.
The U.S. Market is Estimated at $4.7 Billion in 2021, While China is Forecast to Reach $3 Billion by 2026
The Physical Fitness Equipment market in the U.S. is estimated at US$4.7 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$3 Billion by the year 2026 trailing a CAGR of 7.3% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.5% CAGR. Growth in the US and Europe region is supported by aging baby boomers, rising wave of fitness and wellness, increase in gym and health club memberships, and wide availability and easy access to advanced fitness gear. High living standards, large urban population and high disposable incomes drive demand for physical fitness equipment. Robust growth in economy, rising disposable incomes, fast paced urbanization, and growing population of middle class and upper middle class population in emerging markets such as China and India are driving substantial growth in demand for physical fitness equipment.
Strength Training Equipment Type Segment to Reach $7 Billion by 2026
The strength training fitness equipment segment is being driven by young consumers. The equipment is also an integral component of training programs across various sectors including the police, military and public safety. In the global Strength Training Equipment Type segment, USA, Canada, Japan, China and Europe will drive the 4.62% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$4.1 Billion in the year 2020 will reach a projected size of US$5.6 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$897.3 Million by the year 2026, while Latin America will expand at a 6.2% CAGR through the analysis period.
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