North America dominates in terms of fitness equipment market share and is expected to maintain its dominance during the forecast period
Portland, 5933 NE WIN SIVERS DRIVE, No. 205, or 97220, US, September 20, 2022/EINPresswire.com/ – “Increasing health concerns amid the COVID-19 pandemic is leading to market expansion, however, the industry is facing significant challenges due to the high cost of fitness equipment.” According to a new report published by Allied Market Research titled “fitness equipment market By Type and End User: Opportunity Analysis and Industry Forecast, 2021-2028, “The Fitness Equipment Market was valued at $11.6 billion in 2020, and is expected to reach $14.8 billion by 2028, registering a 3.3% compound annual growth rate from 2021 to 2028
The fitness equipment is widely used in fitness, weight management, and improving body endurance and muscular strength. Commonly used fitness equipment are treadmills, stationary bikes, stair climbers, and weight lifting machines. Increasing awareness regarding health and fitness, increasing obese population, government initiatives to promote healthy lifestyle, increasing youth population are the main factors driving the growth of global fitness equipment market size. However, fitness equipment counterfeiting is a major limiting factor for the market. On the contrary, the sudden rise in the number of young people, the improvement of lifestyle, and the rise in disposable income of individuals in developing countries are expected to provide enormous opportunities for market players.
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The alarming rise in global obesity rates, especially in urban areas, is complementing the growth of the fitness equipment industry. According to the World Health Organization, there has been a staggering increase in the number of obese people worldwide. In 2020, 39% of adults aged 18 and over were overweight and 13% were obese. Obesity is associated with a number of health problems or disorders such as sudden cardiac arrest, high blood pressure, hypotension, and diabetes. Therefore, to lose weight, reduce stress and improve blood circulation, obese people tend to use more fitness equipment. Fitness equipment market trends such as health self-care and virtual fitness training sessions are the main growth pillars to support the sales of these products.
The fitness equipment market is segmented into type, end user, and region. Depending on the type, the fitness equipment market analysis is categorized into cardiovascular training equipment, strength training equipment, and other equipment. Cardiovascular training equipment section is divided into treadmill, elliptical bike, stationary bike, rowing machine, and others. By the end user, the market is separated into the home consumer, health club/gym, and other commercial users.
The main results of the study
By region, North America dominates in terms of fitness equipment market share It is expected to maintain its dominance during the forecast period.
By type, the Cardiovascular Training Equipment segment is leading in terms of market share and is expected to gain market share in the coming years.
By the end user, the home consumer segment accounted for more than 60% of the fitness equipment market growth in 2020, due to the enforcement of social distancing and gym closures during the COVID-19 pandemic. However, the health club/gym segment is poised to grow at the highest CAGR during the fitness equipment market forecast period from 2021 to 2028.
By the end user, the health club/gym segment is expected to gain market share in the coming years and is expected to grow at a compound annual growth rate of 6.4% during the forecast period.
By region, the Asia Pacific region is expected to grow at a robust CAGR of 5.7% during the forecast period.
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Some of the key players analyzing the fitness equipment market include ICON Health & Fitness, Inc. and Johnson Health Tech Co., Ltd. and Anta Sports, Technogym SpA, Peloton, and Nautilus, Inc. and Core Health and Fitness, LLC and TRUE Fitness Technology Corporation, Impulse (Qingdao) Health Tech Co., Ltd., and Turkey Fitness, LLC.
The research provides answers to the following main questions:
1️⃣ What is estimator growth rate From the market for the forecast period 2021-2028?
2️⃣ What is the market size during the estimated period?
3️⃣ What are the main driving forces responsible for shaping the fate of the fitness equipment market during the forecast period?
4️⃣ Who are the key vendors in the market and what are the winning strategies that helped them to gain a solid foothold in the Fitness Equipments market?
5️⃣ What are the prominent market trends influencing the development of the fitness equipment market across different regions?
6️⃣ What are the key threats and challenges likely to act as a barrier to the growth of the Fitness Equipments Market?
7️⃣ What are the key opportunities that market leaders can rely on to achieve success and profitability?
Reason for purchase:
Save time and spend on entry-level research by identifying growth, size, leading players, and segments in the global Fitness Equipment Market.
It highlights key business priorities in order to guide companies to reform their business strategies and establish themselves in a wide geographical area.
The key findings and recommendations highlight crucial progressive industry trends in the Fitness Equipment Market, thereby allowing players to develop effective long term strategies in order to reap the market revenue.
✅ Develop/modify business expansion plans using large growth offerings, developed and emerging markets.
✅ In-depth scrutiny of global market trends and forecasts associated with market-moving factors, as well as those that constrain growth to a certain extent.
✅ Enhance decision-making by understanding the strategies that support business interest in relation to product, retail and industry sectors.
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