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October 08, 2021, New York, USA -
Fitness and Exercise Equipment: Introduction
Fitness Equipment is a piece of exercise equipment designed to increase the effectiveness of conditioning or strength when exercising by providing either adjustable or fixed quantities of resistance or other means to enhance the outcome or enjoyment of the workout routine.
Growing levels of sedentary living are driving the market for fitness gear all over the globe. In addition, the increasing number of fitness centres and fitness service providers are boosting the expansion in the market for fitness gear. Service providers offer discounts and packages on weight loss programs to draw in the most customers.
The revenue of the market is predicted to grow as a result of an increase in the number of clients who visit such fitness facilities. The increased prevalence of cardiovascular ailments is giving rise to the need for fitness gear.
The increasing awareness of lifestyle-related illnesses prompts people to take up exercise, which is expected to increase the market for fitness equipment.
The Global Fitness and Exercise Equipment Market Forecast:
The Global Fitness and Exercise Equipment Market was estimated at USD 10.31 million in the year 2020. The market is predicted to be USD 10.97 Billion by 2021. It is expected to grow at an increase of 6.74% over the 2021-2026 forecast. The increasing prevalence of obesity-related chronic heart disease is expected to drive the fastest growth in this market in the coming years.
The fitness equipment market is expected to grow moderately in the coming years. The market is comprised of various equipment which is made and used specifically for fitness-related reasons, including treadmills, stationary bicycles, stairs lifters, and others. There are a variety of factors that are expected to drive the expansion of this market, and the market will grow more relevant in certain areas.
Market Trend and Restraints of the Global Fitness and Exercise Equipment Market:
Fitness Equipment Market Trends:
Increasing Number of Gyms & Fitness Clubs:
A lazy lifestyle, minimal or no time to engage in physical activities and the consumption of unhealthy foods are the main causes of obesity across the world. The increasing rate of overweight has been identified as one of the main reasons behind the rapid growth of the health and fitness market, particularly in advanced regions like Europe.
A surge in the number and quality of gyms and fitness services that provide diverse packages and discounts for weight loss and related programs has expanded the number of clients. All of these factors have an impact positive on the expansion in the market for fitness gear, particularly in Europe.
The world's population is becoming aware of different diseases that are due to lazy lifestyles. Major players operating in the health and fitness market are in the process of establishing new outlets as well as chains of fitness centres and spas. This will increase membership fees and ultimately increase the expansion in the market for fitness gear in the projected time.
The rising incidence of diseases is leading to a heightened focus on fitness. Increased incidences of diabetes, cardiovascular diseases and osteoarthritis are the biggest concern across the globe. Based on the World Health Organization, cardiovascular disease is one of the main causes of death. Yet, there are many organizations that are advocating an active lifestyle that is healthy through sport.
In the end, more and more people are engaged in physical activities, such as enrolling in workout programmes and packages or simply doing it on their own. This is driving the expansion in the market for fitness gear.
With the economy growing at a rapid rate, retail chains are likely to see significant revenue growth during the next few years. Because a large portion of the total revenue generated from fitness equipment sales is derived from organized retail chains and fitness centres, the growth of the sector of fitness products is predicted to grow in the coming years.
Fitness Equipment Market Restraints:
There is a challenge in acquiring components or parts for fitness equipment like the heart rate handle, consoles with LEDs handle, tension knobs motors, and more and the majority of these are complicated to repair. This means that you have to replace the entire unit, which increases the overall cost of maintenance. This is believed to slow the expansion that is expected in the fitness machines market over the near term.
At present, a large number of people are turning to dance, aerobics, Pilates and yoga, which require minimal use of fitness gear. Fitness clubs useless equipment, and also provide more and more spacious spaces. This could limit the expansion of the global health equipment and fitness market.
The Key Market Segmentation of the Global Fitness and Exercise Equipment Market:
Global Fitness and Exercise Equipment Market can be divided into Application, End-user, Distribution Channel and Geographical landscapes, etc.
Fitness and Exercise Equipment Market Segmentation By Application Type:
Cardiovascular Training Equipment
Cross-country Ski Simulators
Weight Training Equipment
Weight Lifting Machines
Bars & Weights
Various Types of Benches
Fitness and Exercise Equipment Market Segmentation By Distribution Channel:
Specialty Stores/Sports Chain Outlets
Independent Departmental Stores
Fitness and Exercise Equipment Market Segmentation By End-User:
Fitness and Exercise Equipment Market Segmentation By Geographical Landscape:
Middle East and Africa
Major Key Players in the Global Fitness and Exercise Equipment Market Are:
ICON Health and Fitness
Johnson Health Tech
The Covid-19 Impact Analysis:
The COVID-19 virus has caused destruction across the globe. Global GDP growth was not that impressive, but this pandemic has exacerbated the problem. Limits on trade, export and manufacturing processes have resulted in disruptions to supply chains.
Additionally, with the closing of facilities that are not essential across the globe to stop the spread of the virus, gyms, as well as health clubs, have also been affected, which has led to slow growth in this market of fitness gear. As lockdowns ease slowly around the globe, the market is expected to accelerate.
The Global Fitness and Exercise Equipment Market Report Highlights:
An analysis of the fitness equipment market in the world has been able to convince our analysts that the market is set to grow at a CAGR of 4% or more during the forecast timeframe of between 2020 and 2030. While North America and Europe dominate the market, those who are in the fitness gear industry can take a look at the growing market in the Asia Pacific for increased profits.
North America, followed by Europe, is the top market for exercise equipment market. As of now, the two regions have approximately 60% of the market. However, over the projected timeframe of 2020 to 2030, the market for fitness equipment is expected to grow significantly in the Asia Pacific region is set to grow at the fastest rate and will see a rise in demand as the years pass by.
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