Fitness equipment is widely used for physical fitness, weight management, and improving body endurance and muscle strength
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, March 14, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research, titled “Fitness Equipment Market by Type and End User: Analysis Industry Opportunities and Forecast, 2021-2028”, the Fitness Equipment Market was valued at USD 11.6 Billion in 2020 and is projected to reach USD 14.8 Billion by 2028, registering a CAGR of 3 .3% from 2021 to 2028
Fitness equipment is widely used for physical fitness, weight management, and improving body endurance and muscle strength. Commonly used fitness equipment includes treadmills, stationary bikes, stair climbers, and weight lifting machines. Rising health and fitness awareness, increase in obese population, government initiatives to promote healthy lifestyle and increase in youth population are the major factors driving the growth of the size of the global fitness equipment market. However, counterfeit fitness equipment is a key market restraining factor. On the contrary, the resurgence of the young population, the improvement of the lifestyle and the increase in the disposable income of individuals in developing countries are expected to offer immense opportunities to market players.
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An alarming rise in global obesity, especially in urban areas, complements the growth of the fitness equipment industry. According to the WHO, there has been a surprising increase in the number of obese people around the world. In 2020, 39% of adults aged 18 and over worldwide were overweight and 13% were obese. Obesity is associated with a number of health problems or disorders such as sudden cardiac arrest, hypertension, 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 personal health care and virtual fitness workouts are major growth pillars to support the sales of these products.
The fitness equipment market is segmented into type, end-user, and region. According to type, the fitness equipment market analysis is categorized into cardiovascular training equipment, strength training equipment, and other equipment. The cardiovascular exercise equipment segment is divided into treadmill, elliptical trainer, stationary bike, rowing machine and others. By end-user, the market is divided into home consumers, health clubs/gyms, and other commercial users.
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Main results of the study
By region, North America dominates in terms of fitness equipment market share and is expected to maintain its dominance during the forecast period.
By type, the cardiovascular exercise equipment segment leads in terms of market share and is expected to gain market share in the coming years
By end-user, the home consumer segment accounted for over 60% of fitness equipment market growth in 2020, driven by the imposition of social distancing and gym closures during the COVID-19 pandemic. 19. However, the health club/gym segment is poised to grow at the highest CAGR during the fitness equipment market forecast period of 2021 to 2028.
By end-user, the health club/gym segment is expected to gain market share in the coming years and is expected to grow at a CAGR of 6.4% during the forecast period.
By region, Asia-Pacific is expected to grow with a robust CAGR of 5.7% over the forecast period.
Some of the major players in the fitness equipment market analysis include ICON Health & Fitness, Inc., Johnson Health Tech Co., Ltd., Anta Sports, Technogym SpA, Peloton, 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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