Fitness Equipment Market 2023 Competitive Landscape, Cost Price and...

Fitness Equipment Market 2023 Competitive Landscape, Cost Price and Forecast

Posted 2024-08-12 07:03:32

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Fitness Equipment Industry Overview

The global fitness equipment market size was estimated at USD 16.04 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 5.3% from 2023 to 2030. The global market has experienced significant growth in recent years due to the rising health consciousness among individuals, growing awareness about the importance of regular exercise for overall well-being, and rising disposable incomes. Fitness equipment is used for performing exercises related to physical well-being, weight management, and improving a person's muscular strength and body stamina. The high number of obese population, increasing youth population, and increasing health concerns are the major factors that drive the global industry growth. This market includes a wide range of products designed for both residential and commercial applications, catering to individuals, fitness centers, gyms, and sports clubs.

Gather more insights about the market drivers, restrains and growth of the Fitness Equipment Market

The growth of e-commerce platforms has made fitness equipment more accessible, allowing customers to compare products, read reviews, and make purchases. Another significant driver contributing to the market growth is the increased focus on corporate wellness programs. Many enterprises acknowledge the importance of encouraging employee health and well-being, leading to the implementation of corporate wellness initiatives. To support corporate wellness programs, businesses are investing in on-site fitness establishments within their office premises. These facilities often include exercise equipment, such as exercise bikes, treadmills, yoga mats, and weight machines. The demand for fitness equipment in these workplaces drives market growth.

To support corporate wellness initiatives, manufacturers often collaborate with businesses to offer customized fitness solutions. These collaborations involve creating wellness programs and discounted or specialized equipment for corporate fitness facilities. Such partnerships between businesses and manufacturers drive the growth of the market. The shift toward remote work, particularly during the COVID-19 pandemic, has increased the demand for home gym equipment. Enterprises have acknowledged this trend and offer allowances for employees to set up home gyms or buy fitness equipment. This emphasis on corporate wellness expands beyond office spaces, driving sales in the home fitness equipment market.

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The global fitness app market size was valued at USD 9.25 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 14.08% from 2024 to 2030.
The global corporate wellness market size was valued at USD 53.0 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 4.47% from 2023 to 2030.

Fitness Equipment Market Segmentation

Grand View Research has segmented the global fitness equipment market based on type, end-user, distribution channel, and region:

Fitness Equipment Type Outlook (Revenue, USD Billion, 2017 - 2030)

Cardiovascular Training Equipment
1. Treadmills
2. Stationary Cycles
3. Elliptical Trainers & Others
Strength Training Equipment
Others

Fitness Equipment End-user Outlook (Revenue, USD Billion, 2017 - 2030)

Home Consumers
Fitness Centers/Gyms
Others

Fitness Equipment Distribution Channel Outlook (Revenue, USD Billion, 2017 - 2030)

Offline
Online

Fitness Equipment Regional Outlook (Revenue, USD Billion, 2017 - 2030)

North America
1. U.S.
2. Canada
Europe
1. Germany
2. UK
3. France
Asia Pacific
1. China
2. Japan
3. India
4. South Korea
5. Australia
Latin America
1. Brazil
2. Mexico
Middle East & Africa
1. Kingdom of Saudi Arabia
2. UAE
3. South Africa

Key Companies profiled:

Precor Incorporated
Life Fitness (KPS Capital)
Shandong EM Health Industry Group Co., Ltd.
Icon Health & Fitness
Johnson Health Tech
Nautilus, Inc.
TRUE
Technogym
Torque Fitness.
Core Health & Fitness
Impulse Health Technology Co., Ltd.

Key Fitness Equipment Company Insights

Prominent firms have used product launches and developments, followed by expansions, mergers and acquisitions, contracts, agreements, partnerships, and collaborations as their primary business strategies to increase their market share. The companies have used various techniques to enhance market penetration and boost their position in the competitive industry.

For instance, in March 2023, Core Health & Fitness partnered with CRANK, a boutique fitness studio in the UAE, to expand CRANK's operations throughout the Gulf Cooperation Council (GCC) region and beyond. As part of this expansion, Core Health & Fitness will serve as the primary supplier of indoor bikes for CRANK's signature RIDE offering, further enhancing the studio's fitness experience.

Order a free sample PDF of the Fitness Equipment Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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