Fitness Equipment Market is Estimated to Witness High Growth Owing to Rapid Adoption
Fitness equipment such as treadmills, elliptical machines, stationary cycles, weight machines, etc. help improve cardiovascular health, muscle strength, and weight management. The rising health awareness among people regarding the importance of maintaining physical fitness has increased the demand for fitness equipment globally. The introduction of connected and smart fitness equipment that offers personalized workout routines and monitors biological metrics such as heart rate, calories burned, etc. has attracted more consumers towards gym setups at homes.
The Global Fitness Equipment Market is estimated to be valued at US$12.3 billion in 2024 and is expected to exhibit a CAGR of 4.9% over the forecast period 2024 To 2034.
Key Takeaways
Key players operating in the Fitness Equipment are Johnson Health Tech, Icon Health & Fitness, Technogym, Peloton Interactive, Nautilus.
The key opportunities in the Fitness Equipment Market Size include increasing disposable incomes in developing countries, growing aging population, and rising lifestyle disease prevalence. Moreover, the development of low-cost smart fitness equipment and introduction of subscription-based business models by manufacturers are expanding the market reach.
In terms of technological advancement, integration of IoT and AI into fitness equipment is gaining traction. Modern equipment supports connectivity with smartphones and fitness apps for personalized training programs. Devices are equipped with sensors to track vitals, control settings, and provide a virtual trainer experience.
Market Drivers
The rapid adoption of health club memberships and in-house gyms is a key driver for the fitness equipment market. Growing obesity and lifestyle disease concerns are encouraging individuals to adopt fitness activities and weight management regimens. Furthermore, increasing younger demographic, attractive financing options, and growing awareness about benefits of exercise are propelling the demand for advanced equipment.
Current challenges in Fitness Equipment Market
The fitness equipment market has witnessed several challenges in the recent past due to the global outbreak of the COVID-19 pandemic. The lockdowns imposed by various governments around the world led to the closure of gymnasiums and fitness centers for months. This adversely impacted the sales of various types of fitness equipment such as treadmills, elliptical machines, stationary bikes, and weightlifting machines. However, with the easing of lockdowns and restrictions, the demand for home fitness equipment surged as people preferred working out from the safety of their homes. Nevertheless, supply chain disruptions affected productions and deliveries of fitness equipment. Rising costs of raw materials also posed a challenge for manufacturers. Though the demand has rebounded, high inflation levels continue to impact consumer spending on expensive fitness products.
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