The rise in obesity prevalence and the rise in health awareness are driving the growth of the global fitness equipment market significantly.
PORTLAND, Ore., August 1, 2022 /PRNewswire/ — Allied Market Research released a report entitled Fitness Accessories Market by Type (Abdominal Belts, Belts, Wrist Wraps, Heart Rate Monitor, Blood Pressure Monitor, Exercise Balls, Others), by End-User (Home, Apartment, Gym/Fitness Studio, Hotel, Corporate Office, Public Institution, Hospitals and Medical Centers), by Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Distribution Channels, Brand Stores): Global Opportunity Analysis and Industry Forecast, 2021-2031.’ According to the report, the global fitness accessories industry has been appreciated $6.51 billion in 2021 and is expected to be met $12.01 billion to 2031 with a CAGR of 6.2% from 2022 to 2031. The report provides an explicit analysis of changing market trends, top segments, key investment pockets, value chain, competitive scenario and regional landscape.
Drivers, Limitations and Opportunities –
The rise in obesity prevalence and the rise in health awareness are driving the growth of the global fitness equipment market significantly. In addition, the increase in the number of gym memberships, the growing sale of home equipment, the rise in urban population and the emergence of several government initiatives to promote healthy living are spurring the adoption of fitness equipment, thus further complementing the market growth. On the other hand, high prices for fitness equipment are holding back growth to some extent. However, the improvement in lifestyle, the increase in young population and the increase in per capita income in the developing world are the main factors that are expected to create lucrative opportunities in the industry.
- Disruptions related to reduced manufacturing capacity, manpower and transportation have had a consistently negative impact on the global fitness equipment market.
- Scarcity of raw materials, on the other hand, gave way to rising prices and encouraged the use of alternative products, making the situation even worse.
- Strict gym closure restrictions in most countries have reduced the overall demand for gym equipment. However, the market has slowly and steadily almost recovered.
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Health club/gym segment set to dominate by 2031 –
By end-users, the gym/gym segment contributed to nearly two-fifths of the global gym accessories market share in 2021 and is expected to lead by 2031 as the number of gyms and gyms increases around the world. The corporate office segment, on the other hand, is expected to show the fastest CAGR of 9.3% from 2022 to 2031. This is because several corporate organizations have set up fitness centers and offer fitness programs to improve employee health and increase their productivity.
The specialty store segment to keep the lion’s share
Based on distribution channels, the specialty stores segment generated nearly two-fifths of the revenue of the global fitness equipment market in 2021 and is expected to become the leader by 2031. Sporting goods stores can serve as meeting places for enthusiasts, especially when the owners host special events and product demonstrations that indirectly promote the newly launched or already on the market product. Sporting goods store associates are familiar with the various gym accessories available and provide insights to their customers to better understand the features and uses of gym accessories in an effective manner. Such features of specialty sports stores attract customers, thereby contributing to the growth of the fitness accessories market. On the other hand, the online distribution channels segment would show the fastest CAGR of 9.8% from 2022 to 2031 due to the rapid growth of customer bases for online and mobile users in developing countries.
The heart rate monitor segment with the highest CAGR
Depending on the type, the heart rate monitor segment would show the fastest CAGR of 9.8% from 2022 to 2031. This is because heart rate monitors help determine whether the workout is burning fat or carbs, since faster heart rates indicate burning of carbs and lower heart rates indicate fat burning. This helps users to develop cardiovascular training routines based on their preferences and training goals. At the same time, the “Other” segment held almost a quarter of the global fitness equipment market revenue in 2021 and is expected to lead by 2031.
Asia Pacific has the main share in 2021
Based on region, Asia Pacific held the largest share in 2021 and generated more than two-fifths of the global fitness equipment market. The same region would also achieve the fastest CAGR of 6.2% by 2031. Rapid urbanization in developing countries, growing youth population and rising per capita disposable income are expected to drive the adoption of gym equipment in the region.
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Key players in the industry –
- Torque Fitness
- Core Health & Fitness
- Naitilus, Inc
- Peloton Interactive
- Be strong
- Health & fitness icon
- Jera fitness
- Technogym SpA
- Fitness World AS
- Villain Fitness
Hammer Sport AGThe report analyzes these major players in the global fitness equipment market. These players have incorporated various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in assessing the operating segments, their business performance and product portfolio, etc.
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