Fitness Equipment Market Forecast 2033: Reaching USD 18.4 billion with a 3.02% CAGR
Fitness Equipment analysis
Based on price point, the health club/gym segment generated the highest revenue in 2023 and is likely to grow at a substantial rate during the forecast period.
WILMINGTON, DELAWARE, UNITED STATES, July 27, 2024 /EINPresswire.com/ -- The global fitness equipment market was valued at $11.0 billion in 2017, and is projected to reach $18.4 billion by 2033, growing at a CAGR of 3.02% from 2024 to 2033.
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Fitness equipment are widely used for physical fitness, weight management, and improving body stamina & muscular strength. The commonly used fitness equipment are treadmills, stationary bicycles, stair climbers, and weightlifting machines. Rise in awareness regarding health & fitness, increase in obese population, government initiatives to promote healthy lifestyle, and increase in youth population are the major factors that drive the growth of the global fitness equipment market. However, counterfeiting of fitness equipment is a key restraining factor of the market. On the contrary, upsurge in youth population, improved lifestyle, and rise in disposable income of individual in developing countries are anticipated to offer immense opportunities for the market players.
An alarming rise in global obesity, especially in urban areas, supplements the growth of the fitness equipment market. According to the WHO, there has been a startling increase in the number of obese people worldwide. In 2020, world’s 39% of adults aged 18 years and above were overweight and 13% were obese. Obesity is associated to a number of health issues 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 of fitness equipment, thereby increasing the sales for these products. The global fitness equipment market is segmented into type, end user, and region. Depending on type, the fitness equipment market is categorized into cardiovascular training equipment, strength training equipment, and other equipment.
On the other side, the manufacturers and e-commerce platforms are focusing towards more innovative and effective fitness products to serve the home users.
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Market Segmentation:
The fitness equipment industry is segmented into type, end user, price point and region. Depending on type, the fitness equipment market is categorized into cardiovascular training equipment, strength training equipment, and other equipment. The cardiovascular training equipment segment is sub-segmented into treadmill, elliptical, stationary bike, rowing machine, and others. By end user, the market segregated into, health club/gym, hospitality, residential, & leisure, health, corporate, public, and home consumer. Region-wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, France, Germany, Italy, Spain, Portugal, Benelux, Ireland, Denmark, Nordics, Estonia, Austria, Switzerland, Poland, Turkey, Russia, and Rest of Europe), Asia-Pacific (Japan, Korea, China, India, Hong Kong, Indonesia, Viet Nam, Australia, Malaysia, Thailand, Philippines, Singapore, New Zealand, and Rest of Asia-Pacific), and Latin America (Brazil, Argentina, Chile, Colombia, Peru, UAE, Saudi Arabia, Qatar, Israel, South Africa, Egypt, Morocco, and Rest of LAMEA).
Market key Players
Some of the key players in the fitness equipment market analysis includes ICON Health & Fitness, Inc., Brunswick Corporation, Johnson Health Tech Co., Ltd., Technogym S.p.A, Amer Sports Corporation, 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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Key Takeaways
In 2023, on the basis of type, the cardiovascular training equipment segment was the highest contributor to the fitness equipment industry.
According to end user, the health club/gym segment generated the highest revenue in 2023 and is likely to grow at a substantial rate during the forecast period.
Based on price point, the health club/gym segment generated the highest revenue in 2023 and is likely to grow at a substantial rate during the forecast period.
By region, North America was the major revenue contributor in 2023 and is estimated to grow at a significant CAGR during the forecast period.
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