October 10, 2022 09:09 ET | Source: Research Dive Research Dive
New York, USA, Oct. 10, 2022 (GLOBE NEWSWIRE) — According to the newly published Research Dive report, the global fitness equipment market is anticipated to rise at a stable CAGR of 4.5%, thereby garnering a revenue of $15,762.57 million in the 2021-2028 timeframe. This comprehensive Research Dive report presents a brief outlook of the current framework of the fitness equipment market including its priority features like growth drivers, growth opportunities, restraints, and hindrances during the forecast timeframe of 2021-2028. The report also contains all the crucial market figures to help new entrants understand the market easily.
Dynamics of the Fitness Equipment Market
Drivers: In recent years, there has been a growth in the number of health clubs and gyms, which is expected to become the primary growth driver of the fitness equipment market in the forecast period. Additionally, countries like India, China, the Philippines, etc., are investing in high-value-low-budget gyms, which is anticipated to push the market forward.
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Opportunities: Over the recent period, there is a massive increase in the number of people subscribing to gym memberships, which is predicted to offer numerous growth opportunities for the market in the forecast period. Moreover, the growing demand for fitness equipment for home use is expected to help the market register substantial growth in the coming period.
Restraints: However, according to market analysts, the high cost of fitness equipment might become a restraint in the growth of the fitness equipment market.
Impact of Covid-19 on the Fitness Equipment Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The fitness equipment market, however, was positively impacted by the pandemic. Since health clubs and gyms were closed during the pandemic, there was a growth in the number of people opting to exercise and engage in fitness training in their homes. This led to an increase in demand for fitness equipment, which helped in the growth of the market.
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Segments of the Fitness Equipment Market
The Research Dive report has fragmented the fitness equipment market across different segments such as equipment type, end user, and region.
Equipment Type: Cardiovascular Training Equipment Sub-segment to be the Most Dominant
By equipment type, the cardiovascular training equipment sub-segment is expected to be the most dominant one and generate a yield of $8,749.72 million by 2028. Cardiovascular training equipment such as spin cycles, elliptical machines, and treadmills are widely used by people across the globe, which is predicted to help in the growth of this sub-segment.
End User: Home Consumer Sub-segment to be the Most Lucrative
By end user, the home consumer sub-segment is predicted to have the fastest growth rate and generate a revenue of $4,536.66 million by 2028. Growing consumer interest in routine exercise and fitness activities is predicted to boost the growth of this sub-segment.
Region: Fitness Equipment Market in the Asia-Pacific Region to be the Most Profitable
By regional analysis, the fitness equipment market in Asia-Pacific region is anticipated to be the fastest growing and register a revenue of $4,350.47 million by 2028. Increasing awareness about healthy lifestyles and growing number of gym franchises and chains are predicted to be the main growth drivers of the market in this region.
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Prominent Fitness Equipment Market Players
Some prominent players in the fitness equipment market are
These players are introducing and coming up with new technological advancements and innovations to gain primacy in the market. – Inquire Here to Get access to the Key Companies’ Development Strategic Report
For instance, in February 2022, GlobalBees, a leading ecommerce unicorn, announced the acquisition of Reach, a fitness equipment and accessories company. This acquisition will help GlobalBees to increase its foothold in the market substantially in the coming period and address the demands of the market in a much more comprehensive way.
Finally, this comprehensive report also summarizes many crucial facets of the fitness equipment market including product portfolio, latest strategic developments, financial performance of the key players, and SWOT analysis.
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