Fitness Equipment Market Set for Robust Growth, Projected to Reach USD 17 Billion by 2030
According to Next Move Strategy Consulting, the global Fitness Equipment Market is on a steady growth trajectory, expected to reach USD 17 billion by 2030, with a compound annual growth rate (CAGR) of 3%, according to the new market report. This growth is largely driven by the increasing global prevalence of obesity, rising health awareness, and a shift towards healthier lifestyles.
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Market Definition
Fitness equipment encompasses any machine or apparatus used during physical activity to improve overall health, including devices designed to manage body mass index (BMI), enhance bone and muscle strength, and boost immunity and stamina. The market includes a wide range of products such as treadmills, stationary bikes, ellipticals, strength-training machines, and weightlifting equipment, among others.
As recommended by healthcare professionals, physical activities involving fitness equipment are becoming integral to managing and mitigating a range of health issues, including obesity, diabetes, and heart disease. According to the World Health Organization's Global Burden of Disease report, approximately 4 million deaths were attributed to obesity globally in 2017, highlighting the urgent need for fitness solutions.
Market Dynamics
The global fitness equipment market is experiencing significant growth due to various factors:
- Increasing Health Issues: Rising prevalence of obesity, diabetes, hypertension, and cardiovascular diseases are encouraging consumers to adopt fitness routines, boosting demand for fitness equipment.
- Expansion of Fitness Facilities: The proliferation of gyms, health clubs, and training centers is driving market growth, alongside the increasing adoption of home fitness equipment.
- Social Media Influence: Fitness influencers and trends on social media platforms are influencing individuals worldwide to prioritize fitness, creating new avenues for market expansion.
However, the market faces challenges such as the high cost of certain fitness equipment and space constraints in urban areas. These factors may limit market growth to some extent.
Nevertheless, growing awareness of the benefits of maintaining a healthy lifestyle, increasing disposable incomes, and government initiatives promoting fitness are expected to present lucrative opportunities for market players in the coming years.
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Market Segmentation and Scope
The fitness equipment market has been segmented based on type, end user, and geography:
- By Type: The market is divided into cardiovascular training equipment (including treadmills, stationary bikes, ellipticals), strength training equipment (weights, barbells, power racks), and other fitness equipment.
- By End User: The major end users include home consumers, health clubs/gyms, and other commercial users (hospitals, hotels, corporate offices).
- By Geography: The market is analyzed across key regions including North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
Geographical Insights
- North America: North America is expected to dominate the global fitness equipment market, driven by a strong fitness culture, high awareness of health issues, and a large number of well-established fitness centers. The region is projected to maintain the highest market share throughout the forecast period.
- Asia-Pacific: Asia-Pacific is anticipated to experience the highest growth rate in the coming years. Increasing health concerns among the youth, rapid urbanization, and rising disposable incomes in countries like China, India, and Japan are fueling the demand for fitness equipment in this region.
Competitive Landscape
The global fitness equipment market is highly competitive, with several major players focusing on strategic partnerships, acquisitions, and innovation to maintain market leadership. Key players include:
- Johnson Health Tech Co. Ltd.
- Matrix Fitness
- iFIT Health & Fitness, Inc.
- Life Fitness
- Technogym S.p.A.
- Core Health & Fitness, LLC
- Peloton Interactive, Inc.
In February 2020, Johnson Health Tech (JHT) expanded its portfolio by acquiring a 60% stake in Fuji Medical Instruments, reinforcing its position in the global fitness equipment market. Additionally, Matrix Fitness partnered with SmartFit to equip 200 fitness facilities with its high-end equipment.
Conclusion
The global fitness equipment market is set for substantial growth, driven by increasing health awareness, rising lifestyle diseases, and the growing trend of fitness among all age groups. As the demand for fitness solutions continues to surge, particularly in emerging markets, the industry is poised to witness innovation, new market entrants, and strategic expansions by key players. The market is expected to reach USD 17 billion by 2030, presenting ample opportunities for stakeholders across the value chain.
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