The global fitness equipment market is estimated to be valued at $15,576.5 million by 2027, surging from $11,364.2 million in 2019 at a noteworthy CAGR of 4.0%.
Impact Analysis of COVID-19 on the Fitness Equipment Market
The global market for fitness equipment is estimated to experience a positive growth amid the COVID-19 pandemic. This growth is majorly due to complete lockdown situations across various countries that has led to the closure of gyms and fitness clubs. Due to such closures the demand for home fitness equipment such as free weights, treadmills, and other increased rapidly. Further, during the pandemic home workout was the most preferred solution to abide by all the social distancing rules in order to prevent the spread of the disease. Also, home workout offers time flexibility, saves the gym membership fees, and commuting cost. In addition, many gyms and fitness centers were renting out their fitness equipment’s and reselling the same to make home workout sessions more effective. All these factors greatly affected the fitness equipment market in the positive direction.
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Certain key vendors operating in fitness equipment market such as Core Health & Fitness, LLC, and TRUE Fitness Technology, Inc. are adopting product launch and partnership strategies for staying ahead in the competitive environment. For instance, in April 2021, Core Health & Fitness, that offers highest quality gym equipment’s, announced its partnership with Oss Fitness, a leading manufacturer and distributor of fitness equipment, for distribution of the company’s iconic brands to residential and commercial markets across Spain. Oss Fitness holds expertise in providing exceptional customer services such as point of sale, care, installations, product training with more than 20 years of industry experience.
Fitness equipment plays an important role during exercise as they enhance your exercise output, can add variety to your workouts, helps in keeping track of your heart rate, calories, and other health factors. In short, fitness equipment can boost your cardiovascular health, helps in weight management, keeps blood pressure under control, and improves the quality of sleep. These factors are anticipated to create lucrative investment opportunities during the forecast period.
Global Fitness Equipment Market Analysis
The enormous growth of the global fitness equipment market is mainly attributed to increase in obese population, rise in health consciousness and increase in number of gyms & fitness centers globally. For instance, as stated in World Health Organization (WHO), on April 1, 2020, worldwide obesity rate has increased by thrice since 1975 with 38 million children under 5 years of age were overweight or obese in 2019. To reduce obesity-related diseases, WHO launched “WHO Global Strategy on Diet, Physical Activity, and Health” that mentions actions needed to facilitate healthy diets and regular physical activity. This strategy facilitates stakeholders to implement necessary measures needed at global, regional, and local levels to follow physical activity and healthy diet patterns. Further, such company investments are estimated to drive the fitness equipment market growth. On October 5, 2020, ICON Health & Fitness Inc., a leading distributor and manufacturer of connected fitness equipment and software, announced a $200 million growth investment led by L Catterton. L Catterton is the leading global consumer-based private equity firm, that is joined by existing investor Pamplona Capital Management, an alternative investment platform across private equity and TMT investments. This investment will further enhance the ICON’s connected fitness equipment to offer wide range of fitness products connected by iFit. All these aspects are estimated to drive the market for fitness equipment and fuel the growth of the market.
The high cost of fitness equipment and cost involved in setting up home gym or fitness centers is predicted to obstruct the growth of the market. As the fitness equipment needs to be very durable that are built with excellent quality material to make workout seamless is leading to an increase in the manufacturing cost which may hamper the market during the forecast period.
The growing number of gyms and health centers due to increase in health awareness, hectic work schedules leading to sedentary lifestyle is estimated to create huge opportunities for the global fitness equipment market in the future. To maintain active lifestyle people are relying more on gyms & fitness centers as they offer variety of exercises ranging from cardiovascular training, strength training exercises & professional trainer support for training people, preparing their diet plans and workout schedules. As gym offers variety of equipment’s such as treadmill, stationary cycling, rowing machines, weightlifting, people do not get bored. All these factors are anticipated to drive the market growth and generate huge opportunities in the market during the review period.
Global Fitness Equipment Market, Segmentation
The global fitness equipment market is segmented based on type, user, and region.
The type segment is further classified into cardiovascular training equipment, strength training equipment, and others. Among these, the cardiovascular training equipment sub-segment is anticipated to have the fastest growth and surpass $9,713.4 million by 2027, with an increase from $6,830.5 million in 2019. This growth is majorly attributed to various benefits offered by cardiovascular training equipment’s such as strengthening the body’s circulatory system, respiratory system, helps in weight reduction and promotes muscular health. Also, cardiovascular training can be performed by individuals from all age groups compared to strength training that involves weight which is usually performed by young individuals. All these factors are anticipated to creative positive impact on the cardiovascular training equipment sub-segment throughout the forecast period.
The user segment is further divided into home consumer, health clubs/gyms, and others. The home consumer sub-segment is anticipated to have a dominating share in the global market and register a revenue of $7,237.5 million during the analysis timeframe.
The home consumer sub-segment is anticipated to acquire highest growth during the analysis period majorly owing to an increase in at-home fitness due to COVID-19 pandemic. Also, home users can perform exercise as per their time convenience thereby saving the health club membership charges. Further, due to closure of gyms and fitness centers, many owners are renting out or reselling their fitness equipment to the home consumer. Various virtual workout sessions are such as Nike Training Club Fitness app and Life Time Athletic are further increasing fitness equipment demand in home consumer sub-segment. Such initiatives and benefits are estimated to generate lucrative revenue opportunities throughout the forecast period.
The fitness equipment market for the North America region is projected to witness rapid growth. This region has generated a revenue of $4,400.2 million in 2019 and is projected to reach up to $5,411.3 million by 2027. The growth in obese population, having long-term impact on health and leading to diseases such as hypertension, type 2 diabetes, cancer is estimated to drive the fitness equipment market. The people in North America are adoption weight management practices to improve the body stamina and muscular health. For instance, as stated in Nutrition.gov, which is the U.S. department of Agriculture, the HHS, National Institutes of Health, National Institute of Aging has launched various initiatives such as “Guide to Physical Activity”, “Active at Any Size”, “Exercising on a Budget”, “Physical Activity Guidelines for Americans” to promote the importance good health and reduce the obesity rate. Such initiatives are anticipated to drive the fitness equipment market growth in the North America region during the review period.
Key Players in the Global Fitness Equipment Market
Some of the leading global fitness equipment market players are Biffa Plc, Clean Harbors, Inc., Covanta Holding Corporation, Daiseki Co., Ltd, Hitachi Zosen Corporation, Remondis Se & Co. Kg, Republic Services, Inc, Suez, Fitness equipment, Inc, and Casella Waste Systems Inc.
Along with the company profiles of the key players in the market, the report includes the Porter’s five forces model that gives deep insights into the competitive environment of the market.
Porter’s Five Forces Analysis for the Global Fitness Equipment Market
- Bargaining Power of Suppliers: The companies involved in fitness equipment business are moderate in number. These companies are working on partnerships, product launch and product innovations to deal with the expensive supplies. Further, the volatile demands in supplier pricing may impact company revenues.
Thus, the bargaining power of the suppliers is moderate.
- Bargaining Power of Buyers: Buyers have low bargaining power, primarily because of the moderate number of suppliers, fitness equipment manufacturing process involves use of high-quality materials for excellent durability. The buyers have less choice in selecting the fitness equipment method.
Hence, the bargaining power of buyers is low.
- Threat of New Entrants: Startups entering this market are making advancements in the fitness equipment solutions such as interactive wearable technologies. Further, the switching cost of the buyers is not high.
As a result, the threat of the new entrants is moderate.
- Threat of Substitutes: There are very less alternative product for fitness equipment.
Therefore, the threat of substitutes is low.
- Competitive Rivalry in the Market: The ventures operating in the global fitness equipment market are focusing on strategies such as product innovations, investments, partnerships, and product launch to hold their position in the market. Such initiatives help the companies in strengthening the footprint worldwide.
Therefore, competitive rivalry in the market is moderate.
Mr. Abhishek Paliwal
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