Global Fitness Equipment Market, Market by Type, End-user, Distribution Channel, and Geography | Forecast 2022-2028
London, UK — (SBWIRE) — 03/07/2022 — Triton Market Research presents the Global Fitness Equipment Market report sectioned by End-user (Hotel, Home, Corporate Office, Apartment, Health Club/Gym, Others), Distribution Channel (Offline, Online), Type (Strength Training Equipment, Cardiovascular Equipment, Other Equipment), and by Geography (Latin America, Asia-Pacific, Europe, North America, Middle East and Africa). The report further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter’s Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2022-2028).
Triton’s report suggests that the global market for fitness equipment is estimated to witness growth at a CAGR of 3.95% over the forecast period.
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Fitness equipment refers to machines that are employed for physical activity, enhancing strength. These machines include exercise bikes, weight machines, elliptical trainers, and treadmills.
Home fitness trends have gained momentum across the globe ever since the COVID-19 outbreak. The growing concern relating to the virus has also led to the rise in online training sessions, resulting in the robust growth of the virtual fitness sector. The availability of experienced trainers online, along with the availability of smart home equipment, generates various opportunities for the fitness equipment market.
However, the rise in fraudulent products and elevated cost of fitness equipment negatively impacts the global market’s development.
Globally, the Asia-Pacific is expected to become the fastest-growing region in the fitness equipment market. The region’s robust growth is mainly owing to the growing concerns of obesity. Several industry estimates infer that two out of every five adults suffer from obesity, raising concerns pertaining to chronic conditions. This has led to the rise in gym and fitness club memberships, adding to the fitness culture. Thus, the aforementioned factors are anticipated to supplement the fitness equipment market’s progress.
Leading companies thriving in the fitness equipment market are Precor Incorporated, Technogym SPA, Cybex International Inc, True Fitness Technology Inc, Nautilus Inc, Heinz Kettler GmbH and Co KG, iFIT Health and Fitness Inc, Core Health and Fitness LLC, Johnson Health Tech Co Ltd, Gymequip EU, Peloton Interactive Inc, Life Fitness, Total Fitness Equipment, and Impulse Health Tech Co Ltd.
Several players are investing heavily in R&D to expand their product offerings. The new players are expected to face challenges as per customer switching costs and capital requirements. Moreover, they may also incur heavy costs in manufacturing fitness equipment. Furthermore, many are launching new products to capture a higher market share. For instance, True Fitness launched a stryker slat treadmill. Thus, these factors indicate the threat of new entrants to be low, while the competition among existing players to be relatively higher.
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