Selbyville, Delaware, United States, November 5 2020 (Wiredrelease) Global Market Insights, Inc –:The fitness equipment market is expected to witness a lucrative rate of growth in coming years owing to ongoing technological advancements. The increase in number of gyms and fitness centers is also one of the other growth factors that is expected to fuel industry growth. The coronavirus outbreak is expected to slow down growth rate in the short term since gyms and fitness centers are closed. However, once the situation is under control, the industry is expected to bounce back substantially.
The market for connected fitness equipment is likely to grow at a rapid pace over the estimated time frame. The collaboration of fitness equipment manufacturers with technology providers so as to provide improved fitness related solutions is likely to form a primary trend in the market.
As per a research report by Global Market Insights, Inc., fitness equipment market is estimated to exceed $15 billion by 2026.
The cardiovascular equipment segment is likely to gain importance owing to numerous health benefits provided by these fitness equipment. Increasing issues related to stress and health concerns due to sedentary lifestyles are stimulating the demand for fitness equipment. Exercise bikes boost muscle strengthening and also enhances the cardio-respiratory capacity, whereas climbers enable in muscle toning and weight reduction.
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Moreover, players are also introducing several indoor and outdoor exercise bikes equipped with touch screen consoles in order to improve the workout experience. Citing an example, Nautilus, back in December 2019, introduced a new indoor cycling bike namely Bowflex, which delivers a sophisticated and connected fitness experience, featuring an open platform for users to connect with the app of the company.
The demand for fitness equipment is likely to increase across the globe owing to the increasing number of gyms and health clubs. Europe has also observed a rise in health club memberships. In fact, in Switzerland, health insurance providers offer subsidies to individuals paying for health club memberships. Due government associations stressing on the significance of well-being and health, the number of fitness centers have begun to increase.
The fitness equipment market for Asia Pacific is likely to observe an increase in demand for fitness equipment from countries like China and Japan. The technological advanced electronics sector in these countries augment the development of wearable technologies by the use of advanced sensors.
The fitness equipment industry in Japan is slated foresee growth in the coming time period as several companies are looking to expand their market presence in the region. Snap Fitness, a franchised gym group, in March 2020 had reportedly announced plans on opening stores in around 300 locations in Japan with Global Fitness Japan Co.
Overall, the aforementioned trends are likely to offer a diverse range of growth opportunities for fitness equipment market. The competitive spectrum of fitness equipment market includes companies like Johnson Health Tech, Amer Sports Corporation, Icon Health & Fitness, Nautilus Inc., Brunswick Corporation, and Technogym S.p.A among others.
Prominent players in the fitness equipment market are investing in various growth strategies such as new product launch, research and development, acquisitions, partnerships in order to increase their market presence. They are also concentrating in expanding their market reach and product landscape by procuring other brands.
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Table Of Content:
Chapter 4. Fitness Equipment Market, By Equipment
4.1. Key trends by equipment
4.2.1. Market estimates and forecast, 2015 – 2026
4.2.2. Market estimates and forecast, by equipment, 2015 – 2026
4.2.3. Market estimates and forecast, by end-use, 2015 – 2026
4.3. Strength training
4.3.1. Market estimates and forecast, 2015 – 2026
4.3.2. Market estimates and forecast, by equipment, 2015 – 2026
4.3.3. Market estimates and forecast, by end-use, 2015 – 2026
4.4.1. Market estimates and forecast, 2015 – 2026
4.4.2. Market estimates and forecast, by end-use, 2015 – 2026
Chapter 5. Fitness Equipment Market, By End-Use
5.1. Key trends by end-use
5.2.1. Market estimates and forecast, 2015 – 2026
5.3. Health Clubs
5.3.1. Market estimates and forecast, 2015 – 2026
5.4.1. Market estimates and forecast, 2015 – 2026
5.5.1. Market estimates and forecast, 2015 – 2026
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