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Extensive insights into the Growth of Fitness Equipment Market amidst COVID-19

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Fitness Equipment Market Overview

Fitness equipment is referred to the equipments which are used by a person in order to reduce fat, tone muscle, increase stamina and others. Fitness equipment is used for physical exercises to manage overall weight of the body. Cardiovascular training equipments arouse the heart rate and help to burn excess body fat. Strength training equipment such as free weights, plate loaded equipments and others help to gain muscular weight and these equipments help in gaining muscle strength.

Market Size and Forecast

The global fitness equipment market is anticipated to garb a robust CAGR of 5.1% over the forecast period i.e. 2017-2024. Moreover, the global fitness equipment market is projected to account exponential sales of USD 3.1 Billion by the end of 2024. Further, the market of fitness equipment is driven by the changing lifestyle of the population coupled with increasing inclination towards health and wellness.

The fitness equipment market is segmented into type, end user, distribution channel and region. Further, the type segment is sub-segmented into cardiovascular training equipment, strength training equipment, and other equipments, out of which cardiovascular training equipment segment is projected to attain lion share in the overall market of fitness equipment in terms of revenue in 2016. In addition to this, the growth of cardiovascular training equipment segment is attributed to the rising introduction of innovative designed fat reducing and toning equipment such as stair climbers, elliptical and others. Apart from this, strength training equipment is expected to seize an outstanding CAGR by the end of 2024. Furthermore, health clubs/gyms segment by end user captured the largest share in the market of global fitness equipment and is envisioned to grow significantly during the forecast period. Further, rising number of gymnasium in developing economies is projected to foster the growth of global health clubs/gyms market.

Fitness Equipment Market

North America and Europe region are the notable markets for fitness equipment market in 2016. Europe fitness equipment market is gaining robust momentum and accumulating considerable revenue. Moreover, presence of key vendor of fitness equipments such as Technogym S.p.A. in this region is projected to foster the growth of fitness equipments market in Europe. Moreover, Western Europe countries such as U.K. Germany, France and others are the major countries witnessing the augmenting demand for fitness equipment. Furthermore, presence of numerous gyms and health clubs in this region is predicted to upsurge the growth of fitness equipments market.

North America is slated to grow rapidly over the forecast period owing to presence of health conscious population. Further, U.S. is the major contributor in the market of fitness equipment market in this region. Further, rising number of he obese population in this region is expected to boost the demand for cardiovascular training equipment. This factor is believed to foster the growth of fitness equipment market.

Furthermore, Asia-Pacific fitness equipment market is projected to witness highest growth over the forecast period owing to rising number of population along with rapid urbanization in countries such as China, India and others. Moreover, inclination of young generation towards strength training is believed to flourish the growth of fitness equipment market in this region. Additionally, China and India are the dominating country in this region.CLICK TO DOWNLOAD SAMPLE REPORT

Market Segmentation

Our in-depth analysis segmented the fitness equipment market in the following segments:

By Type

Cardiovascular Training Equipment
- Treadmills
- Elliptical
- Stationary bike
- Stair Climbers
- Others
Strength Training Equipment
- Benches and Racks
- Multi-Gyms and Cable Stations
- Free Weights
- Plate Loaded
- Others
Other Equipments

By End User

Home Consumer
Health Clubs/Gyms
Other Commercial Users
- Hotels
- Corporate Offices
- Hospitals & Medical Centers
- Public Institutions (Schools, Universities, and Others)

By Distribution Channel

Sports Goods Stores
Specialty Sports Shops
Online Retailing
Others

By Region

Global fitness equipment market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Growth Drivers and Challenges

Introduction of advanced fitness equipment such as stair climbers, stationary bike, multi-gyms and cable stations and others by major key players in order to cater large fitness freak population is projected to foster the growth of fitness equipment market over the forecast period. Moreover, advancement on free weights such as welding the handle to the masses to prevent them from detachment and advanced grip are believed to be the dynamic factor behind the rapid growth of fitness equipment market. Furthermore, rapid urbanization along with expansion of fitness industry in developing and developed regions is the major factors propelling the market of fitness equipment. In addition to this, population in urban region is more inclined towards fitness and wellness coupled with changing lifestyle of the consumers has pushed them to adopt gymnasium.

According to WHO, in 2016, more than 1.9 billion adults were overweight and 650 million were obese. Further, rising number of deaths due to overweight is increasing concerns among the population to adopt cardiovascular training equipment. Moreover, According to the Health Survey for England conducted in 2014, 61.7% of the adults were obese. Among the overall population in Europe, 65.3% were men and 58.1 % constituted women. This factor is envisioned to foster the growth of fitness equipment market over the forecast period. Apart from this, swelled disposable income has led the consumers to spend more on fitness equipment products.

However, high cost associated with fitness equipment is anticipated to dampen the growth of fitness equipment market globally.