Fitness Equipment Market size to exceed USD 13.9 billion by 2023
Fitness Equipment Market size is set to reach USD 13.94 billion by 2023; according to a new research report by Global Market Insights, Inc.
Growth in sedentary lifestyle of the population on a global scale has resulted in a rise in heath related illnesses such as cancer, depression, and heart & circulatory disease. Growing obese population in developed regions, such as the U.S. and Europe, is the key factor responsible for this adoption. The obese population segment drives the usage of cardiovascular equipment for weight management.
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Considerable initiatives from the corporate sector to undertake health and wellness programs will also drive fitness equipment market size. The decline in the well-being and general health of the population is of significant concern and the resultant impact is evident across the organization through higher stress levels, staff turnovers, increased absence and sickness, poor job satisfaction, and reduced productivity. Large numbers of organizations invest in developing effective corporate wellness program, and setting up health clubs and gyms in their office premises. Increasing adoption of such initiatives will drive the fitness equipment market size.
Modern day devices use internet 4.0 enabled sensors to monitor and collect health related data such as calories burned, sleep duration, and steps taken, thereby providing digital connectivity. Green gym products are being developed, which do not require electricity to power the device. Mechanical energy is converted into electrical energy, thus reducing the energy consumption costs and carbon footprint. U.S. fitness equipment market share will continue witnessing innovation-led measures for maximizing profitability and product differentiation.
Browse key industry insights spread across 84 pages with 30 market data tables & 26 figures& charts from the report, “Fitness Equipment Market Size By Application (Gym/Health Clubs, Home/Individuals, Hospitals, Offices, Hotels), By Product (Strength Training Equipment, Cardiovascular Training Equipment, Activity Monitors, Body Analyzers), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023” in detail along with the table of contents:
Key insights from the report include:
- Cardiovascular fitness equipment market size will exceed USD 8 billion by 2023. Demand for treadmills, stationary bicycles, rowing machines, etc. for personal and medical purposes will continue driving revenue across the segment in the coming years.
- Majority of strength training equipment market share originates from adoption in health clubs and gymnasiums. Consumers have become increasingly fitness conscious, which is intensified by the increasing availability of statistics backing the upkeep of a healthy lifestyle.
- Growing urbanization will benefit China fitness equipment market size. Increased disposable income and growing availability of these products in commercial spaces such as hotels, enterprises, and hospitals are forecast to drive growth.
- As per the standards set in the U.S., newly designed and constructed, and altered exercise equipment and facilities must meet the stringent standard requirements as stated by The United States Access Board such as the provision of clear floor or ground space near the equipment for the safety of the user.
- Apart from conventional products, manufacturers occupying fitness equipment market share are investing heavily in R&D to introduce technological advancements such as compatibility with mobile devices, to gain competitive advantage.
- Key participants include Nautilus Inc., Johnson Health Tech, Technogym, Torque Fitness, Brunswick Corporation, etc. Raw material suppliers are increasingly investing in R&D to develop new properties such as resiliency, crosslink densities and control aimed at the enhancement of product operation. Companies form multi-brand strategies to expand in existing markets, target distinct customer segments, and diversify into new regional industries.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.