Fitness Equipment Market is Estimated to Show a Robust Growth Represented a CAGR of 4.1% By 2026
Fitness equipment is a major part of health and fitness industry. Physical fitness leads to better athletic performance therefore fitness is also an important part of sport industry. Fitness equipment play major role in physical exercises to manage overall weight, improve physical stamina, and develop muscular strength. Fitness equipment includes items such as treadmills, free weights, weight machines, elliptical trainers, and many more.
The global fitness equipment market is projected to reach a value of over US$ 15,500 Mn in 2026 at a CAGR of 4.1% over the forecast period.
Increasing awareness about health and fitness, concerns regarding obesity among people are the key factors driving growth of the global fitness equipment market. Also, increasing number of gyms, and health clubs around the globe and offers, discounts, and various attractive packages are some other factors supporting growth of the global fitness equipment market. In addition, rising inclination of youngsters towards sports and government initiative for sport activities expected to fuel growth of the global fitness equipment market over the forecast period.
Furthermore, increasing investment from private equity firms and venture capital firms into health and fitness industry and emerging technologies such as connected devices, and wearable technologies are expected to support growth of the global fitness equipment market.
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However, high cost of fitness equipment, and easy availability of used and refurbished fitness equipment are key factors restraining growth of the global fitness equipment market. Furthermore, high maintenance cost of fitness equipment is other factor expected to hamper growth of the global fitness equipment market in developing region over the forecast period.
The global fitness equipment market report has been segmented on the basis of type, end user, and region. On the basis of region, the global fitness equipment market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market in North America expected to dominate the global fitness equipment market and expected to account for highest market share in terms of revenue owing to high awareness about health and fitness among general population in countries in the region. The market in Europe expected to account for the second-highest revenue share contribution to the global fitness equipment market followed by market in Asia Pacific, Latin America, and Middle East & Africa respectively, owing to factors such as increased disposable incomes, and government initiative to promote sport related activities in countries in the region.
Furthermore, growing number of health and fitness clubs, coupled with increasing number of individuals getting fitness club membership in countries in North America is fueling growth to the North America fitness equipment market to a significant extent, and this trend is expected to continue in near future. Technological advancements in fitness equipment, coupled with prominent manufacturers developing new fitness equipment are other major factors expected to boost growth of the North America fitness equipment market over the forecast period. In 2017 for instance, Body-Solid, Inc. launched Powerline Power Rack (PPR200) with additional features such as 18 adjustment levels, 41″ wide knurled chinning bar, freeweight plates, bars, and collars optional.
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Prominent players in the global fitness equipment include Torque Fitness LLC, The Brunswick Corporation, Johnson Health Tech Co. Ltd., Technogym S.p.A., Amer Sports Corporation, Nautilus, Inc., Cybex International Inc., Elliptigo Inc., NordikTrack Inc., and Body-Solid Inc.