PORTLAND, Oregon, May 20, 2015 /PRNewswire/ --
According to a new report, published by Allied Market Research, titled, "Global Fitness Equipment Market - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2014 - 2020", the fitness equipment market worldwide, is expected to reach $11.9 billion by 2020, registering a CAGR of 3.89% during 2015 - 2020.
The cardiovascular fitness equipment would continue driving the fitness equipment market during the analysis period. The cardiovascular equipment would contribute for more than 50% of the market size throughout the analysis period. The adoption of the fitness equipment by all the end users (home, health clubs, other commercial users such as hotels etc.) would grow considerably in future. The adoption by health clubs would grow at a CAGR of 4.13% during 2015 - 2020.
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The increasing obese population across the world, especially in developed countries such as U.S.A., UK, Canada, etc. drives the usage of fitness equipment. Presently, about 2/3rd of the global obese population resides in developed countries. The use of cardiovascular fitness equipment by the obese end-user segment largely drives the overall fitness equipment market, particularly in North America and Europe. Strength training equipment are most commonly preferred by the youth for body building and muscle strengthening. Therefore, this market holds promising future across the developing regions with a large presence of young population.
Among the end user segments of fitness equipment, the home/ individual users significantly drive the market growth. A majority of the home users of fitness equipment are from the U.S. There is a significant increase in the count of health conscious aging population across developed countries such as U.S., UK, Canada that indicate a higher preference for exercising at home, which, in turn boosts the market for fitness equipment.
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Sports and Fitness Clothing Market - Individual and team sports and fitness activities are on the rise, globally. The trend towards healthier habits, emergence of new sports, adoption of an active lifestyle, increasing incomes in developing countries and popularity of physical fitness activities amongst women are factors driving the sports and fitness clothing market. The growing trend of casual wear in the workplace and rising demand from teenagers also serve to fuel market growth. The growing emphasis on product performance and comfort is also a driving force of the industry; it has contributed to the rising demand for premium, high quality sportswear that is also fashionable. In order to design new styles of clothing and widen their product lines, sports clothing companies are collaborating with fashion designers.
The commercial users segment comprise of hotels, hospitals, corporate offices, etc. In order to enhance their business value, these establishments provide fitness facilities to customers or employees. Several leading market players, such as Precor, Cybex International, Technogym, etc. offer wide and diversified product portfolios in the commercial user segment.
Key findings of the study:
- The fitness equipment market would grow at steady rate during the forecast period owing to the increasing demand by obese population and rising health & fitness awareness
- The North American region would continue to dominate the market, with around 2/5th of the market size contribution, each year
- The cardiovascular equipment segment would drive the market throughout the forecast period with more than 50% of contribution to market size by value
- The adoption of fitness equipment by commercial customers such as hotels, hospitals, enterprises, etc. would increase at a CAGR of 3.95% during the forecast period
The market growth can be attributed to innovative product launches and increasing collaborations between fitness equipment vendors and the commercial user segment. The need of commercial user segment to improve their infrastructural offerings, largely supplements the demand for fitness equipment. Numerous leading companies such as Amer Sports, Nautilus, Cybex International are launching new products and forming partnerships in order to sustain amidst a stiff competitive environment. The report covers a detailed study of numerous players such as Paramount, Amer Sports, Nautilus Inc., Brunswick Corp., Cybex International Inc., ICON Health & Fitness Inc., Johnson Health Tech Ltd., Technogym SpA, Impulse Health Tech Ltd. Co., Torque Fitness LLC and Fitness EM.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research