PORTLAND, Oregon, October 3, 2016 /PRNewswire/ --
A new report published by Allied Market Research, titled, "World Fitness Equipment Market by Type, End-User, and Geography-Global Opportunity Analysis and Industry Forecast, 2014-2022," projects that the global fitness equipment market is estimated to reach $12,885 million by 2022. Asia-Pacific is expected to witness the fastest growth, owing to increasing demand from developing countries such as India and China.
Summary of the Fitness Equipment Market Report can be accessed on the website at https://www.alliedmarketresearch.com/fitness-equipment-market
Market growth is fostered by rise in obese population, increase in number of health awareness initiatives by the government & other enterprises, and growth in number of gyms & fitness clubs, worldwide. However, burgeoning demand for non-machine fitness equipment has posed a challenge for the industry. Moreover, high cost of fitness equipment restrains the market growth, particularly in emerging economies.
"Medium priced cardiovascular fitness equipment with smarter workout tracking, and entertainment features would attract more customers in developing countries such as India and China, due to price sensitivity. However, the developed markets would be driven by high-end equipment with advanced and sophisticated user engagement and monitoring features." states Bhawna Kohli, Manager Research at AMR.
The commonly observed fitness equipment types in the market are cardiovascular training equipment, strength-training equipment, and other equipment such as activity monitors and body analyzers. Among these, cardiovascular training equipment accounts for the largest market, in terms of value, due to its increased usage among health-conscious individuals. The segment is expected to grow at the highest CAGR of 4.1% during the forecast period. The Asia-Pacific region is expected to witness a relatively faster growth of the strength fitness equipment segment, driven by youth population.
In 2015, health clubs/gyms segment dominated the overall fitness equipment market, accounting for over 40% of the total fitness equipment market revenue. The segment is anticipated to maintain its dominance throughout the forecast period, growing at the highest CAGR of 4.6%. Home users were the highest revenue contributor in the U.S. fitness equipment market in 2015, and the second highest revenue contributors globally. Hotels are the fastest growing end-user sub segment of the "Other commercial user" segment.
In-depth country wise analysis has been provided for all the four regions covered in the report. Countries analyzed under the North American geographical segment are the U.S., Canada, and Mexico. Under Europe, detailed analysis has been provided for UK, France, Germany, Italy, Spain, Portugal, Benelux, and rest of Europe. Larger base of obese population and high per-capita income has led to higher adoption of fitness equipment in North America and Western Europe. Countries covered in the Asia-Pacific region include Japan, Korea, China, India, Hong-Kong, Indonesia, Vietnam, Australia, Malaysia, and rest of Asia-Pacific. Japan and South Korea are the leading markets for fitness equipment in this region. LAMEA includes Brazil, and rest of Latin America.
U.S. is the global leader of fitness equipment market as it exhibits the highest penetration of cardiovascular equipment worldwide, on account of high obesity rates and increased health consciousness. However, Asia-Pacific is expected to grow at a fast pace during 2016-2022 due to rapid urbanization, rise in consciousness towards physical appearance, and increase in number of gyms & health clubs. Japan is the largest market for fitness equipment in the Asia-Pacific region. As per a study, population in the age group of 65 years or above in Japan has nearly quadrupled in the last four decades. 33% of the Japanese population was above the age of 60 years in 2014, which has led to relatively higher adoption of cardiovascular equipment in the region as compared to most of the other Asian countries.
Brazil is the largest market for fitness equipment in Latin America. As per the statistics from Brazil's ministry of Health, in 2015, 52.5% of the population is overweight (with body mass index 25 or greater), which reflects the expected rise in obesity in future. This has led to relatively greater penetration of cardiovascular over strength equipment in Brazil.
KEY FINDINGS OF THE STUDY
- U.S. was the highest revenue-generating region in the world fitness equipment market in 2015.
- The home-user segment would lead the U.S fitness equipment market throughout the analysis period.
- Cardiovascular equipment generated the maximum revenue in 2015, accounting for over 50% of total market revenue.
- Treadmills accounted for a major portion of cardiovascular equipment sales in 2015, followed by Elliptical.
- Asia-Pacific is anticipated to witness the highest CAGR during the forecast period.
- In developing countries such as India, strength fitness equipment is anticipated to grow at a faster pace, compared to the cardio segment, driven by the youth population.
- Hotels are anticipated to be the fastest growing other commercial user segment during 2016 - 2022.
Leading players profiled in the report include ICON Health & Fitness, Inc.; Brunswick Corporation, Johnson Health Tech Co. Ltd.; Technogym S.p.A., Amer Sports Corporation, Nautilus, Inc.; Core Health and Fitness, LLC, TRUE Fitness Technology, Inc.; Impulse (Qingdao) Health Tech Co. Ltd.; and Torque Fitness, LLC.
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