Booming Health and Wellness Industry and the Resulting Exponential Increase in Fitness Centers and Health Clubs Drive Demand for Physical Fitness Equipment
Published: February 2018
- Code: MCP-2791
- Pages: 368
- Tables: 147
- Companies: 94
PHYSICAL FITNESS EQUIPMENT: A RESEARCH BRIEF
The global market for Physical Fitness Equipment is projected to exceed US$21 billion by 2024, driven by the growing consumer focus on health and wellness against the backdrop of increasing health disorders, and rising incidence of chronic diseases and the resulting increase in the number of fitness centers, health clubs and gyms. Few of the factors driving the global fitness trend include growing emphasis laid by primary care physicians on including physical activity as part of the treatment plans for patients; emergence of specially qualified fitness professionals as a result of the referral programs in primary healthcare; easy access to wellness coaching, rising awareness and increase in voluntary enrollment in fitness programs at gyms and clubs; increased emphasis on participation in sports and the resulting demand for sport-specific training, among others. Also, driving growth in the market are technology innovations such as launch of easy-to use and low maintenance in-home fitness equipment; innovations in ergonomic designs; computer-equipped smart equipment; integration of virtual VR features in gym equipment; and increased participation of women in fitness regimes. The United States represents the largest market worldwide, followed by Europe and supported by aging baby boomers keen on leading active lifestyles; and easy access to advanced fitness gear. Asia-Pacific ranks as the fastest growing market with a CAGR of about 8.9% over the analysis period, driven by the spread of sedentary lifestyles among the growing population; increasing awareness about the importance of regular physical activity; growing number of well-equipped gyms coupled with rapid economic growth and disposable incomes; and digitalizing lifestyles, launch of smart wearables, availability of smartphone fitness apps and resulting higher emphasis placed on smart proactive maintenance of health.
OUTLOOK IN KEY MARKET SEGMENTS
- Treadmills ranks as the largest market driven by continuous feature innovations such as built-in internet connection, large LCD display screens, built-in audio guide, and fitness tracking features
- Exercise Bikes segment is projected to witness the fastest growth supported by increased consumer willingness to spend on user-friendly fitness equipment for private use.
PRODUCT DEFINITION & SCOPE
- Physical fitness equipment comprises exercise gear that are used at home or institutions such as clubs/gyms, colleges, schools, hotels, hospitals and spas for maintaining healthy body through regular exercise.
TIMELINE FOR ANALYSIS
- Market Estimates and Forecasts for 2016-2024
- Historic Review 2011-2015
GEOGRAPHIC MARKETS ANALYZED
- US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific, Middle East & Africa, and Latin America
MARKET SEGMENTATION & CLASSIFICATION
- Product Segments:
- Treadmills, Resistance Equipment (Free Weights, & Home Gyms/ Multi-Stations), Elliptical Trainers, Aerobic Riders, Cross Country Ski Machines, Stationary Exercise Bicycles, Exercise Bikes (Upright Stationary, Group Exercise, & Recumbent Stationary), Benches, Ab Crunchers/ Abdominal Machines, Step Machines/ Stair Climbers, Stretching Machines, Rowing Machines, Toning Machines, Massagers, and Other Physical Fitness Equipment
- Amer Sports Corporation
- BFT Fitness Co., Ltd.
- Body-Solid, Inc.
- Brunswick Corporation
- Dyaco International Inc.
- Heart Rate Inc.
KEY RESEARCH DELIVERABLES
- Review of Industry/Market Structure
- Analysis of Trends & Drivers
- Insights on Macro Market Scenarios
- Market SWOT Analysis
- Latent Demand Forecasts & Projections
- Comprehensive Geographic Market Analysis
- Presentation Ready Facts & Statistical Data Findings
- Coverage of Major/Niche Players, Market Shares & Competition
- Coverage of major Company/Technology/Product/Financial Stories
- Extensive Product/Service/End-Use/Technology Coverage Where Applicable