|Heavy pollution in urban locations has led to an increased susceptibility to chronic cardiovascular diseases, such as arthritis, diabetes, sleep apnea, and others, which if not regulated can decrease the life expectancy of a person. Governments of various economies around the world have initiated programs to combat the rising instances of obesity induced diseases. For instance, the Change4Life initiative by the UK government is aimed at tackling obesity by instilling healthy eating and exercise habits into people, primarily in the younger age group. The benefits of using these kits and increasing health consciousness is further generating demand amongst the geriatric population and has led to the growth of the fitness equipment market.
Fitness Equipment Market is expected to be over USD 14 billion by 2024 growing at a CAGR of over 3% from 2017 to 2024. Rapid urbanization and industrialization are major factors promoting a sedentary lifestyle and unhealthy eating habits among consumers from various age groups. The lifestyle of the urban population mainly constitutes stressful work hours and unhealthy eating habits causing increasing concerns amongst the general population driving fitness equipment market demand.
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Increase in worksite health promotions and corporate programs are expected to fuel the fitness equipment market. These programs are instrumental in improving health of the employees and reducing medical expenses and sick leaves. For instance, the Chesapeake Energy Corp. offers cash incentives to employee’s who participate meet their goals in various areas of the program. Also, the company has a 72,000-square foot fitness centre exclusively built for their employees. The increasing trend of Pay and Play gyms is further anticipated to drive the fitness equipment market. These allow the consumer to pay for only the activities that the use rather than the entire package or a large membership fee.
The cardiovascular segment of the fitness equipment market is projected to dominate globally with a growth rate of over 5% from 2017 to 2024. These systems are highly efficient in the metabolism, hormonal profile, and heart conditions of the user. Additionally, they can be used in the comfort of the consumer’s home and by users across various age groups.
The health club sector is projected to hold the largest revenue share during the forecast timespan. The provision of amenities such as Wi-Fi, entertainment, and personal training guides that offer specialised training to the customer is anticipated to drive the fitness equipment market. They also reduce the total cost of ownership and regular maintenance of the equipment.
The increase in health consciousness among the working and geriatric population in the U.S and Europe is anticipated to drive the fitness equipment market growth. High obesity rates in the U.S is a major factor contributing towards the regional growth. The U.S population comprises of approximately 38% of obese adults in 2016.
Fitness equipment market players include Nautilus, Inc., Brunswick Corporation, True Fitness, HOIST Fitness Systems, Amer Sports, and Torque Fitness. Mergers and acquisitions is a major strategy undertaken by vendors. For instance, Brunswick Corporation has undertaken various acquisition strategies in 2016 and has added prominent businesses such as Cybex, Indoor Cycling Group (ICG), Thunder Jet Bolts, and Payne’s Marine Group to sustain the growth.
Browse key industry insights spread across 132 pages with 117 market data tables & 24 figures & charts from the report, “Fitness Equipment Market Size By Equipment (Cardiovascular, Strength Training), By End-Use (Home, Health Clubs, Office, Hotel), Industry Analysis Report, Regional Outlook (U.S., Canada, UK, Germany, France, Italy, France, Spain, China, India, Japan, South Korea, Australia, Brazil, Mexico, Argentina, Saudi Arabia, UAE, South Africa), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
Chapter 5 Fitness Equipment Market, By End-Use
5.1 Fitness equipment market share, by end-use, 2016 & 2024
5.2.1 Market estimates and forecasts, 2012 – 2024
5.3 Health Club
5.3.1 Market estimates and forecasts, 2012 – 2024
5.4.1 Market estimates and forecasts, 2012 – 2024
5.5.1 Market estimates and forecasts, 2012 – 2024
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