A new market study published by Global Industry Analysts Inc., (GIA), recently released its report titled “Physical Fitness Equipment – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
Global Physical Fitness Equipment Market to Reach $18.5 Billion by 2026
Physical fitness industry comprises equipment and 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. The fitness equipment market globally is exhibiting consistent growth over the last few years owing to increasing number of individuals in countries across the world affected by overweight and obesity. Growth in the market is driven by the strong focus on leading healthy lifestyles through healthy diets and fitness regimes. Rapid urbanization globally has resulted in hectic schedules, longer working hours, sedentary lifestyles and unhealthy eating habits that are known to increase the risk of various diseases such as obesity, cholesterol, diabetes, blood pressure and heart diseases. These factors are driving increasing number of people to focus on their health. While people with sufficient time have options to join yoga classes or gym, others rely on fitness equipment, driving the global market for these devices. Growth in the market post COVID-19 would be driven by growing focus on health and wellness against the backdrop of increasing health consciousness amidst rising incidents of chronic diseases. Growth in the mid-long term would be attributed to increase in number of fitness centers, health clubs and gyms and gym memberships. Future growth in the market will be driven by the rise of the connected consumers and the digital disruption caused by advanced technologies intended to enhance customer experience.
Amid the COVID-19 crisis, the global market for Physical Fitness Equipment estimated at US$14.8 Billion in the year 2022, is projected to reach a revised size of US$18.5 Billion by 2026, growing at a CAGR of 5.3% over the analysis period. Cardiovascular Training, one of the segments analyzed in the report, is projected to record a 5.7% CAGR and reach US$11 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Strength Training segment is readjusted to a revised 5% CAGR for the next 7-year period. Cardiovascular equipment is projected to be the dominating segment in terms of equipment type due to its broader adoption in consumer and commercial markets. Driven by its popularity across all age groups, cardiovascular training equipment is estimated to witness healthy growth in demand over the analysis period. The strength training fitness equipment segment is being driven by young consumers. The equipment is also an integral component of training programs across various sectors including the police, military and public safety.
The U.S. Market is Estimated at $4.9 Billion in 2022, While China is Forecast to Reach $3 Billion by 2026
The Physical Fitness Equipment market in the U.S. is estimated at US$4.9 Billion in the year 2022. China, the world`s second largest economy, is forecast to reach a projected market size of US$3 Billion by the year 2026 trailing a CAGR of 7.3% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 4.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.5% CAGR. The United States represents the largest market worldwide, followed by Europe. Growth in these countries is supported by aging baby boomers, rising wave of fitness and wellness, increase in gym and health club memberships, and wide availability and easy access to advanced fitness gear. Asia-Pacific ranks as the fastest growing market over the analysis period, driven by increasing awareness about the importance of regular physical activity, growing number of well-equipped gyms, coupled with rapid economic growth and disposable incomes, and the huge potential offered by the unpenetrated and underpenetrated developing countries in the region.
By End-Use, Health Club/Gym Segment to Reach $6.4 Billion by 2026
Health club chains comprise a network of health club centers or gyms located in different geographic locations, either in the same locality/city, or the same state, the nation or world over. Unlike standalone gyms, gym chains usually prefer to procure high-quality and premium equipment with advanced features and functionalities. As they operate multiple facilities, gym chains procure multiple units of equipment, infusing significant demand for fitness equipment. In the global Health Club/Gym (End-Use) segment, USA, Canada, Japan, China and Europe will drive the 4.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3.9 Billion will reach a projected size of US$5.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$664.5 Million by the year 2026, while Latin America will expand at a 6.4% CAGR through the analysis period.
Content provided by Global Industry Analysts, Inc. & StrategyR
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