Fitness Equipment Market to Reach US$ 2 Billion by 2024

(Newswire.net — July 19, 2017) New York City, New York — Growing need to maintain health and remain fit has led people to join various fitness institutions. Moreover, increasing preference for smart equipment for maintaining fitness will further contribute towards growth of the global fitness equipment market in the upcoming years.

Factors Fuelling Growth of the Global Market

Limited physical activities due to a sedentary lifestyle have significantly contributed towards obesity and an unhealthy lifestyle. Increasing consumption of junk food has further led to an increase in obese population globally. Growing prevalence of cardiovascular diseases including osteoarthritis globally has been a serious concern among many people. Moreover, various organization based in Europe are encouraging sports, and a healthy lifestyle. Due to such factors, individuals are engaging actively and exercising independently.

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Additionally, individuals are further signing up for various packages, and workout programs. Such factors are likely to fuel growth of the global market of fitness equipment. The fitness equipment is mainly offered through online and offline sales channels. The retail sector is likely to register significant growth in terms of revenue. In terms of sales revenue, the organized retail sector will register a considerable percentage of the overall growth in the global fitness equipment market.

In contrary to this, components or procured parts for fitness equipment including LED console, tension knobs, heart rate grips, motors, and handle bars are maintained in a limited stock. Such factors are likely to inhibit growth of the global market for fitness equipment during the projected years. Moreover, various companies are encouraging people to practice yoga, pilates, and aerobics. These exercises require more open spaces, and less fitness equipment. Such factors will further impede growth of the global market for fitness equipment throughout 2024.

Weight Training to Represent a Dominant Segment

Weight training among other types of equipment will remain dominant in terms of volume in the global fitness equipment market by the end of 2024. This segment will represent 12,098,390 units in terms of sales by the end of 2024. Moreover, this segment will register a growth of 3.1% CAGR through 2024. Equipment for cardiovascular training among others is utilized by various age groups in the fitness institutions. Such factors are likely to fuel growth of the global fitness equipment market significantly during the predicted period. In terms of volume, this segment is likely to register a CAGR growth of 2.9% through 2024.

In terms of sales, home / individual among other end users will represent relatively high sales throughout 2024. This segment is likely to represent 8,409,796 units by the end of 2024. In terms of sales, health clubs among other end users are likely to represent a relatively fast growing segment by the end of 2024.

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Europe to Represent a Lucrative Market

APAC among other regions is likely to represent relatively fast CAGR growth of 3.8% in terms of volume through 2024. On the other hand, Europe among other regions is likely to represent a lucrative region in terms of sales in the global fitness equipment market. The fitness equipment in terms of sales is likely to represent 5,908,833 units by the end of 2024.

Market Players

Leading market players operating in the global fitness equipment market include Technogym S.p.A, Brunswick Corp., Amer Sports Oyj, Nautilus, Inc., ICON Health & Fitness, Inc., Johnson Health Tech Co., Ltd., SportsArt Fitness, Inc., True Fitness Technology, Inc., Adidas AG., and Iron Grip Barbell Company.