Westford USA, Oct. 17, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Fitness Equipment Market will reach a value of USD 21.35 Billion by 2031, with a CAGR of 4% during the forecast period (2024-2031). Sales of fitness equipment have risen significantly across the globe due to several pivotal reasons. The enhanced health awareness in people drove the message of regularly exercising for well-being. This change in mentality has led to greater aspirations to be fit and lead lives focusing on fitness activities while simultaneously demanding easily accessible apparatus that leads to good health. With increasing disposable incomes, consumers have been able to spend on health, thus the purchase of fitness equipment increases.
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Browse in-depth TOC on the "Fitness Equipment Market"
Pages – 223
Tables – 100
Figures – 70
Fitness Equipment Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 15.60 Billion |
| Estimated Value by 2031 | USD 21.35 Billion |
| Growth Rate | Poised to grow at a CAGR of 4% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End User, Distribution Channel, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Fitness Equipment and Its Growing Demand |
| Key Market Opportunities | Integration of Digital Fitness |
| Key Market Drivers | Home Fitness Trend |
Dominance of Home Consumer Due to Health and Wellness Focus
The home consumer segment dominated the market, which accounted for over 51% of global revenue share in the year 2023. This market leadership among users of equipment for exercise and sport from a home context is taking off rapidly, driven by a series of key changes affecting the fitness sector. Among these drivers are seamlessly connected household devices and heightened interest in health and wellbeing. This has further been escalated with the rise of several online fitness sites that have cropped up offering hundreds of permutations of workouts and created a niche to build community among fitness buffs.
Convenience and Cost Factors Driving Online Fitness Growth
Many strong reasons have led to this explosive growth of the online-based distribution channel. Exercise practices have been revolutionized by high-speed internet that has become widely available in most houses. With these, people are allowed to easily access live and on-demand exercise courses at home. The more expensive and elusive traditional gym memberships make more people settle for online workout options, which are not only accessible but also less expensive. This seems relatively cheap.
Impact of Health Consciousness on Fitness Revenue in North America
North America continued to dominate the market in the year 2023 with remarkable share generation at 33% of the global revenue. This is because the region is marked by a growing health awareness and holistic adoption of healthier lifestyles that promote weight control, better physical condition, greater physical endurance, and muscular strength. Demand in North America is highly driven by a high proportion of overweight or obese people staying in this region.
Meanwhile, Asia-Pacific is expected to witness as the region that would take the lead with the highest CAGR during the forecast period. In such an industry, South Korea and Japan are those industrialized countries that have played significant roles in the global rise. Markets within developing nations, such as China and India, are experiencing strong growth in demand.
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Fitness Equipment Market Insights
Drivers
- Increasing Health Awareness
- Home Fitness Trend
- Rising Obesity Rates
Restraints
- High Initial Costs
- Maintenance and Durability Issues
- Space Limitations
Key Players Operating in the Fitness Equipment Market
The following are the Top Fitness Equipment Companies:
- Nautilus, Inc.
- Life Fitness
- Technogym
- Seca GmbH
- TRUE
- Torque Fitness
- Johnson Health Tech
- Omron Healthcare, Inc.
- Impulse Health Technology Co., Ltd.
- Core Health & Fitness
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Key Questions Covered in the Fitness Equipment Market Report
- What is the market size of the global fitness equipment market?
- Which is the key trend within the market?
- What are the key strategies adopted by players operating within the market?
This report provides the following insights:
- Analysis of key drivers (home fitness trend, increasing health awareness), restraints (high initial costs and space limitations), opportunities (integration of digital fitness, corporate wellness programs), and challenges (shifts in consumer preferences, economic downturns) influencing the growth of the fitness equipment market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the fitness equipment market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the fitness equipment market.
- Market Development: Comprehensive information on lucrative emerging regions.
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market.
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia-Pacific.
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