LONDON, June 08, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Fitness Equipment Market Report 2023, the market will grow from $13.3 billion in 2022 to $13.8 billion in 2023 at a compound annual growth rate (CAGR) of more than 3%. Further, the market will reach $16.2 billion by 2027, growing at a CAGR of more than 3%. North America held the largest fitness equipment market share in 2022.
The rising prevalence of obesity is a key factor driving the growth of the fitness equipment industry. Obesity is a medical condition associated with an increased risk of various diseases such as heart disease, diabetes, high blood pressure, and certain types of cancer. Fitness equipment, by offering aerobic workouts, elevating heart rates, boosting metabolism, and facilitating calorie burning, plays a crucial role in weight loss.
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Major fitness equipment companies are Core Health & Fitness LLC, Impulse Health Tech Co. Ltd., Nautilus Inc., Johnson Health Tech. Co. Ltd., Technogym S.p.A., True Fitness Technology Inc., Icon Health & Fitness Inc., and Realleader Fitness Co. Ltd.
A key trend in the fitness equipment market is product innovation, which has gained significant popularity. Major companies in this market are focused on developing innovative products to enhance their market position.
For instance, Nautilus Inc., a US-based fitness equipment manufacturer, launched the Bowflex BXT8J treadmill with the JRNY adaptive fitness app in September 2022. This treadmill incorporates features such as the SoftDrop folding system, transport wheels, and a DualTrack LCD display with 26 built-in workout programs.
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The global fitness equipment market is segmented as -
1) By Type: Cardiovascular Training Equipment, Strength Training Equipment, Other Equipment
2) By Gender: Male, Female
3) By Buyer Type: Individual, Institution, Other Buyer Types
4) By Application: Weight Loss, Body Building, Physical Fitness, Mental Fitness, Other Applications
5) By End User: Health Clubs Or Gyms, Home Consumer, Hotels, Corporates, Hospital And Medical Centers, Public Institutions
The global fitness equipment market report provides a comprehensive analysis of the market, offering valuable insights into its current scenario and future growth prospects. The report holds immense importance for stakeholders in the fitness equipment industry, including manufacturers, investors, policymakers, and researchers. It equips them with crucial market insights, empowering them to devise effective strategies, capitalize on emerging trends, and navigate the challenges posed by geopolitical and economic factors.
Fitness Equipment Global Market Report 2023 by The Business Research Company provides insights on the fitness equipment market size, fitness equipment market segments, fitness equipment market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 4,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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