Continuous research on human body structure has paved way for technological advancements and innovation of fitness equipment, thus escalating the development of the global market for physical fitness equipment. Technological advancements include the incorporation of several components in a single unit, ensuring miniaturization at the same time. The expanding presence of internet is facilitating the greater access to training tutorials and expert opinions. This, in turn, is stoking the growth of the market. However, the high price of these equipment is restricting their widespread adoption.
On the basis of product, the global physical fitness equipment market can be divided into strength training and cardiovascular training. The market will witness a sharp rise in the demand for fitness equipment for strength training in the coming years, thanks to rising disposable income and growing youth population. These equipment are used to improve muscular strength and enhance one’s personality and appearance. The cardiovascular segment will account for a substantial share in the market. Health benefits such as heart rate conditioning, fat burning, metabolism improvement, and body toning are driving the adoption of cardiovascular fitness equipment.
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Based on end user, the market can be bifurcated into health clubs and home. Health clubs will be a major revenue contributor during the forecast period. The competitive benefits offered by health clubs such as gym training and diet plans are resulting in the greater footfall, which in turn is triggering the deployment of physical fitness equipment. The growth of the home segment can be attributed to the increasing health awareness and busy lifestyles. However, problems related to space at houses can limit the segment from realizing its utmost potential.
Physical Fitness Equipment Market: General Outline
According to World Health Organization (WHO) report, approximately three million individuals die due to obesity and its related disorders, which include cardiovascular diseases, diabetes, stroke, and others. Increased weight related diseases have triggered the market for physical fitness equipment. There has been a considerable rise in demand for treadmill, exercise bike, steppers, free weights, weightlifting machines, home fitness products, and fitness monitors in the recent past.
The U.S. records for the highest number of overweight population, while South East Asia has the lowest obesity rate. It is also worth noting that higher income groups contribute to obese population, in the developed countries. Reduced physical activities in the young age groups, and inactive lifestyle has increased weight related issues, these factors have pressurized government and other institutes to increase awareness regarding physical fitness.
Physical Fitness Equipment Market: Inclusive Insight
The primary target of the physical fitness equipment market is the younger population, however a considerable amount of demand is generated from those falling in the old age bracket. There is also a high demand for home physical fitness products, due to the busy and hectic lifestyle of consumers. Exercise bike and treadmills are major contributors to the market. According to statistics published by Fitness Expo, over 15% of the population uses treadmill. Cost effective, easy functions, and wide availability are a few drivers for the treadmill market. Improved technology, and advanced ergonomic products have also assisted the adoption of home physical fitness products.
With the advent of physical fitness monitors that track number of steps taken, calories burned, and stairs climbed, sleep monitors and others, have helped in tracking performance regularly. The physical fitness market is also booming due to miniaturized devices, attractive designs, and synchronization with smart phones that act as motivators. Various governments have also taken initiatives to curb obesity by subsidizing gym memberships, also increased importance for physical fitness in school is another driving factor for the market.
Physical Fitness Equipment Market: Regional and Segment Overview
With availability of drugs in the market, and methods such as bariatric surgeries, one can see that physical fitness prevails as the primary method to maintain physical health. Due to high rate of obesity, and higher disposable income to buy expensive fitness devices, North America clearly emerges as the leader of the physical fitness equipment market. There is a growth in the market for home fitness equipment segment as opposed to the gym physical fitness segment.
China records for the second largest obese population after the U.S. globally. According to University of Washington’s Institute for Health Metrics and Evaluation, 46 million obese and 300 million overweight individuals were recorded in China.
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Physical Fitness Equipment Market: Key Market Players
Key players in the physical fitness equipment market are BodySolid, Cybex International, Inc., Heinz Kettler Group, ICON Health & Fitness, Inc., Keys Fitness Products L.P, Life Fitness, Magnum Fitness Systems, Paramount Fitness Corp., PowerSport International, Reebok International, Star Trac, Technogym, Nautilus, Inc., and Tunturi OY Ltd. Fitbit, Jawbone, and Nike are the leading players in the fitness monitoring devices market.
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