Market Research Report
Global Fitness and Recreational Sports Centres Market - 2019-2026
|Published by||DataM Intelligence||Product code||943900|
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|Global Fitness and Recreational Sports Centres Market - 2019-2026|
|Published: June 23, 2020||Content info:||
Fitness and recreational centers are facilities which contain essential fitness equipment for physical fitness and exercise. Sports clubs which comprise of gymnasium centers, skating and swimming facilities and other recreational sports facilities are usually preferred by people for their daily exercise routine and for maintaining their health.
The Global Fitness and Recreational Sports Centers Market is valued at USD XX million in 2018 and is expected to grow at a CAGR of XX% in the forecast period 2019-2026 to reach a value of USD XX million by 2026.
Increase in gym establishments across the globe, rising youth population, increasing disposable spending by individuals in fitness & diet and improved lifestyle are driving the global fitness and recreational sports centres market during the forecast period. Increase in the obese population and their gradual shift towards fitness management and government initiatives for health management are additionally contributing to the growth of the market.
According to International Rural Health Organization (IRHA), in 2017, the number of fitness centres and health clubs globally increased from 201 thousand in 2016 to 201.25 thousand in 2017. Furthermore, according to International Health, Racquet & Sports club in 2018, the total number of health club visits has also increased from 4.3billion in 2008 to 5.9 billion visits in 2017. This is expected to provide significant opportunities in this market and is anticipated to augment the growth of the market in the forecast period.
However, the growth of the global Fitness and Recreational Sports Centres market is impacted by factors such as high cost associated with fitness equipment and high maintenance and operational costs of the facilities.
Based on the type, the market is segmented as gymnasiums, yoga, handball sports, racquet sports, skating, swimming, others.
The gymnasiums segment accounted for the highest share of the market and is expected to dominate the market in the forecast period owing to a wide range of fitness equipment present under one roof and easy access to a wide range of facilities at one place. Rise in consumer preference regarding fitness and increased health consciousness, and huge presence of youth population associated with gym admissions is likely to drive the gymnasiums segment to dominate the global fitness and recreational sports market in the forecast period. According to the study published in Asia Pacific Journals in 2018, cardiovascular training equipment's such as treadmill and bikes are majorly preferred and more than 70% of the population is visiting gym or health workout on this equipment. Owing to these factors, the gymnasium segment is anticipated to dominate the market in the forecast period.
The Global Fitness and Recreational Sports centers Market is segmented into North America, Europe, Asia Pacific, South America and Middle East and Africa.
The North American region is the dominant region of the global Fitness and Recreational Sports centers market owing to rising concerns over health and fitness among the population of the United States and rising disposable incomes coupled with increasing spending's on fitness and Recreational sports centers by people of the US.
The increase in awareness among the individuals regarding the presence of health clubs across the region is additionally driving the North America Fitness Equipment Market during the forecast period. According to IHRSA Association in March in 2018, Health clubs in the United States attracted 70 million users in 2017 a rapid rise from 57.3 million in 2016 from 298.3 million Americans aged 6 and older. The presence of well-established fitness infrastructure, an increase in health club visits individuals and a rapid surge in fitness centers establishments across the region is expected to augment the growth of the market in the forecast period which is likely to present numerous opportunities for new entrants in this market.
New product launches, expansion of facilities, mergers and acquisitions and strategic partnerships are vital strategies adopted by most of the companies to contribute to the growth of the company and improve their market growth rate.
For instance, in January 2019, Fitness and wellness product manufacturer Dyaco launched a new line of medical and rehabilitation equipment as part of a global brand licensing agreement with Philips.
Similarly, in April 2016, Technogym the leading producer of design and technology-driven fitness equipment and solutions launched treadmill new breed skill mill for athletic training.