Market Research Report
Fitness Equipment Market Size By Equipment, By End Use, COVID-19 Impact Analysis, Regional Outlook, Price Trend Analysis, Growth Potential, Competitive Market Share & Forecast, 2021 - 2027
|Published by||Global Market Insights Inc.||Product code||1009662|
|Published||Content info||675 Pages
Delivery time: 2-3 business days
|Fitness Equipment Market Size By Equipment, By End Use, COVID-19 Impact Analysis, Regional Outlook, Price Trend Analysis, Growth Potential, Competitive Market Share & Forecast, 2021 - 2027|
|Published: June 4, 2021||Content info: 675 Pages||
The fitness equipment market is expected to witness lucrative growth by 2027 owing to the increasing demand for at-home gym equipment and rising awareness among people regarding fitness.
The COVID-19 pandemic has forced people to stay indoors to prevent virus transmission, which has forced gyms and health clubs to shut down. As a result, there has been an upsurge in demand for indoor fitness equipment for training to accommodate people's workout requirements.
Online sales jumped immensely just a few weeks after lockdowns were imposed. E-commerce platforms saw massive rise in fitness equipment demand as consumers began to look for ways to find a substitute for their gym workouts.
Subsequently, there was a sizable growth in demand for affordable and compact fitness equipment that could be used in the limited space at home. This boosted the demand for fitness equipment, including exercise bikes, treadmills, dumbbells, jump ropes, resistance bands, and kettlebells.
Additionally, the boom in the fitness equipment landscape following the COVID-19 outbreak has been significantly favorable for companies operating in the industry.
For instance, in October 2020, ICON Health & Fitness, a major connected fitness equipment company, reported a USD 200 million growth investment. The funding was led by L Catterton, a consumer-focused private equity firm, and one of ICON's existing investors, Pamplona Capital Management.
For extensive assessment, the fitness equipment market has been categorized on the basis of equipment (cardiovascular and strength training), end-use, and region. The cardiovascular equipment segment has been divided into elliptical machines, exercise bikes, treadmills, and climbers.
The treadmills segment is expected to see significant growth by 2027, registering a notable CAGR over the analysis period. Increasing demand for treadmills as they help reduce the risk of heart diseases, diabetes, and joint-related health problems is speculated to support market growth through the study timeframe.
The strength training equipment segment has further been bifurcated into weightlifting, barbells & ladders, weights, extension machines, and power racks.
Weights strength training equipment held a substantial share in the fitness equipment in 2020 and is expected to positively impact industry outlook through the forecast period. Growing use of weights by sportsmen for muscle toning is estimated to support the demand for fitness equipment through 2027.
From the end-use perspective, the fitness equipment market has been segmented into home, office, health clubs, and hotel. The office segment is projected to showcase lucrative expansion over 2021-2027 backed by the increasing number of large corporate organizations establishing gyms in premises to ensure optimum health of employees.
Based on region, Latin America held a sizable share in the fitness equipment market in 2020 and is anticipated to see considerable growth through the forecast timeframe. Improving economic conditions, coupled with the rise in the number of health clubs, are projected to support regional market outlook through 2027.