Physical Fitness Equipment
Dwindling Opportunities to Exercise Outdoors Leads to Increased Focus on Meeting Fitness Needs Inside Homes. Led by Ecomm, Physical Fitness Equipment Sales Spike by 25%
The global market for Physical Fitness Equipment is expected to spike by 25% in the year 2020 and thereafter continue to grow and reach US$19.3 billion by the year 2027, trailing a post COVID-19 CAGR of 5.3% over the analysis period 2020 through 2027. In times of COVID-19, significant focus is being shed on health and fitness. Exercise is one of the indispensable components of the holistic approach to healthy and quality living. Physical activity combined with a well-balanced diet is a perfect recipe for stimulating and strengthening the immune system that safeguards the host from diseases and infections. Exercise holds a profound effect on functioning of the immune system and improves immune response to vaccination, supports immune markers linked with various medical conditions, and reduces low-grade inflammation. The rapidly increasing cases of COVID-19 globally have brought exercise in the spotlight owing to its beneficial role in improving immune health. Stress and inactivity inhibit the ability of T-cells to grow in numbers in response to the infectious agent. In addition, lymphocytes, a component of the immune system, are unable to identify and kill cells infected with pathogens like virus or that have turned cancerous. Every bout of physical exercise immediately unleashes billions of human immune cells, mainly those associated with identification and destruction of virus-infected cells. These mobilized cells move into the blood stream and eventually trafficked to secondary tissues and lymphoid organs, especially the gut and lungs that require enhanced immune defense, like in case of COVID-19. The recirculation increases immune surveillance and improves resistance to the infection.
COVID-19 has reshaped the world & has triggered massive disruptive changes with the most important being the shift away from physical stores to digital shopping. In the U.S, sales at department stores are expected to decline by over 60%, while e-commerce is projected to grow by nearly 35% in 2020 with some categories rising by over 85%. The pandemic has fast forwarded the evolution & growth of e-commerce by over4 years. With gyms shuttered around the world, consumers are taking to at-home fitness. The ever rising rates of infections and re-infections are keeping people from going back to fitness centers, online sales of fitness equipment are growing. The quest to stay active and physically fit during the COVID-19 pandemic is a challenging proposition, considering the social restrictions intended to curb the outbreak. The problem is further complicated by restricted access to parks and gyms along with negative impact of confinement and social isolation in the immunity. Consumers are therefore focusing on at-home fitness and the trend is being encouraged by the rise of online workouts and videoconferencing based exercise training. In the United States, over 18% to 20% of people in the age group of 18 to 29 years have adopted video conferencing for fitness classes. In the age group of 30 to 44 years and 55 to 64 years, the percentages stand at 11% and 9% respectively. Customers are joining online exercise classes or opting for simple activities such as walking, stretching, meditation, plank, squats, bridge and chair dips to stay active and fit. Leading sports brands such as Nike are offering premium services for free, comprising numerous workouts along with tips from experts. In addition, various people are tying hand on stress-relieving activities including dancing. The at-home fitness trend is anticipated to garner major attention over the coming weeks and months and help people stay active during this challenging time.
Consumers are increasing their spending on home gym equipment such as dumbbell kits individual dumbbells, gym benches, push-up bars, yoga mats, elliptical trainers, owing machines, stair-steppers, stationary bicycle, treadmill, ankle weights, Kettlebell, power rac, battle ropes, heavy punching bag, suspension training system, Gorilla Bow, gym rings, Barbell Pushup Stands, Ab Wheel, Ankle weights, among others. Decathlon, a leading French sporting goods retailer recoded a 225% increase in online sales of fitness products ranging from cycling, fitness cardio, yoga and running gear. Several companies are leveraging on this trend of customers bolstering home equipment for self-practice and online workouts, by developing apps and migrating physical stores to online shopping. Sales of punching bags along with gloves are among the products witnessing rise in sales. The rise in online sales is also seen as the beginning of a new trend in distribution where e-commerce platforms will grow in popularity over and beyond physical stores as a result of the stringent social distancing norms which will continue into the year 2021 until a vaccine arrives. Even beyond 2021, the trend towards online retail platforms will continue to grow stronger spurred by the safety, convenience, and increased consumer familiarity with online payment apps.
Competitors identified in this market include, among others,
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