Technavio's market research analyst predicts the global fitness equipment market to grow steadily at a CAGR of around 4% during the forecast period. The growing health awareness worldwide is a key driver for the growth fo this market. The rising health conditions like diabetes, cholesterol and obesity have increased, leading to heart-related ailments. For instance during 2012, nearly 29 million Americans had diabetes. Diabetes was also the 7th leading cause of death in the US during 2010. Continuous workout for the body helps prevent such diseases and increases the life expectancy of people.
The rise in government and corporate initiatives to promote fitness has also been driving the market growth. Numerous corporates are providing gym services within the company premises aiding employees to balance their work and health. For instance, nearly 79% of the large companies and offer wellness programs in the Americas for their employees.
Product segmentation and analysis of the fitness equipment market
Cardiovascular training equipment Strength training equipment Other equipment (activity monitors and body analyzers) The cardiovascular training equipment segment is anticipated to dominate the market during the forecast period and reach a market value of around US $ 6 billion. The growing obese population segment is a key driver for the growth of this segment. For instance, during 2014, around 2 billion adults above the age of 18 years were overweight with 600 million people in this group being classified as obese.
Segmentation by end-users and analysis of the fitness equipment market
Home/individual usage Health clubs/gyms Other commercial users (corporate offices, hospitals, and hotels) The home/individual user segment accounted for around 42% of the market share during 2015. Affluent consumers are the largest users in this segment. Treadmills and cyclic machines comprise a major share of the home fitness equipment market as they are convenient to use and don't require a trainer, which makes them more cost effective.
Geographical segmentation and analysis of the fitness equipment market
APAC Europe North America ROW North America dominated the market during 2015, accounting for a market share of around 36%.Factors such as innovation, aging population, and rising health issues are the key growth drivers for this region. The report anticipates this region to retain its market leadership until the end of 2020.
Competitive landscape and key vendors
The global fitness equipment market is highly fragmented due to the presence of numerous small and large vendors. Intense competition coupled with rapid changes in technology and consumer preferences constitute significant risk factors for the vendors in this market.
The leading vendors in the market are-
Cybex ICON Health & Fitness Paramount Precor Other prominent vendors in the market include Accell Fitness, Asian Sports & Enterprises, Body Solid, Bullworker Enterprises, Johnson Health Tech, Jerai Fitness, Life Fitness, and Vibrogym.
Key questions answered in the report include
What will the market size and the growth rate be in 2020? What are the key factors driving the global fitness equipment market? What are the key market trends impacting the growth of the fitness equipment market? What are the challenges to market growth? Who are the key vendors in this market space? What are the market opportunities and threats faced by the vendors in the global fitness equipment market? Trending factors influencing the market shares of the APAC, Europe, North America, and ROW? What are the key outcomes of the five forces analysis of the fitness equipment market? Technavio also offers customization on reports based on specific client requirement.
Hard Adventure Equipment Market in the US 2015-2019 Global Smart Wearable Healthcare Devices and Services Market 2015-2019 Global Smart Wearable Lifestyle Devices and Services Market 2015-2019
Technavio Announces the Publication of its Research Report – Global Fitness Equipment Market 2016-2020
Technavio recognizes the following companies as the key players in the Global Fitness Equipment Market: Cybex, ICON Health & Fitness, Paramount and Precor
Other Prominent Vendors in the market are: Accell Fitness, Asian Sports & Enterprises, Body Solid, Bullworker Enterprises, Johnson Health Tech, Jerai Fitness, Life Fitness, and Vibrogym.
Commenting on the report, an analyst from Technavio’s team said: “These initiatives would help employees to be stress free and live a balanced life. For example, LG provides a gym facility within the premises of the company so that employees can work out during their break time or after office hours. Rise in product innovations is another trend emerging in the market. The combined effect of these drivers and trends is expected to contribute to the growth of the global fitness equipment market during the forecast period.”
According to the report, one of the major drivers is increasing health awareness amongst consumers regarding adverse health conditions such as diabetes, high cholesterol, and heart problems.
Further, the report states that the growth of the market is curtailed by some serious challenges such as resale of used fitness equipment in the market. Another challenge is the need for advanced technological expertise/trainers for the new innovative equipment.
Cybex, ICON Health & Fitness, Paramount, Precor, Accell Fitness, Asian Sports & Enterprises, Body Solid, Bullworker Enterprises, Johnson Health Tech, Jerai Fitness, Life Fitness, and Vibrogym.