The global fitness equipment market is expected to grow at a compound annual growth rate of 4.5%
By 2028, the global fitness equipment market is expected to grow significantly, mainly due to the increasing number of fitness clubs and gyms. In addition, consumers are increasingly interested in daily exercise and fitness activities. It is expected that the household consumption segment will become the fastest growing segment. It is expected that by 2028, the market in the Asia Pacific region will become the most profitable market.
New York, United States, October 10, 2022 (Global News Agency) - According to the latest research report, the global fitness equipment market is expected to grow at a stable compound annual growth rate of 4.5%, so as to obtain an income of 15762.57 million dollars from 2021 to 2028. This comprehensive research report briefly introduces the current framework of the fitness equipment market, including its priority features, such as growth drivers, growth opportunities, constraints and barriers in the forecast period from 2021 to 2028. The report also contains all key market data to help new entrants easily understand the market.
Dynamics of the Fitness Equipment Market
Drivers: In recent years, the number of fitness clubs and gyms has increased, which is expected to become the main growth driver of the fitness equipment market in the forecast period. In addition, India, China, the Philippines and other countries are investing in high-value low budget gyms, which is expected to drive the market forward.
Opportunities: In recent years, the number of members subscribing to the gym has increased significantly, which is expected to provide many growth opportunities for the market in the forecast period. In addition, the growing demand for household fitness equipment is expected to help the market achieve substantial growth in the future.
Constraints: However, according to market analysts, the high cost of fitness equipment may become a constraint to the growth of the fitness equipment market.
Impact of Covid-19 on the Fitness Equipment Market
The Covid-19 pandemic disrupted the daily lifestyles of people around the world, and the subsequent blockade had a negative impact on industrial processes in all sectors. However, the fitness equipment market has been positively affected by the epidemic. As health clubs and gyms were closed during the pandemic, the number of people who chose to exercise at home and participate in fitness training increased. This has led to an increase in the demand for fitness equipment, which contributes to the growth of the market.
Market segmentation of fitness equipment
Research Dive report subdivides the fitness equipment market into different segments, such as equipment type, end users and regions.
Equipment type: cardiovascular training equipment market segment dominates
According to the type of equipment, the cardiovascular training equipment market segment is expected to be the most important segment, which will generate $8749720000 in revenue by 2028. Cardiovascular training equipment, such as spinning bicycles, elliptical machines and treadmills, are widely used by people around the world, which is expected to contribute to the growth of this segment.
End users: household consumption segment will become the most profitable segment
According to the prediction of end users, the growth rate of the household consumption segment is the fastest. By 2028, the income will reach $4536.66 million. It is expected that consumers' interest in daily exercise and fitness activities will continue to grow, thus promoting the development of this market segment.
Region: The Asia Pacific fitness equipment market has the highest profit
According to the regional analysis, the fitness equipment market in the Asia Pacific region is expected to become the fastest growing market, with revenue reaching US $4.35047 billion by 2028. The growing awareness of healthy lifestyles and the increasing number of fitness franchises and chain stores are expected to be the main drivers of market growth in the region.