Worldwide Demand For Gym Equipment Is Anticipated To Reach US$ 12,295.1 Million By 2032-End

Posted on 2022-11-03 by Fact.MR in Sports // 0 Comments

The widening range of trends from cardiovascular health and ergonomics to ever increasing technological requirements means that equipment is constantly evolving to match consumer preferences. Exercises based on body weight and yoga have been practiced in various forms by ancient Egyptian, Chinese, and Indian cultures which has led to the evolution of fitness and the methods in order to achieve it. Owing to this the target market has grown greatly throughout the course of history.

The sale of gym equipment is expected to expand by a compound annual growth rate of 4.9% from 2017 to 2021, driven by the aforementioned historical trends.

The growing understanding that a person’s strength is a crucial component of overall health is one of the factors causing the market for gym equipment to increase. Consumers now understand the value of health and fitness more than ever due to the COVID-19 catastrophe. Following the hit of the pandemic, people are now placing a higher priority on their health. Consumers were frequently seen exercising at home and spending money on technological solutions, according to Fact.MR survey on “Socio-economic Impact of COVID–19”. Due to this, monthly consumer expenditure on connected fitness equipment grew by 5%, and monthly spending on premium apps jumped by roughly 10%.

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What Do Gym Equipment Manufacturers Need to Watch Out for?

“Difficulties to Get One’s Hand on Components and Repair Complexity Could Hamper the Market Growth”

Fitness equipment parts and components including heart rate grips, LED consoles, handle bars, motors etc. are difficult to find and, for the most part, difficult to fix. The entire unit must be replaced as a result, raising overall maintenance expenditures. This aspect has the potential to slow the market for fitness equipment growth in the near future.

Many individuals today prefer activities that don’t require a lot of fitness equipment such as yoga, zumba, and aerobics. This could affect the purchasing power of equipment by gym that can notably affect the target market growth.

Country-wise Insights

Will the Increase in Fitness Club Memberships in the North America Drive the Market Growth?

The North America gym equipment market is currently estimated at US$ 2,195.5 million and is expected to grow at CAGR of 4.8% by 2032.

About 20% of American people presently have a membership to a fitness club. Due to the region’s rising obesity rate, it is predicted that this number may upsurge during the projected period as well. Along with this, a significant increase in the average person’s disposable income is a further element driving up the region’s market value.

Additionally, the unexpected increase in mental health issues has had a favorable effect on people’s preferences in terms of fitness aspirations. According to Fact.MR, anxiety and depression affected approximately one-third of US citizens in 2020. Due to the fact that physical activity lessens or even eliminates the aforementioned afflictions, all of these variables have positively impacted the growing traction of the target market.

Category-wise Insights

What is Driving the Demand for Cardiovascular Machines?

A sizeable portion of the market will be accounted by cardiovascular machines. Its market share is influenced by a number of health advantages, including heart rate conditioning, fat burning, metabolic improvements, and body toning.

Additionally, due to greater public awareness, the market will see a strong increase in demand for strength training and fitness equipment. One of the key factors influencing its demand is the use of these equipment to increase muscular strength and improve one’s personality and attractiveness.

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Competitive Landscape

Prominent gym equipment manufacturers are Brunswick Corporation, Johnson Health Tech Co. Ltd., Technogym S.p.A, Nautilus Inc., Core Health and Fitness LLC, Torque Fitness LLC, Cosco Capital Inc., Amer Sports Corporation, Impulse Healthtech Co. Ltd., Icon Health & Fitness Inc., Peloton.

In order to increase their market presence and diversify their product offering, the top producers of gym equipment in the world are focusing on product development or innovation. Fitness equipment manufacturers have also, embraced smart technologies, like AI, in recent years to provide more unified workout experiences.

In July 2021, For the Integrity Series cardio portfolio, Life Fitness, a division of Brunswick Corporation, unveiled the new Integrity SL linked LED console. The program connects to devices and tracks exercises with an elegant, contemporary display.
In April 2021, Peloton completes its acquisition of Precor. With this acquisition, Peloton will develop a manufacturing presence in the United States. This will improve company’s R&D skills, and anticipates accelerate the expansion of its business verticals.

Segmentation of Gym Equipment Industry Research

Gym Equipment Market by Product Type:

Cardiovascular Machines
Strength Training Equipment
Plate Loaded Equipment
Ground Base Equipment
Standalone Equipment
Heavy Duty Elite Racks
Benches
Olympic Bars and Collars
Dumbbells & Kettlebells

Gym Equipment Market by Distribution Channel:

Specialty Stores
Online Retail
Sport Stores
Others

Gym Equipment Market by Buyer Type:

Individual
Institution
Promotion

Gym equipment Market by Region:

North America
Latin America
Europe
East Asia
South Asia & Oceania
MEA

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What Do Gym Equipment Manufacturers Need to Watch Out for?

Will the Increase in Fitness Club Memberships in the North America Drive the Market Growth?

What is Driving the Demand for Cardiovascular Machines?

Competitive Landscape

Segmentation of Gym Equipment Industry Research

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