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The fitness equipment market is estimated at $14.8 billion

The fitness equipment market is estimated at $14.8 billion

According to a new report published by Allied Market Research, titled ‘Fitness Equipment Market by Type and End User: Opportunity Analysis and Industry Forecast, 2021-2028’, the fitness equipment market was valued at $11.6 billion in 2020, and will grow to expected to reach a range. $14.8 billion by 2028, with a CAGR of 3.3% from 2021 to 2028

Fitness equipment is widely used for physical fitness, weight management and improving the body’s endurance and muscle strength. The most commonly used fitness equipment are treadmills, exercise bikes, stair climbers and weight lifting machines. Increase in awareness regarding health and fitness, increase in obese population, government initiatives to promote healthy lifestyle and increase in youth population are the key factors driving the growth of the global fitness equipment market size. However, counterfeiting of fitness equipment is a major limiting factor in the market. On the contrary, the increase in youth population, improved lifestyle and rise in disposable income of individuals in the developing countries are expected to provide immense opportunities for the market players.

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An alarming rise in global obesity, especially in urban areas, is complementing the growth of the fitness equipment industry. According to the WHO, there has been a surprising increase in the number of obese people worldwide. In 2020, 39% of the world’s adults aged 18 and over were overweight and 13% were obese. Obesity is associated with a number of health problems or disorders, such as sudden cardiac arrest, hypertension, hypotension and diabetes. To lose weight, reduce stress and improve blood circulation, obese people therefore use fitness equipment more often. Fitness equipment market trends such as health self-care and virtual fitness training are key growth drivers to support sales of these products.

The fitness equipment market is segmented by type, end user and region. Depending on the type, the fitness equipment market analysis is divided into cardiovascular training equipment, strength training equipment and other equipment. The cardiovascular exercise equipment segment is split into treadmills, elliptical trainers, exercise bikes, rowing machines and others. By end user, the market split into home consumers, health clubs/gyms and other commercial users.

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Key findings of the study

By region, North America dominates in fitness equipment market share and is expected to maintain this dominance during the forecast period.
By type, the cardiovascular training equipment segment led in market share and is expected to gain market share in the coming years
By end-user, the home consumer segment accounted for more than 60% of the fitness equipment market growth in 2020, due to the imposition of social distancing and the closure of gyms during the COVID-19 pandemic. However, the health club/gym segment is poised to grow at the highest CAGR during the fitness equipment market forecast period from 2021 to 2028.
On an end-user basis, the health club/gym segment is expected to gain market share in the coming years and is expected to grow at a CAGR of 6.4% during the forecast period.
By region, Asia Pacific is expected to grow at a robust CAGR of 5.7% during the forecast period.

Some of the key players in the fitness equipment market analysis are ICON Health & Fitness, Inc., Johnson Health Tech Co., Ltd., Anta Sports, Technogym SpA, Peloton, Nautilus, Inc., Core Health and Fitness, LLC, TRUE Fitness Technology, Inc., Impulse (Qingdao) Health Tech Co., Ltd. and Torque Fitness, LLC.

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CHAPTER 1 INTRODUCTION

1.1.Report description
1.2.Main benefits for the stakeholder
1.3.Key market segments
1.4.Research methodology

1.4.1.Primary research
1.4.2.Secondary research
1.4.3.Analyst tools and models

CHAPTER 2: SUMMARY

2.1.Key findings
2.2.CXO perspective

CHAPTER 3: MARKET OVERVIEW

3.1.Market definition and scope
3.2.Key findings

3.2.1. Main influencing factors

3.2.1.1.Increasing health concerns during the COVID-19 pandemic
3.2.1.2.Increase in the obese population around the world
3.2.1.3.Government initiatives to promote healthy lifestyles:
3.2.1.4.Increase in the number of gyms and fitness centers worldwide
3.2.1.5.High costs for fitness equipment
3.2.1.6.Increase in disposable income in emerging countries

3.2.2.Top investments
3.2.3.Latest trends in the market

3.3.Porter’s five forces analysis

3.3.1 Bargaining power of suppliers
3.3.2 Bargaining power of buyers
3.3.3.Threat of new entrants
3.3.4.Threat of substitutes
3.3.5.Intensity of competitive rivalry

3.4.Value chain analysis
3.5. Market share analysis
3.6 Market dynamics

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Allied Market Research (AMR) is a full-service market research and business advisory division of Allied Analytics LLP, based in Wilmington, Delaware. Allied Market Research provides global corporations as well as medium and small businesses with unparalleled quality of ‘Market Research Reports’ and ‘Business Intelligence Solutions’. AMR has a focused vision to provide business insights and advice to help its clients make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan, CEO of Allied Market Research, is leading the organization towards delivering high-quality data and insights. We maintain professional business relationships with various companies and this helps us in mining market data that helps us generate accurate research data tables and confirm the utmost accuracy of our market forecasts. All data presented in the reports published by us is obtained through primary interviews with top executives of leading companies in the concerned domain. Our secondary data sourcing methodology includes in-depth online and offline research and discussion with expert industry professionals and analysts

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