Cardiovascular Gym Equipment to Capture 17% Revenue in the Global Industrial Space, Projects Fact.MR
Published : 11 Oct 2021 Industry: Sports
Newly released Fact.MR data on the gym equipment market projects a steady growth forecast, registering a CAGR of 4.9% across the 2021-2031 assessment period. According to the report, the market is likely to reach US$ 18 Bn in value by the end of the said forecast period.
The gym equipment market registered a largely restricted outlook in the historical period 2016-2020, clocking a 2.5% value CAGR. However, as the COVID-19 pandemic unraveled, individuals began prioritizing personal fitness, leading to a spike in sales since the past year. By 2021, sales are anticipated to touch US$ 11.15 Bn.
Future market demand is heavily reliant on the ever flourishing health & wellness industry across key regions. The World Health Organization, global wellness expenditure is thrice more than overall health spending, amounting to nearly US$ 8 trillion. Also, the Global Wellness Institute estimates that the wellness industry experienced an annual growth worth 6.4% from 2015 to 2017. A substantial portion of this was dedicated towards securing gym memberships and equipment.
Key Takeaways from the Market Study
- Cardiovascular gym equipment to yield US$ 1.2 Bn in revenue by 2031, capturing 17% revenue
- Professional gym equipment to register a CAGR worth 5% across the forecast period
- Sales of institutional gym equipment to expand at a growth rate of 5.1%
- Sports stores & online channels to jointly account for 2/3rd revenue share
- U.S to be the most opportunistic gym equipment market, capturing 40% of total revenue
- U.K and China to collectively account for 3 out of 5 gym equipment sales until 2031
- Global market for gym equipment to surge 1.6x across the assessment period
“The growing virtual fitness sector will increase demand for high-quality workout equipment that is simple to install at home which is further going to drive market growth”, says a Fact.MR Analyst.
Leading companies in the worldwide market include Johnson Health Tech, TRUE Fitness, Technogym, Cybex International, Precor, and Woodway, among others.
- The fitness equipment business is very competitive, with most competitors focusing on providing durable exercise equipment that is integrated with technologies such as AI, IoT, and GPS. The rising popularity of wearable technologies is fueling industry expansion. Connecting a gym machine and a wearable gadget to a Smartphone app can improve the training experience.
- Industry participants are concentrating on releasing new goods in order to expand their product line. To enhance its product range for athletes, one of the main players, Technogym S.p.A., a producer of fitness products, released the product SKILLRUN, which is an athletic training treadmill, in March 2018. To fulfill evolving client needs, major manufacturers are focusing on incorporating cutting-edge technologies into their equipment.
More Insights Available
Fact.MR, in its new report, offers an unbiased analysis of the global gym equipments market, analyzing historical demand from 2016-2020 and forecast statistics for 2021–2031.
The study reveals growth projections on the gym equipments market on the basis of product type (cardiovascular machines, strength training equipment, plate loaded equipment, ground base equipment, standalone equipment, heavy duty elite racks, benches, Olympic bars & collars and dumbbells & kettlebells), distribution channel (specialty stores, online retail, sport stores and others) and buyer type (individual, institution and promotion) across seven regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
About the Sports Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned sports team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the sports industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
For more information, refer to our market research report or contact the PR author.
Consultant – Sports Division