Gym Equipment Market
Gym Equipment Market Analysis by Product Type (Cardiovascular Machines, Strength Training, Plate Loaded, Ground Base, Dumbbells & Kettlebells, Gym Benches, Standalone Gym Equipment), by Distribution Channel, by Buyer Type, by Region - Global Forecast 2021-2031
Gym Equipment Market Outlook
The ubiquitous gym equipment sales are poised to total US$ 18 Bn in 2031, exhibiting an expansion rate of 1.6x. Sales of cardiovascular devices will exhibit maximum potential, capturing 17% of market revenue and reaching US$ 12 Bn by 2031.
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Key Points Addressed In Gym Equipment Industry Analysis
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Gym Equipment Market and How to Navigate
- Recommendation on Key Winning Strategies
Gym Equipment Market Historic Sales Compared to 2021-2031 Forecast Outlook
Demand for gym equipment increased sluggishly between 2016 and 2020 with the market recording a 2.5% CAGR. Growth can be attributed to emerging trends of increasing the incidence of lifestyle illnesses, the adoption of a healthy lifestyle, increased disposable income, the growth of fitness facilities, and a rise in government programmes to promote a healthy lifestyle.
However, the COVID-19 pandemic is another element that has influenced people's inclinations toward their fitness objectives. In the midst of the pandemic crisis, the fitness equipment market is looking for methods to remain relevant by providing exercise equipment to customers. With more people becoming aware about their health and seeking for various workout equipment that can be utilized at home, Fact.MR projects the market is set grow significantly through the forecast period.
With the incidence of obesity expected to grow further in the future years, the emphasis on healthy living will intensify. As more individuals choose for gym memberships to incorporate fitness and weight management regimens into their everyday lives, this will generate opportunities for gym equipment sales. From 2021 to 2031, the market is slated to expand 4.9% in value CAGR terms.
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How is Growing Need for Sophisticated and User-Friendly Gadgets Driving Market Growth?
Equipment makers are also spending in research and development (R&D) operations in order to provide sophisticated and user-friendly gadgets that will improve the entire customer experience. Governments in both developed and developing countries are undertaking different healthcare efforts to raise fitness-related knowledge among the general public, which is also helping to the acceptance of this equipment, particularly among young people.
Other factors, such as growing consumer spending power, the development of wearable gadgets that can be synced with exercise equipment, and the availability of efficient online shopping channels, are expected to propel the market even further.
How the Growing Virtual Fitness Sector can be a Dollar Opportunity for the Gym Equipment Manufacturers?
The growing virtual fitness sector will increase demand for high-quality workout equipment that is simple to install at home. Busy working people choose to participate in online fitness classes to exercise in the comfort of their own homes and at their own pace.
Companies are introducing digitally linked solutions for customers in response to the increasing home fitness equipment market. Customers are taking use of the advantages of digitally linked exercise equipment to enjoy a tailored training experience via online workout courses.
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What makes Strength Training a Major Trend in the Gym Equipment Industry?
Strength training machines are gaining appeal in the gym equipment industry among young people, fitness gurus, and sportsmen. Strength exercise helps boost insulin sensitivity, bone strength, cardiovascular stability, and neuromuscular development. The increased awareness of health issues, as well as the prevalence of lifestyle diseases such as diabetes, obesity, and cancer among the adult population, is driving up demand for strength training equipment.
According to the American Heart Association, diabetes was responsible for an estimated 1.4 million fatalities worldwide in 2016, with 82,735 of those deaths occurring in the United States alone. Increased consumer awareness about health is driving up demand for strength training equipment. All of these factors are driving the global expansion of fitness equipment.
Country Wise Analysis
Increasing Membership Rates Spurring Gym Equipment Sales in the U.S?
The U.S. is the worldwide gym equipment industry leader. As per projections by the International Health, Racquet and Sportsclub Association (IHRSA), the global health club industry was valued at US$ 96.7 billion in 2019, with over 1 in 5 Americans belonging to at least one health club or studio in the U.S
Furthermore, the Centers for Disease Control & Prevention estimates that 53.3% of adults aged 18 or above met the Physical Activity Guidelines for aerobic physical activity. As of July 2021, there are over 32,000 health clubs, while 64.2 million gym memberships were received in 2019. Consequently, demand for gym equipment in the country has surged, accounting for 40% of total market revenue.
How is Rising Health & Fitness Spending Spurring Gym Equipment Sales in the U.K.?
The market for gym equipment in the U.K is likely to be highly opportunistic, accounting for a revenue share worth 30% across the forecast period. Increased consciousness about personal fitness is prompting individuals to avail professional memberships.
As per a survey conducted by Myprotein, an average individual spends £ 124 per month on health & fitness, totaling £ 94,658 in an average lifetime. As per the study, 23% of the national average expenditure on health & fitness comprises of gym memberships.
Consequently, various manufacturers have consolidated their position in the market. Recently, Precor Incorporated, a prominent gym equipment supplier in the U.K, introduced the Preva Mobile workout data capturing interface, helping strengthen the connected fitness experience of any gym facility.
How will the Sales Prospects for Gym Equipment Unfold in China?
The fitness business in China is expanding as the Chinese middle class has grown increasingly interested in leading a healthy and aspirational lifestyle. On the one hand, the number of physical training studios has increased, particularly in first-tier cities where yearly membership costs may reach 6,000 yuan.
Fitness applications, on the other hand, have experienced a surge in downloads, and app usage has been fueled by social isolation as a result of the COVID-19 pandemic sweeping the country. Due to changing consumer lifestyles and technological advancements, the fitness sector must embrace creative concepts to meet the efficiency and convenience preferences of Chinese white collar professionals. Furthermore, driving the gym equipment market in China. Fact.MR expects China to contribute nearly 30% of overall demand to the global market for gym equipment.
Category Wise Insights
Why is the Demand for Cardiovascular Machines Continuously Growing?
In terms of revenue, cardiovascular machines will continue to lead the gym equipment market in terms of product type. Around 17% revenue is expected to be generated by this segment in 2021. Cardiovascular machines are highly beneficial as it helps induce weight loss.
Over US$ 1.2 Bn worth of cardiovascular devices are anticipated to be sold globally by the end of 2031. With fitness enthusiasts looking to improve blood circulation rates in the body, consumers are inclining towards differently configured cardio machines.
Sales of Professional Gym Equipment to Scale Newer Heights?
Individuals are increasingly enrolling in fitness clubs and gyms to keep active and healthy. Obesity, mental stress, and different choric illnesses are commonly connected to sedentary habits, which are followed by the majority of current consumers.
As a result, there is a greater pressure to adopt a healthy lifestyle. As a result, fitness freaks are availing profession gym services, thereby fueling growth prospects for the same. According to Fact.MR, professional equipment sales are poised to surge at a CAGR of 5% until 2031
Companies are concentrating on creating distinctive products in order to strengthen their position and grab a significant market share. In recent years, key equipment manufacturers have leveraged smart technology, including AI, to offer more seamless workout experiences.
- In October 2019, Nautilus Inc. introduced JRNY, a digital platform that uses AI to provide personalized workouts that adapt automatically to the user. The firm hopes that by launching this product, it will be able to provide better solutions to its consumers. This platform is compatible with the company’s Bowflex® treadmills, delivering real-time coaching and guided runs
- In July 2021, Life Fitness, a subsidiary of Brunswick Corporation, introduced the new Integrity SL connected LED console for the Integrity Series cardio portfolio. The software incorporates a sleek, modern display with intuitive navigation to connect and track workouts
|Market Size Value in 2021||USD 11.15 Billion|
|Market Value Forecast in 2031||USD 18 Billion|
|Growth Rate||CAGR of 4.9% from 2021-2031|
|Historical Data Available for||2016-2020|
|Market Analysis||US$ Mn for Value & ‘000 Units for Volume|
|Key Regions Covered||
|Key Countries Covered||
|Key Segments Covered||
|Key Companies Profiled||
|Pricing||Available upon Request|
Key Segments Covered
- Cardiovascular Machines
- Strength Training Gym Equipment
- Plate Loaded Gym Equipment
- Ground Base Gym Equipment
- Standalone Gym Equipment
- Heavy Duty Elite Gym Racks
- Gym Benches
- Olympic Gym Bars and Collars
- Dumbbells & Kettlebells
- Gym Equipment Sales via Specialty Stores
- Gym Equipment Sales via Online Retail Stores
- Gym Equipment Sales via Sport Stores
- Gym Equipment Sales via Other Distribution Channels
- Individual Gym Equipment
- Institutional Gym Equipment
- Promotional Gym Equipment
- FAQs -
The gym equipment market is expected to be worth US$ 11.15 Bn by 2021
The market for gym equipment is anticipated to grow at a CAGR of 4.9% until 2031
By 2031, gym equipment sales are expected to be valued at US$ 18 Bn by 2031
From 2016 to 2020, gym equipment sales surged at a CAGR of 2.5%, according to Fact.MR
Increased emphasis on improving blood circulation is driving adoption of cardiovascular devices, spurring growth
Gym equipment sales in the U.S will contribute 40% of the revenue to the global market space
According to Fact.MR, U.K gym equipment sales will generate 30% of global revenue
China is expected to be a key determiner of growth in the market, yielding 30% revenue
By product type, cardiovascular machines will be most widely demanded, surpassing US$ 1.2 Bn by 2031
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