Increase in number of health-conscious demographic coupled with rapid shift towards healthy lifestyle has been driving the demand for various gym or workout equipment including ellipticals. The elliptical machine is used to stimulate walking, running, and stair climbing without causing any excessive pressure to the joints that reduces the risk of impact injuries. Growing awareness about health & fitness on the coattails of rising obese population and government initiatives to promote good health are the key factors driving the ellipticals market. Emerging trends among youth population to gain muscular strength as well as improve one’s appearance have been influencing the development of ellipticals market.
Sedentary lifestyles, hectic schedule, and unhealthy food consumption have led to adoption of in-home equipment such as ellipticals. With transition in living habits across the world, leading to obesity and other chronic diseases, the ellipticals market is likely to witness significant growth in the coming years. Continued focus of manufacturers on product innovation and changing their retail strategies towards e-commerce will possibly enhance the lucrativeness of ellipticals market. However, high costs associated with ellipticals along with unawareness about the machine’s advantages among rural population in various emerging economies may create hindrance in the growth of ellipticals market.
Obesity and Weight Management to Influence Purchase and Investment Decisions of End-Use Industries
Consumption of ‘junk’ food and oily food products has resulted in increased prevalence of obesity among individuals. A recent report published by CDC states that over one-third of the adults in the U.S. are obese. Furthermore, prevalence of obesity has resulted in diabetes, cancer, and cardiovascular disorders. As individuals are becoming more conscious about their weight and health, they prefer diverting their expenditure towards weight management and fitness programs.
Changing perceptions and healthy preferences have redefined the consumption patterns and lifestyle of the individuals today. Concerns regarding weight management have revved up the number of registrations in the fitness industry for high-intensity interval training and cross training workout sessions. In addition, healthcare professionals are also encouraging patients to engage in healthy physical activities, which has also intensified demand in the healthcare industry. Banking on the growing requirements of the individuals, fitness centers, healthcare institutions, and weight loss centers are concentrating on investing in effective training machines such as that offer one-stop solutions for weight management.
Manufacturers are Diverting their Investments towards Adoption of Smart Technological Solutions to Broaden their Product Line
As fitness enthusiasts are accommodating a low-impact cardio workout in their daily schedules, fitness centers and institutions are focusing on adopting high-quality elliptical machines. To improve customer experience, leading manufacturers are focusing on incorporating extending the stride length that can be adjusted as per the requirements of the customers. For instance, NordicTrack has developed an elliptical machine – NordicTrack E10.0 machine equipped with 18-inch stride length, built-in speakers, and foldable features.
Capitalizing on the leading technological solutions, major manufacturers are focusing on broadening their product line to align with the requirements of various customers. For instance, Octane Fitness has recently developed elliptical machines equipped with the smart strides that can be electronically adjusted along with digital contact heart rate sensors. In addition, leading companies such as NordicTrack and Octane Fitness are concentrating on equipping the handlebars with the multi-grip features, and 3-speed console fans.
Sales through E-Commerce Platforms to Expand Customer Base and Craft Novel Growth Opportunities
Ongoing technological advancements have enabled individuals to make purchases through e-commerce platforms conveniently. In order to widen their customer base, new entrants and leading companies such as Sole Fitness, Octane Fitness, Fitking, Afton, and Think Fitness and Sports are offering elliptical machines at discounted prices. In addition, leading companies are also offering lucrative deals to the customers and offering packages that include supplementing accessories.
Banking on the growing trend of online shopping, major manufacturers are diverting their attention to offer technologically-immersive experience to the customers while viewing the products. Companies are focusing on offering their products on leading e-commerce platforms such as Flipkart.com, Snapdeal.com, eBay.com, and Amazon.com. As these portals allow the customers to view products from various dimensions and angles, customers are encouraged to make quick purchase decisions and place their orders according to their requirements.
Acquisitions and Collaborations: Key Companies to Narrow their Focus towards Improving Brand Identity
To offer effective and novel outcomes, leading manufacturers are concentrating on collaborating with the therapists and researchers to develop elliptical machines with innovative and smart features. For instance, Sole Fitness Company collaborated with the physical therapists to offer an improved experience to the fitness enthusiasts. The company has developed Sole E35 Elliptical machines in collaboration with the physical therapists, which is equipped with 2-degree inward adjustable footwear features.
In addition, Nautilus Inc. acquired Octane Fitness, which is a prominent manufacturer of zero-impact cardiovascular fitness machines and products. The company is focused on leveraging the innovative and award-winning technology developed by Octane Fitness to offer fitness machines and equipment such as elliptical machines. Through mergers & acquisitions, leading companies are focusing on improving their brand identity and position in the competitive market.
Leading manufacturers such as Sole Fitness, Octane Fitness, and NordicTrack are focusing on incorporating innovative and novel technological solutions in these training machines to offer enhanced experience and comfort to the customers. To align with the health and fitness requirements of the customers, these companies are concentrating on incorporating novel and smart features such as two-degree inward tilt and silent magnetic resistance (SMR).
Market Players in Unorganized Sector of Asian Countries to Pose Significant Growth Challenges for Established Brands
As individuals across regions are becoming more health and fitness conscious, the fitness industry is witnessing a rise in the number of registrations globally. With the leading manufacturers such as Octane Fitness, Sole Fitness, and NordicTrack are based in the U.S., the fitness centers and institutions have witnessed significant adoption of these products in the region. In addition, leading companies in these regions are focusing on offering their products and technological solutions through various e-commerce portals to broaden customer approach and establish their brand identity globally.
Major companies are also focusing on offering their products and services across various countries in Asia to boost sales and improve their position in the competitive market. However, with the increasing number of new market players offering this fitness equipment and products at reasonable, discounted or lower prices have continued to remain a significant challenge for the leading companies. Lucrative offers by market players in the unorganized sector such as through online portals such as Alibaba.com will intensify the competitive nature of the market compelling companies to develop novel and patented technological solutions.
Major market players identified in the global market include ProForm, Sole E95 Elliptical, NordicTrack C 9.5 Elliptical, and Octane Zero Runner ZR8 Elliptical.
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