Fitness Equipment Market Recorded a 48.57% Y-O-Y Growth Rate in 2021 | Driven by Increased Demand for Home Fitness Equipment

NEW YORK, May 4, 2022 /PRNewswire/ — The “Fitness Equipment Market – Competitive Analysis, Drivers, Trends, Challenges and Five Force Analysis” report has been added to Technavio’s offering. The fitness equipment market size is expected to increase by USD 7.71 billion. However, the growth momentum is likely to decelerate at a CAGR of 18.52% from 2021 to 2025. The market has recorded a 48.57% Y-O-Y growth rate in 2021 as per the latest report by Technavio.

Market Dynamics

Home fitness equipment enables people to undertake workouts without stepping out of their homes. Consumers are learning to use advanced home fitness equipment via online videos and apps without the need to engage trainers, thus saving on costs. Furthermore, hectic work schedules and an increase in health issues have compelled people to undertake some form of exercise daily to remain healthy and prevent health-related issues, thus increasing the demand for fitness equipment will drive the market. Additionally, the COVID-19 pandemic has contributed further to the demand for home fitness equipment. Since the second quarter (Q2) of 2020, home fitness equipment witnessed strong growth in demand globally. The rapid rise in the number of people diagnosed with the disease led governments in different countries globally to enforce lockdowns, which compelled people to stay indoors. In addition, most governments announced the shutting down of gyms, fitness centers, yoga studios, and recreation areas, which further played a major role in triggering the sales of home fitness equipment.

However, the cost of home fitness equipment is high which may impede the market. The premium treadmill products can be more expensive. This hinders the purchase of fitness equipment, especially in developing countries. Consumers find joining health clubs more economical than buying home fitness equipment. Also, some people living in developing countries are more skeptical about spending on health clubs and gym memberships. Furthermore, the presence of several local brands offering counterfeit products in the global fitness equipment market is leading to market fragmentation, thus resulting in issues such as the lack of price standardization, an uneven competitive scenario, and market share erosion. To gain a competitive advantage over international brands, these brands offer counterfeit products that are priced lower but lack quality and durability. However, these products are preferred by low-income consumers as they are affordable. As a result, original brands are unable to achieve optimal market penetration, which leads to an inventory backlog in their supply chain.

Story continues

To know about the other drivers & challenges – Download a sample now!

Company Profiles

The fitness equipment market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. The fitness equipment market report includes information on the product launches, sustainability, and prospects of leading vendors including Core Health and Fitness LLC, Dyaco International Inc., Icon Health and Fitness Inc., Impulse (Qingdao) Health Tech Co. Ltd., Johnson Health Tech Inc., Life Fitness, Nautilus Inc., Panatta Srl, TECHNOGYM Spa, and Tunturi New Fitness BV.

To know about the vendor offerings – Download a sample now!

Competitive Analysis

The competitive scenario provided in the fitness equipment market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share, etc.

Market Segmentation

Technavio report extensively covers fitness equipment market segmentation by product (cardiovascular training equipment, strength training equipment, and other equipment), end-user (individual users and health clubs and gyms), and geography (North America, APAC, Europe, MEA, and South America).

• By Product, the market is classified as cardiovascular training equipment, strength training equipment, and other equipment.
  The fitness equipment market share growth in the cardiovascular training equipment segment will be significant for revenue generation. The cardiovascular training equipment segment includes treadmills, cross-trainers, stationary bikes, and ski machines. Cardiovascular training equipment like treadmills and cross-trainers have a lower lifespan than strength training equipment. Therefore, the replacement sales of cardiovascular training equipment are higher than that of strength training equipment. This will lead to higher sales of cardiovascular training equipment during the forecast period. Furthermore, increasing health awareness among consumers is also driving the segment’s growth.

• By Geography, the market is classified as North America, APAC, Europe, MEA, and South America. North America will have the largest share of the market. 38% of the market’s growth will originate from North America during the forecast period. The US is a key market for fitness equipment in North America. Market growth in this region will be faster than the growth of the market in Europe. The increased prevalence of age-related health conditions will facilitate the fitness equipment market growth in North America over the forecast period.

To know about the contribution of all segments – Download a sample now!

Related Reports

• The outdoor gym equipment market share is expected to increase by USD 687.37 million from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.13%. Download a sample now!

• The Powersports market share is expected to increase by USD 13.45 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 6.39%.Download a sample now!

Table of Content

Executive Summary

Market Landscape

• Market ecosystem

• Value chain analysis

Market Sizing

Five Forces Analysis

Market Segmentation by Product

• Market segments

• Comparison by Product

• Cardiovascular training equipment – Market size and forecast 2020-2025

• Strength training equipment – Market size and forecast 2020-2025

• Other equipment – Market size and forecast 2020-2025

• Market opportunity by Product

Market Segmentation by End-user

• Market segments

• Comparison by End-user

• Individual users – Market size and forecast 2020-2025

• Health clubs and gyms – Market size and forecast 2020-2025

• Market opportunity by End-user

Customer landscape

Geographic Landscape

• Geographic segmentation

• Geographic comparison

• North America – Market size and forecast 2020-2025

• APAC – Market size and forecast 2020-2025

• Europe – Market size and forecast 2020-2025

• MEA – Market size and forecast 2020-2025

• South America – Market size and forecast 2020-2025

• Key leading countries

• Market opportunity by geography

• Market drivers

• Market challenges

• Market trends

Vendor Landscape

Vendor Analysis

• Vendors covered

• Market positioning of vendors

• Core Health and Fitness LLC

• Dyaco International Inc.

• Icon Health and Fitness Inc.

• Impulse (Qingdao) Health Tech Co. Ltd.

• Johnson Health Tech Inc.

• Life fitness

• Nautilus Inc.

• Panatta Srl

• TECHNOGYM Spa

• Tunturi New Fitness BV

Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/fitness-equipment-market-recorded-a-48-57-y-o-y-growth-rate-in-2021–driven-by-increased-demand-for-home-fitness-equipment–technavio-301536932.html

SOURCE Technavio