Global Gyms/Health Clubs Expected to Expand at a CAGR of 7.1% between 2019 and 2027: Industry Probe

According to a new market report published by Industry Probe (www.industryprobe.com) titled Fitness Equipment Market (Product Type: Cardio Equipment (Cross-country Ski Machine, Elliptical Trainers, Stationary Bicycle, Treadmill, Rowing Machines, and Others), Strength Equipment (Squat Rack, Bench Press, Hammer Strength Machine, Leg Pull-down Machine, Leg Extension Machine, Hyper Extension Bench, Smith Machine, Abdominal Bench, Leg Press Machine, Peck Deck Machine, and Others), and Others (Activity Monitors, Body Analyzers, etc.); End-use: Individual, Gyms/Health Clubs, and Commercial (Hotels, Corporate Offices, Public Institutions, and Others); Distribution Channel: Online and Offline (Hypermarkets/ Supermarkets, Specialty Stores, Brand Stores)) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’, the global fitness equipment market was valued at US$ 2,960.2 Mn in 2017 and is expected to expand at a CAGR of 6.7 % from 2019 to 2027.

Overview

• Leading a healthy lifestyle and maximizing individual fitness levels are taking precedence over personal appearance and are the key motivators for exercising. Exercise is set to become a key antidote to counter diabetes, depression, heart conditions etc. Even governments globally are encouraging such an approach to tackle chronic diseases, encouraging people to maintain their fitness levels by exercising.
• Globally, there are approximately 201,000 clubs out of which 174 million have gyms/health club members worldwide. A rise of 20 million gyms/health club members since 2017 demonstrates strong growth. This is key factor expected to increase the overall fitness equipment market across the world.
• Health awareness is growing and people want to stay healthy and fit. As far as the United States market is concerned, in the early part of the 21st century, membership in health clubs was more popular among women rather than men, and thus more women used to exercise in the U.S than men. However, with growing awareness about health, this ratio has now almost become 50-50 and men are also taking up membership in health clubs in order to keep themselves fit. This is also correspondingly increasing the number of health clubs that has boosted the fitness equipment market

Browse the full report at https://www.industryprobe.com/industry-analysis/Fitness-Equipment-Market

Driving Factors

• The increase in number of people who are aware about fitness is expected to drive the growth of the gyms/health clubs segment during the forecast period.
• Advancements in health clubs in terms of deploying smart performance tracking machinery and huge discount packages attract more customer subscriptions, resulting in industry development. This provides opportunity to manufacturers to sell their products aggressively.
• Gyms/health clubs offer a wide variety of specialty exercise services, professional trainers, advance equipment, and other facilities. In addition, they also offer different programs which are especially designed to encourage people of all ages and fitness levels to participate in regular exercise. All this is expected to increase gym/health club membership across the world during the forecast period.

Key Challenges

• However, the high cost of commercial fitness equipment and their high maintenance cost is hampering the market growth. Moreover, people are also taking to swimming, aerobics, and yoga which are also hampering the growth of the fitness equipment market.

Market Preference

• Brazil has almost 34,509 fitness clubs to serve nine million active members and this is expected to contribute to the growth of the fitness equipment market.
• The U.S. had approximately 36 thousand fitness centers in 2016 which increased to 38 thousand in 2017. Memberships have grown approximately 18.6% between 2008 and 2014, and the trend continued in 2018. As a result, demand for fitness equipment in gyms/health clubs segment has increased over a period of time.
• Increase in number of health conscious individuals who are expected to use fitness equipment in the coming years is expected to drive the growth of the health and fitness club market across the world

Competitive Landscape

• The fitness equipment market includes several players who are focused on the development of new products to cater to the rising and shifting consumer preferences.
• The report includes the below mentioned pointers of major players operating in the fitness equipment market:
• Competition Matrix
• Company Overview
• Market Share Analysis (2018)
• Product Innovation
• Business Strategies / Recent Developments
• Technological advancements
• Key mergers and acquisitions
• Expansion strategies.
• Company Financial

Major Players covered under the scope

• Amer Sports Corporation
• TechnogymS.p.A
• Brunswick Corporation
• Torque Fitness LLC
• ICON Health & Fitness, Inc.
• Body-Solid Inc.
• Impulse (Qingdao) Health Tech Ltd. Co
• TRUE Fitness Technology, Inc.
• Johnson Health Tech Co., Ltd.

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Industry Probe is a global market intelligence and advisory firm with an unwavering purpose to help businesses achieve strategic objectives through a varied range of offerings.