Fitness Equipment Market Growth, Size, Trends, Analysis Report by Type, Application, Region and Segment Forecast 2021-2025

The fitness equipment market share is expected to increase by USD 7.71 billion from 2020 to 2025, and the market's growth momentum will decelerate at a CAGR of 18.52%.

This fitness equipment market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this 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). The fitness equipment market report also offers information on several market 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 among others.

What will the Fitness Equipment Market Size be During the Forecast Period?

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Fitness Equipment Market: Key Drivers and Challenges

The increased demand for home fitness equipment is notably driving the fitness equipment market growth, although factors such as high cost of fitness equipment and availability of counterfeit products may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the fitness equipment market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Fitness Equipment Market Driver

In the past few years, there has been a rise in the demand for home fitness equipment, especially among millennials. 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. 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. 

Key Fitness Equipment Market Challenge

The cost of home fitness equipment is high. Moreover, 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. Furthermore, these counterfeit products lead to the dilution of original brands, as consumers perceive these counterfeit products to be original. These issues restrict the fitness equipment market growth.

This fitness equipment market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Who are the Major Fitness Equipment Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market 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
• Tunturi New Fitness BV

This statistical study of the fitness equipment market encompasses successful business strategies deployed by the key vendors. The fitness equipment market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The fitness equipment market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies. 

Which are the Key Regions for Fitness Equipment Market?

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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. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Product Segments in the Fitness Equipment Market?

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The fitness equipment market share growth by the cardiovascular training equipment segment will be significant during the forecast period. 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.

This report provides an accurate prediction of the contribution of all the segments to the growth of the fitness equipment market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Fitness Equipment Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive fitness equipment market growth during the next five years
• Precise estimation of the fitness equipment market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the fitness equipment industry across North America, APAC, Europe, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of fitness equipment market vendors

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