The fitness equipment market is experiencing significant growth, with the Asia-Pacific region expected to see a CAGR of 5.7% during the forecast period, according to a report by Allied Market Research.
The report, titled “Fitness Equipment Market by Type, End User, and Price Point: Global Opportunity Analysis and Industry Forecast, 2021-2028,” states that the global fitness equipment market was valued at $13.2 billion in 2020, and is projected to reach $15.4 billion by 2028, with a CAGR of 0.3% from 2021 to 2028. Several factors are driving this growth, including an increase in awareness about health and fitness, an increase in the obese population, government initiatives to promote a healthy lifestyle, and an increase in the youth population.
The most common types of exercise equipment include treadmills, stationary bikes, stair climbers, and weight lifting machines, which are used for physical fitness, weight control, and to improve the body’s endurance and muscle strength. However, counterfeit exercise equipment is a major restraining factor in the market.
The global fitness equipment market is segmented by type, end user, and region. Based on type, the fitness equipment market is categorized into cardio equipment, strength training equipment, and other equipment. By end user, the market was segmented into health clubs/gyms, hospitality, residential and leisure (hotels, residential and leisure clubs), health, corporate, public (hospitals and medical centers, corporate offices and public institutions), and home consumer. By price point, the market is divided into premium/luxury and mass.
Each of the end-user and price range segments are further categorized into cardio equipment, strength training equipment, and other equipment. By region, the exercise equipment market is studied in North America, Europe, Asia-Pacific and LAMEA. North America is currently the largest fitness equipment market worldwide, but the Asia-Pacific region is projected to experience the most growth during the forecast period.
Leading companies in the fitness equipment industry include ICON Health & Fitness, Inc., Brunswick Corporation, Johnson Health Tech Co., Ltd., Technogym S.p.A., Amer Sports Corporation, Nautilus, Inc., Core Health and Fitness LLC, TRUE Fitness Technology, Inc., Impulse (Qingdao) Health Tech Co., Ltd., and Torque Fitness, LLC.
Overall, an increase in awareness about the importance of physical fitness, coupled with initiatives from governments and organizations to promote healthy lifestyles, has resulted in a growing demand for fitness equipment worldwide. With continued advancements in technology and design, the fitness equipment market is expected to see sustained growth in the coming years.
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