New York, City, May 20, 2021 (GLOBE NEWSWIRE) -- A latest report on the global fitness equipment market has been added by Research Dive to its repository. As per the report, the market is expected to garner $15,576.5 million by 2027, growing at a CAGR of 4.0% from 2020 to 2027. This report sheds lights on the current condition and future scope of the global industry. The report is developed by professional market analysts and promises to be a reliable source of data and comprehensive market insights for new players, investors, prevailing market players, stakeholders, shareholders, etc.
Factors Impacting the Market Growth
A substantial rise in the presence of obese and overweight population and growing awareness among people about health and fitness are boosting the growth of the global fitness equipment market. Furthermore, a notable rise in the number of gyms and health & fitness clubs with quality infrastructure needed for workouts and expert trainers is like to unravel profitable opportunities for the market growth during the forecast period. However, requirement of large spaces and higher costs involved in gym setups are projected to obstruct the market growth.
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COVID-19 Pandemic Impact on the Market
The abrupt rise of the COVID-19 pandemic has impacted the growth of the global fitness equipment industry positively. The closure of gyms and fitness centers during the lockdown period has increased the demand for home fitness equipment including treadmills, free weights, exercise bikes, dumbbells, and others. Also, the pandemic has triggered an awareness among people to maintain personal health and fitness. Various key players in the market are coming up with innovative fitness equipment to make home workouts more interesting and effective and also withstand their business during the crisis period.
The report segments the global fitness equipment market into type, user, and region.
Cardiovascular Training Equipment Type Sub-Segment to Hold Major Market Share
Among type segment, the cardiovascular training equipment sub-segment is projected to hold a major market share by garnering $9,713.4 million during the forecast period. The growth of this sub-segment is mainly because of the growing demand for these equipment as they make possible extreme fat burning during workouts.
Home Consumer Sub-Segment to Witness Fast-Paced Growth
Among user segment, the home consumer sub-segment is expected to observe accelerated growth by generating a revenue of $7,237.5 million during the forecast period. The growth of this sub-segment is mostly because home fitness equipment offer convenience, flexibility, saves gym membership fees, and transport expenses.
North America Region to Dominate the Global Market
The report analyzes the global fitness equipment market across several regions such as North America, Europe, Asia Pacific, and LAMEA. Among these, the North America region market is expected to lead the global market by garnering a revenue of $5,411.3 million during the projected period. The growth of this region market is mainly owing to the large number of obese population and growing demand for fitness equipment in this region during the COVID-19 pandemic.
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Major Players in the Market:
The report lists some of the leading players functioning in the global fitness equipment industry including -
- Cybex International, Inc.
- Torque Fitness LLC
- Johnson Health Tech Co., Ltd.
- Technogym SPA
- Amer Sports Corporation
- Nautilus, Inc.
- Core Health & Fitness, LLC
- ICON Health & Fitness, Inc.
- TRUE Fitness Technology, Inc.
- Impulse (Qingdao) Health Technology Co., Ltd.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/service range, business performance, Porter five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. For instance, in September 2020, Peloton Interactive, Inc., an exercise equipment and media company based in New York City, added two new products to its home smart gym product line, new Bike+ and Tread smart home gym equipment, both at $2,495.
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