New York, USA, Nov. 11, 2021 (GLOBE NEWSWIRE) -- According to Research Dive, the global fitness equipment market is estimated to generate a revenue of $15,762.41 million by 2028, and grow at CAGR of 4.5% over the forecast period (2021 to 2028). The comprehensive report provides a brief summary of the present market scenario comprising key aspects of the market such as growth factors, lucrative growth opportunities, and restraining factors. Besides, the report provides all the fitness equipment market trends, COVID-19 impact on the market, and market estimations making it easier, helpful, and useful for the new participants to understand the market.
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Market Dynamics
As per our analysts, the increased interest of people in practicing sports and healthy routines at home coupled with the increasing investing in gym machines such as elliptical, spin cycles, elliptical machines, treadmills, kettlebells, dumbbells, and stretch bands are the significant factors estimated to foster the growth of the global fitness equipment market over the forecast period. In addition, the increasing demand for home use exercise equipment owing to virtual fitness classes conducted by many fitness trainers, health clubs, gyms, and fitness boutiques is another factor predicted to drive the market growth by 2028.
Furthermore, the growing trend of connected gym and the increasing number of sports enthusiasts, fitness boutiques, gyms, and health clubs investing in renovation and expansion are projected to create huge growth opportunities for the fitness equipment market over the forecast period. However, the increasing costs of raw materials such as steel, iron, and other has fueled the price of fitness equipment worldwide, which is are estimated to restrict the market growth in the projected timeframe.
COVID-19 Impact on the Fitness Equipment Market
The COVID-19 pandemic has had a favorable impact on the global fitness equipment market growth. The progressive impact on the fitness equipment market share and size is majorly due to the increased importance of routine exercise and healthy lifestyle due to the spread of coronavirus across the globe. Besides, the purchase and demand of fitness equipment has increased during the pandemic period, which is boosting the market growth. People have started opting for yoga, exercise, and cardio exercise to boost their immunity, leading to the upsurge in demand for residential gym equipment.
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Cardiovascular Training Equipment Sub-segment to be Most Profitable
By equipment type, the cardiovascular training equipment sub-segment garnered majority of market share in 2020 and is expected to garner a revenue of $8,749.72 million by 2028. This is majorly owing to the growing usage of cardiovascular equipment such as spin cycle, treadmills, and elliptical machine by fitness boutiques and home users to enhance the heart’s health. Besides, the growing demand for cardiovascular equipment among the sports enthusiasts is expected to boost the sub-segment’s growth by 2028.
Health Club/Gym Sub-segment to Witness Fastest Growth
By end-user, the health club/gym sub-segment generated a revenue of $5,599.75 million in 2020 and is anticipated to account for the majority of market share over the forecast period. This is mainly due to the increasing number of gyms, health clubs, and fitness boutique across the globe.
North America Region to Dominate in the Global Industry
By region, the North America fitness equipment market is projected to garner a revenue of $5,422.32 million by 2028 and subjugate in the global industry during the forecast period. The rapid growth of the region can be attributed to the higher disposable incomes and the presence of top leading companies in the region. In addition, the strong presence of leading fitness boutiques and gym chains that offer virtual training is propelling the regional market growth.
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Prominent Market Players of the Global Fitness Equipment Market are -
- Life Fitness
- True Fitness
- Peloton
- iFIT.com
- Johnson Health Tech
- Core Health & Fitness, LLC
- Rogue Fitness
- Cosco Sports Equipment
- JERAI Fitness Pvt. Ltd
- ShuHua Sports Co., Ltd.
These players are applying various strategies to gain a competitive edge and strong hold in the global industry. Inquire and Get Quick Access to Top Companies Development Strategies Summary Report
For instance, in In October 2019, Nautilus Inc., the leader in home fitness for 40 years, announced the launch of the first-ever indoor cycling namely, ‘Bowflex C6’ which delivers leading connected fitness user experiences. The Bowflex’s users can digitally connect to popular apps that allows them to ride with their preferred trainers through streaming on-demand classes.
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