Portland, OR, Sept. 14, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global fitness equipment market was estimated at $11.6 billion in 2020 and is expected to hit $14.8 billion by 2028, registering a CAGR of 3.3% from 2021 to 2028. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and varying market trends.
Rise in awareness regarding health & fitness, increase in obese population, government initiatives to promote healthy lifestyle, and increase in youth population are the major factors that drive the growth of the global fitness equipment market. On the other hand, counterfeiting of fitness equipment impedes the growth to some extent. However, upsurge in youth population, improved lifestyle, and rise in disposable income of individual in developing countries are anticipated to offer lucrative opportunities in the industry.
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COVID-19 Scenario-
- The imposition of lockdown in the majority of countries resulted in closure of gyms, especially in the initial phase of the outbreak. This enforced the shift of gym goers toward home fitness equipment, which in turn impacted the global fitness equipment market positively.
- Also, the manufacturers and e-commerce platforms are focusing toward more innovative and effective fitness products to serve the home users, which has supplemented the market growth yet more.
The global fitness equipment market is analyzed across type, end user, and region. Based on product, the cardiovascular training equipment segment accounted for nearly three-fifths of the total market share in 2020, and is expected to rule the roost by 2028. The stationery bike segment, however, would garner the fastest CAGR of 4.0% throughout the forecast period.
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Based on end user, the home consumer segment contributed to around three-fifths of the total market revenue in 2020, and is projected to lead the trail by 2028. The public institution segment, on the other hand, would exhibit the fastest CAGR of 9.4% during the forecast period.
Based on region, the market across North America held the major share in 2020, garnering nearly two-fifths of the global market. Simultaneously, the Asia-Pacific region would manifest the fastest CAGR of 5.7% throughout the forecast period. The other provinces discussed in the report include Europe and LAMEA.
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The key market players analyzed in the global fitness equipment market report include Johnson Health Tech Co., Ltd., Technogym S.p.A, Peloton, Nautilus, Inc., Core Health and Fitness, LLC, Torque Fitness, LLC., TRUE Fitness Technology, Inc., ICON Health & Fitness, Inc., Anta Sports, Impulse (Qingdao) Health Tech Co., Ltd. These market players have adhered to several strategies including partnership, expansion, collaboration, joint ventures, and others to prove their flair in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
