The global fitness equipment market size was estimated to be valued over USD 10.01 billion in 2014 and is expected to grow at a CAGR of over 3.5% over the forecast period. Growing urban population and increasing health awareness amongst the people are expected to drive the global market for the next seven years. The equipment is used for performing exercises related to physical wellbeing, weight management, improving body stamina, and muscular strength of a person.
Commonly used devices include treadmills, stationary bicycles, stair climbers, and weightlifting machines. The high number of obese population, increasing health concerns, and increasing youth population are the major factors that drive the global fitness equipment industry.
Initiatives such as corporate wellness programs also contribute to industry growth. Large-scale resale of used devices limits industry growth. However, increasing demand from developing countries would ensure overall market growth.
The United Nations (UN) and the World Health Organization (WHO) are expected to play key roles in improving & upgrading health security policies for its member countries, which are anticipated to stimulate physical workout for prevention & control of chronic diseases. Additionally, in developed countries such as the U.S., President's Council on Fitness, Sports & Nutrition promotes programs and initiatives that motivate people of all ages, backgrounds, and abilities to lead active and healthy lives.
The device segment comprises cardiovascular training, strength training, and other devices segments such as body monitors and analyzers. The adoption of strength training kits is significantly rising, especially in the developing countries supplemented by large youth population and rising disposable incomes.
Cardiovascular exercises are the most commonly followed exercises globally, a factor that boosts the growth of cardiovascular training devices. Cardiovascular training equipment segment occupied more than 50% of the industry and is projected to grow at a CAGR over 3.5% from 2015 to 2022.
Use of these devices at home for exercises is rising across the world. Increased health awareness and busy lifestyles are the primary reasons for in-home usage of such devices. However, lack of space at home and higher cost of equipment are significant limitations for the home usage segment.
The health clubs drive the market for both cardiovascular and strength training exercises. Additional offerings such as gym training, diet plans, swimming facilities, and spas, add to the competitive benefit of health clubs. The health club segment is estimated to acquire over 45% of the industry share in 2014 and is expected to lose its popularity over the next five years owing to the emergence of home fitness equipment segment.
Large obese or overweight population base in North America drives the demand in this region. Additionally, increasing number of government regulations to promote health consciousness amongst its citizens has led North America to dominate the industry. The region occupied more than 45% of the total market share by revenue and is estimated to grow steadily over the forecast period.
The market in Asia-Pacific region is significantly driven by developed countries such as Japan and South Korea. Countries such as China and India are witnessing rapid growth in the fitness devices industry.
Rising youth population across these countries would drive the adoption of strength training equipment. Asia Pacific region acquired over 16% of the global industry share in 2014 and is projected to grow at the fastest CAGR close to 7% from 2015 to 2022.
Competitive Market Share Insights
Major industry participants include Amer Sports (Precor), Brunswick Corporation, Cybex International Inc., Johnson Health Tech, Nautilus Inc., Paramount, Technogym, and Torque. The industry is highly competitive and is driven by technological and product innovations.
Major vendors are observed to take up backward integration to maintain raw material quality standards and to gain on the narrow profit margins in the industry. Manufacturers form strategic alliances with corporate and organizations along with mergers and acquisitions as their key growth strategy to establish their dominance in the industry.
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