The Growing obesity rates around the world as a result of improper eating habits and changing lifestyles are increasing demand for a healthy and active lifestyle, which is having a positive impact on the Fitness Equipment Market.
JERSEY CITY, N.J., April 25, 2022 /PRNewswire/ — Verified Market Research recently published a report, “Fitness Equipment Market” By Type (Strength Training Equipment, Cardiovascular Training Equipment), By End-User (Home Consumer, Health Club), and By Geography. According to Verified Market Research, the Global Fitness Equipment Market size was valued at USD 11.69 Billion in 2020 and is projected to reach USD 16.31 Billion by 2028, growing at a CAGR of 4.26 % from 2021 to 2028.
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Global Fitness Equipment Market Overview
The key drivers driving the growth of the Fitness Equipment Market are increasing urbanization, rising prevalence of obesity and chronic diseases as a result of unhealthy lifestyles, as well as expanding corporate wellness initiatives and cross-industry demand. Furthermore, rising awareness of the risks of rising obesity, a growing geriatric population, and a rising desire for minimally invasive and non-invasive surgeries all contribute to the market’s overall growth. On the other side, the market’s growth is expected to be hampered by high setup or installation costs of devices or equipment, as well as an increased desire for resale of used fitness equipment to save money over the projected period.
The fitness equipment industry is now being driven by a growing desire for a healthy and fit lifestyle. This has increased the number of health and fitness clubs around the world, further boosting the market’s growth prospects. Furthermore, growth in government programs in many countries aimed at promoting a healthy lifestyle has been a major driver of the industry in recent years. For example, during the next five years, the Australian government plans to invest USD 230 million in sports and physical activity initiatives. Furthermore, the government encourages more Australians to be physically active by promoting participation in physical activities and boosting community sports and fitness-related groups. As people place a greater emphasis on free-to-use, unstructured physical activity opportunities and governments continue to invest in the promotion and implementation of policies supporting active lifestyles and community connection with a focus on health prevention, the popularity and demand for outdoor fitness equipment (OFE) will grow.
- On May 2019, Brunswick Corporation and KPS Capital Partners, LP (“KPS”) have reached a definitive agreement under which KPS would buy Brunswick’s Fitness division and related brands, including Life Fitness.
- Feb 2022, Technogym has been chosen as the exclusive wellness partner of the Bridge Lifestyle Hub. Technogym is the most well-known brand for fitness and wellness goods, services, and digital technology.
The major players in the market are Brunswick Corporation, Technogym S.p.A., Amer Sports Corporation, Nautilus, Inc., TRUE Fitness Technology, Inc., Impulse (Qingdao) Health Tech Ltd. Co., ICON Health & Fitness, Inc., Johnson Health Tech Co., Ltd., Core Health & Fitness, LLC., Torque Fitness LLC.
Verified Market Research has segmented the Global Fitness Equipment Market On the basis of Type, End-User, and Geography.
- Fitness Equipment Market, By Type
- Strength Training Equipment
- Cardiovascular Training Equipment
- Other Equipment
- Fitness Equipment Market, By End-User
- Home Consumer
- Health Club
- Hospitals and Medical Center
- Other Commercial User
- Fitness Equipment Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- Latin America
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