The growing trend of fitness has brought in a wave of change in the way global population eats, drinks, and sleeps. It has also changed the nature of activities that people take part in and the amount of time they invest in engaging in these activities. All of these factors have collectively defined the need for fitness and related activities to it. The global commercial fitness equipment market has gained momentum in the past few years owing to this very trend. Analysts predict that the overall market is likely to surge at a CAGR of 4.8% during the forecast period of 2017 and 2024. This steady growth will be characterized by the evolving face of consumerism that is being driven by the dire need to live better and fitter lives. The global commercial fitness equipment market is estimated to be valued at US$2,194.5 mn by 2017 and US$2,777.4 by the end of 2024.
Increasing number of fitness programs for helping enthusiasts build better stamina, develop muscular strength, weight management, and body toning have been the very undercurrent for driving the global commercial fitness equipment market. These equipment are designed to help users achieve specific goals for a healthier living. From improving heart rate to building muscle strength, the various kinds of fitness equipment have found an indispensable use in the daily training routines of many. Mushrooming gymnasiums and their attractive memberships have also had a positive influence on the global market.
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Treadmills to Gain Momentum as Users Fight Weight Issues
The various kinds of fitness equipment available in the global market are treadmills, free weights, exercise cycles, elliptical machines, ab machines, and others. Treadmills or machines used for improving cardiovascular health are expected to be in high demand throughout the forecast period. The treadmill segment is estimated to be worth US$1,045.8 mn by the end of 2024. The improving health consciousness, rising disposable incomes, and unfortunate rise in obesity are all expected to contribute towards the growing sales of treadmills. Furthermore, the convenience of using treadmills at gyms and at home has also bolstered their demand. Analysts estimate that stationary bicycles are also likely to gain momentum in the coming years.
The various end users of commercial fitness equipment are gyms, universities and schools, community centers, and sports centers. Out of these, gyms are likely to be the highest consumers. The booming gym businesses, convenience of attending gym sessions at any time, and affordable memberships are expected to augment the demand for commercial fitness equipment at gyms in the near future. Furthermore, personalized training is also likely to aid the growth of this end-user segment during the forecast period. Collaborations between corporates and fitness training centers are also anticipated to provide the global market a definitive impetus. Rising concerns about employers about employees’ health is likely to increase expenditure on gym membership, thereby boosting the sale of commercial fitness equipment.
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APEJ to Lead the Pack with Growing Consumer Base
Geographically, the global commercial fitness equipment market is segmented into North America, Latin America, Eastern Europe, Asia Pacific, the Middle East and Africa, and Western Europe. Out of this, the Europe commercial fitness equipment market is estimated to surge at a steady CAGR of 4.6% during the forecast period. This regional market is likely to reach a valuation of US$821.1 mn by the end of 2024. North America too is estimated to exceptionally well in the global market as it promises to exhibit a CAGR of 4.8% between 2017 and 2024. Asia Pacific except Japan is anticipated to be the most significant player as it is likely to rise ahead with a CAGR of 5.2% during the same forecast period due to its ever-increasing consumer base.
Some of the leading companies in the global commercial fitness equipment market are Brunswick Corporation (Life Fitness), Johnson Health Tech. Co., Ltd., Technogym, Precor Incorporated, Cybex, Amer Sports Corporation, Keiser Corporation, Promaxima, and Matrix Fitness.
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