Increasing sedentary lifestyle is driving the demand for fitness equipment across the world. Also, rising number of fitness service providers and centers are fueling the growth of the fitness equipment market. Service providers are offering packages and discounts for weight loss programs to attract maximum consumers. Revenue of the market is projected to surge with an increase in the client base of these fitness centers. Growth in the prevalence of cardiovascular diseases is also providing an impetus to the demand for fitness equipment. Surge in awareness regarding lifestyle-led diseases is compelling people to resort to physical workouts, which is expected to expand the fitness equipment market size.
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Fitness Equipment Market Trends
Increasing Number of Gyms & Fitness Clubs: Sedentary lifestyle, limited or no time for physical activities, and consumption of junk food are responsible for obesity across the globe. Rising prevalence of obesity is one of the major factors fueling the growth of the global fitness equipment market, especially in developed regions such as Europe. Increase in the number of gymnasiums and fitness service providers offering various packages and discounts for weight loss and related programs have increased the client base. All these factors are creating a positive impact on the growth of the fitness equipment market, especially in Europe.
The population across the globe is now aware of various diseases caused by a sedentary lifestyle. Key players operating in the global fitness equipment market are coming up with new outlets and chains of fitness clubs and spas. This is likely to positively impact membership subscriptions, which will ultimately boost the growth of the fitness equipment market over the projected period.
Rising Incidence of Diseases Leading to Increased Focus on Fitness: Increasing incidents of cardiovascular diseases, diabetes, and osteoarthritis is a major concern all over the world. According to the World Health Organization, cardiovascular disease is one of the major causes of deaths. However, many organizations are promoting a healthy lifestyle through sports. As a result, an increasing number of individuals are actively engaged in physical activities such as signing up for workout programs and packages, or just exercising independently. This is driving the growth of the fitness equipment market. With economies growing rapidly, retail chains are also expected to exhibit substantial revenue growth over the forecast period. As a substantial percentage of the total revenue from sales of fitness equipment comes from organized retail chains, the growth of the fitness equipment market is anticipated increase in the coming years.
Fitness Equipment Market Restraints
There is difficulty in procuring parts/components utilized for fitness equipment such as heart rate grips, LED consoles, handle bars, tension knobs, motors, and so on, and most of these are complex to repair. This results in replacement of the whole unit, increasing overall maintenance costs. This factor is estimated to restrain the growth of the fitness equipment market in the near future. At present, a lot of people are inclining toward exercises such as dancing, aerobics, Pilates, and yoga, which require minimal use of fitness equipment. This has made fitness clubs buy less equipment and provide more & more open spaces. This is further expected to hinder the growth of the global fitness equipment market.
Regional Outlook of Fitness Equipment Market
North America, follow by Europe, lead the global fitness equipment market share. At present, together, both these regions hold around 60% of the market share. However, over the forecast period of 2020 to 2030, the fitness equipment market in the Asia Pacific region is set to expand at the fastest pace, witnessing increasing demand as the years go by.
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COVID-19 Impact on Fitness Equipment Market
The COVID-19 pandemic has wreaked havoc across the world. GDP growth worldwide was already not great, and this outbreak has further worsened the situation. Restrictions on trade, export, and manufacturing activities have led to supply chain disruptions. Besides, with the shutting down of non-essential facilities across the world to contain the virus spread, gymnasiums and health clubs have been badly affected, leading to sluggish growth of the fitness equipment market. As lockdowns slowly ease across the world, market growth is expected to pick pace.