Rising health awareness, inactive lifestyle and exponential increase in aging and obese population across the globe are the key factors driving the growth of global gym equipment market.
Growing health conscious population is likely to positively impact membership subscription of gyms, which will further boost the sales of gym equipments. Rising incidents of chronic diseases such as cardiovascular diseases is a major concern across the globe. As a result majority of population is engaging in physical activities and programs in gyms, which is boosting the business of fitness centers and driving the growth of global gym equipments market.
Global gym equipment market is segmented into product types such as cardiovascular and strength training gym equipments. Cardiovascular gym equipments constitute more than 55% product share in global gym equipment market owing to rising health concerns and obese population.
The global gym equipment market accounted for more than USD 8.7 billion in 2016 and projected to surpass USD 12.0 billion by the end of 2024. Further, the market is anticipated to expand at compound annual growth rate of 4.2% over the forecast period i.e. 2016-2024. Geographically, North America dominates the global gym equipment market closely followed by Europe owing to rising number of new start-up gyms and presence of huge fitness enthusiast population. Asia-Pacific is anticipated to be fastest growing region at a CAGR of 7% over the forecast period.
Growing Obese Population and Health Concerns: Major Boost
Rising concerns and consciousness for healthy living and benefits of physical exercise are impelling the growth of gym equipment market. Rise in Obese population in developed countries are also driving the growth of cardiovascular gym equipment market. Additionally, rising trends of corporate fitness and wellness programs to encourage their employees to adopt healthy lifestyle and are providing various amenities for physical exercises and health programs.
Global Gym Equipments Market Outlook 2024 contains detailed overview of the global gym equipment market in terms of market segmentation by product, distribution channels type. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes provides competitive outlook of some of the major players of the global gym equipment market which includes profiling of companies such as Jordan Fitness, Brunswick Corporation, Impulse Health Tech Co Ltd, Matrix Fitness, Promaxima Manufacturing, Rogue Fitness, Legend Fitness, Precor Incorporated, ICON Health & Fitness, Hoist Fitness Systems, Nautilus, Paramount Health Group, Precor, Technogym etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global gym equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
Based in the US, Goldstein Research currently has a strong presence in the American and Asian countries. In the next five years, we strive to expand our reach to 50+ nations spanning across Europe, Asia and parts of the Middle East and Africa. We strive to realize a strong brand presence globally through our quality research and forecasting solutions. Our mission is simple: to develop insightful business solutions, help our clients make powerful future decisions to keep them well ahead of the game which is the market, and leave a mark across businesses and communities through our well-defined ideas and clear cut forecasts. Backed up by reliable research and impactful statistics, our business solutions empower our clients to grow at a fast pace despite unsettling fluctuations in the market. We believe in vigorous examination of the current market scenario and build around creative ideas and approaches that are most suitable to our clients’ needs and business agenda.