Gym Equipment Market REPORT OVERVIEW
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The global gym equipment market size is expanded rapidly in 2022 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2022 to 2031.
Gym equipment is any device or product which is extensively used during physical activities. The equipment is used to enhance strength and built muscles.
Global gym equipment market growth is attributed to the growing number of gyms across the globe. The rise in awareness about fitness and increased urbanization. Increase prevalence of obesity and chronic diseases is estimated to foster market progress. Growing unhealthy lifestyles and increasing number of geriatric population is anticipated to accelerate market growth. Gym equipment are used to improve body structure and health. Today, population are extensively inclined towards fitness and huge benefits of gym is anticipated to propel market progress. Ongoing innovations in gym equipment for better and effective results is estimated to boost market growth. Growing penetration of E-commerce platforms and huge adoption of smart phones is expected to foster market progress. The adoption of gym machinery in residential areas and huge spending capacity of population is predicted to fuel market growth in the coming years. Also, adoption of gym machinery helps to increase metabolism, increase blood circulation, tone muscles, and reduce unwanted fats from the body. Such health benefits associated with gym machinery is anticipated to propel market growth. On the contrary, high cost associated with the equipment is projected to obstruct market progress in the forthcoming years.
COVID-19 Impact: Closure of Gym and Social Distance Protocols to Hamper Market Growth
The COVID-19 pandemic somehow negatively impact market growth due to closing gym across the globe. The pandemic has imposed several new norms and regulations such as lockdowns and social distance. These new regulations affected market progress. Also, huge adoption of home workouts due to government regulations minimized market growth.
LATEST TRENDS
"Increasing Number of Population Involved in Physical Activities Competitions to Accelerate Market Growth "
The physical activities are very crucial for good health. Regularly, exercising helps to improve heart, body, and mind health. The equipment is used to train body. The growing number of fitness tournament to promote fitness among population is estimated to boost market growth. Today, presence of several functional fitness events is anticipated to attract more consumer. Also, numerous fitness activities competitions are bodybuilding, powerlifting, long distance running events, cross-fit and fun runs competitions. Such huge number of body fitness activities is expected to fuel market growth in the forthcoming years.
Gym Equipment Market SEGMENTATION
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- By Type
Based on type, the market is divided into treadmills, stationary bikes, rowing machines, elliptical, stair walkers, and others.
Treadmills are expected to be the top part of type segmentation.
- By Application
Based on the application, the market is divided into home consumers, health clubs / gyms, hotel gym, medical centers / hospitals, and others.
Health clubs / gyms are expected to be the top part of application segmentation.
DRIVING FACTORS
"Increasing Penetration of E-Commerce Platforms and Smartphones to Boost Market Progress"
The rise in adoption of e-commerce platforms for quick and effective service. The market is anticipated to witness significant growth for its unique marketing and rise in celebrity endorsement is expected to fuel market progress. Rise in focus on self-care, and huge adoption of fitness apps and platforms is estimated to foster market progress in the forthcoming years. The growing number of gyms across the globe. The rise in awareness about fitness and increased urbanization. Increase prevalence of obesity and chronic diseases is estimated to foster market progress. Growing unhealthy lifestyles and increasing number of geriatric population is anticipated to accelerate market growth. Gym equipment are used to improve body structure and health. These factors are anticipated to propel market growth in the upcoming years.
"Extensive Inclination towards Fitness to Accelerate Market Development "
Today, population are extensively inclined towards fitness and huge benefits of gym is anticipated to propel market progress. Ongoing innovations in gym equipment for better and effective results is estimated to boost market growth. Growing penetration of E-commerce platforms and huge adoption of smart phones is expected to foster market progress. The adoption of gym machinery in residential areas and huge spending capacity of population is predicted to fuel market growth in the coming years. Also, adoption of gym machinery helps to increase metabolism, increase blood circulation, tone muscles, and reduce unwanted fats from the body. Such health benefits associated with gym machinery is anticipated to propel market growth in the coming years.
RESTRAINING FACTORS
"High Cost Associated with The Equipment to Hinder Market Growth"
The high cost associated with the equipment is projected to obstruct market progress in the forthcoming years.
Gym Equipment Market REGIONAL INSIGHTS
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"Huge Popularity of Fitness Apps and Gym Machinery in North America to Drive Market Share "
North America is anticipated to account for the largest gym equipment market share owing to growing popularity of fitness among population. Rapid development in gym machinery and physical activities are very crucial for good health. Regularly, exercising helps to improve heart, body, and mind health. The equipment is used to train body. The growing number of fitness tournament to promote fitness among population is estimated to boost market growth. Today, presence of several functional fitness events is anticipated to attract more consumer. Also, numerous fitness activities competitions are bodybuilding, powerlifting, long distance running events, cross-fit and fun runs competitions. Such huge number of body fitness activities is expected to fuel market growth in the forthcoming years.
Asia Pacific is estimated to witness a prominent market share due to increased demand for gym. Huge number of population are inclined towards fitness activities. Growing number of tournaments and fitness games. Rapid technological advancements and increased internet usage in the region is responsible to boost market progress.
KEY INDUSTRY PLAYERS
"Leading Players Adopt New Strategies to Stay Competitive"
The report covers information about the list of market players and their latest development in the industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.
List of Market Players Profiled
- ICON (U.S.)
- Nautilus (U.S.)
- Johnson (U.S.)
- Life Fitness (U.S.)
- Technogym (Italy)
- Cybex (Germany)
- Precor (U.S.)
- Star Trac (U.S.)
- Bodyguard (U.S.)
- Concept-II (U.S.)
- Stair Master (U.S.)
- Ivanko (U.S.)
- GYM80 (Germany)
- PULSE (
- CATEYE
- STEX
- KEISER
- Paramount
- BODY-SOLID
- Sports Art
- Schwinn
- Powertec
REPORT COVERAGE
This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.
Frequently Asked Questions
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What is the leading region in the gym equipment market?
The leading region in the gym equipment market is North America.
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What are the driving factors help pushing the gym equipment market?
The drivers of the gym equipment market are increasing penetration of e-commerce platforms and smartphones and extensive inclination towards fitness.
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Which are the key player or most dominating companies functioning in the gym equipment market?
ICON, Nautilus, Johnson, Life Fitness, Technogym, Cybex, Precor, Star Trac, Bodyguard, Concept-II, StairMaster, Ivanko, GYM80, PULSE, CATEYE, STEX, KEISER, Paramount, BODY-SOLID, Sports Art, Schwinn, and Powertec are the key player or most dominating companies functioning in the gym equipment market.
