Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Medical Tech Outlook
THANK YOU FOR SUBSCRIBING
By
MedTech Outlook | Friday, March 03, 2023
Fitness equipment sales will grow significantly over the coming years, given the growing focus on fitness and well-being worldwide.
FREMONT, CA: As people worldwide become increasingly concerned with their health and well-being, the global market for fitness equipment is expected to expand rapidly in the coming years. The escalating adoption of a sedentary lifestyle and the resulting rise in negative health conditions such as heart disease have emphasized the importance of incorporating physical activity into daily life.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
Due to the rapid advancements in technology, there has been a substantial increase in the demand for connected devices, with digital connectivity significantly revolutionizing the fitness industry. In addition, deploying IoT, Bluetooth, GPS, and other technologies will contribute to the growth of the fitness equipment market over the forecast period.
Global Market Insights forecasts that by 2027, the global fitness equipment market will generate more than $25 billion in revenue.
The following trends are boosting fitness equipment market share:
Rapid implementation of remote workouts amid COVID-19
Increasing demand for online fitness sessions and the growing number of fitness centers and health clubs in the Middle East, Africa (MEA), and Latin America will contribute to the fitness equipment market forecast in the coming years.
The fitness industry has experienced a significant uptick following the Coronavirus pandemic, with manufacturers rapidly releasing a wide range of compact fitness products. For instance, in March 2021, Lifepro introduced two adjustable dumbbell sets for home use, PowerFlow Plus, and PowerUp, to provide affordable and high-quality workouts.
The increasing prevalence of chronic heart diseases has also increased awareness of fitness equipment and its applications. According to the CDC, heart disease has become the leading cause of death among ethnic and racial groups in the United States, increasing the demand for cardiovascular equipment.
Due to their diminutive size, stationary exercise bikes are gaining popularity
Exercise bikes will generate substantial revenue in the coming years due to the growing popularity of stationary exercise bikes due to their small size, ease of installation, and other health benefits. The product can increase oxygen and blood flow throughout the body, effectively strengthening the lungs, heart, and muscles.
Due to the rapid incorporation of fitness centers into the expanding hospitality industry, the hotel segment of the global fitness equipment market will hold a sizeable share in the coming years. The segment's growth will be further bolstered by the accelerated introduction of solutions tailored to the unique needs of hotels.
Increasing health consciousness among APAC consumers
Due to rising disposable incomes, strong product demand in countries such as India, South Korea, and China, and an increasing population of health-conscious consumers, the Asia Pacific fitness equipment industry, is expected to exhibit a remarkable growth rate from 2017 to 2027. A primarily young and working population will further stimulate regional economic growth. Consumers throughout the region strongly emphasize stress management, which motivates them to engage in numerous recreational activities and exercises daily.
Key market participants in fitness equipment focus on diverse strategies, such as innovative product launches and mergers and acquisitions, to solidify their position and capture a substantial market share.
In essence, high economic growth, the adoption of a sedentary lifestyle, mainly due to the COVID-19 lockdown measures, and the subsequent increase in the prevalence of cardiovascular and chronic diseases across the globe are among the primary drivers for the robust adoption of advanced fitness equipment shortly.
More in News
I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info
