Cardiovascular machines in the fitness equipment market are anticipated to grow at a fast pace due to an increasing emphasis on weight reduction and body maintenance among the young population. Additionally, innovations in treadmills and exercising bikes including technologies, such as Bluetooth and Wi-Fi, for efficient performance tracking are further increasing their demand. These machines are increasingly being deployed in personalized and hotel gyms owing to the increased consumer spending capabilities on luxury products. The benefits provided by this equipment in the consumers’ weight management program accelerates its demand in the market.
Home fitness equipment market is predicted to witness developments over the forecast timespan due to the increasing deployment of these machines in residential settings. A transition in the living standard of consumers and increased spending on maintaining a healthy lifestyle support the inclination toward using fitness machinery. Furthermore, public and societal gyms in modern housing societies and government infrastructures accelerate the product demand.
Additionally, the trend of hiring personal fitness trainers who offer customized training services create opportunities for home segment expansion. Commonly used machines in the residential settings are treadmills, elliptical machines, kettlebells, and weights that aid easy exercising and provide high outputs to consumers.
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Moreover, these machines are being integrated with advanced systems, allowing users to track several health parameters. For instance, mobile tracking applications help users in tracking their health status by connecting these machines with their mobile devices. Moreover, applications of these machines are growing rapidly in health clubs and gyms, driving the fitness equipment market.
The APAC fitness equipment market is expected to grow at an impressively rapid rate in the ensuing years, that can be aptly credited to the developments in the regional fitness and healthcare industries. This is specifically true of China and India – two massive markets that are likely to depict an extremely lucrative growth potential.
According to a 2018 report by the International Health Racquet and Sports club Association (IHRSA), approximately 22 million individuals attracted in by around 14 markets signed up to a health club in 2017. However, considering the fact that a majority of the world’s population resides in this region, the number exclusively spells out opportunity for health clubs and fitness gym chains to capitalize on the considerably untapped potential of the region.
The key players in the fitness equipment market include HOIST Fitness Systems, Johnson Health Tech, Amer Sports, Fitness EM, Brunswick Corporation, True Fitness, and Technogym S.p.A. These companies adopt new product development & innovation strategies that include connected and IoT-based machines. They develop several long-term contracts and partnerships with dealers across the operational regions to cover local markets.
Driven by the robust awareness regarding sound health and good fitness levels, the revenue graph of fitness equipment market is expected to demonstrate an exponential rate of growth. According to a report by Global Market Insights, Inc., the growing demand for these equipment in health clubs across the globe is projected to stimulate the fitness equipment market, slated to cross $14 billion by 2024.
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