The fitness equipment market, a pivotal sub-sphere of the global fitness sector – has been strongly reinforcing its stance in its parent industry ever since the advent of fitness gyms. Valued at $10 billion in 2017, fitness equipment market has been showcasing an exponential rate of growth primarily on account of the fact that the lifestyle of a modern-day human is increasingly becoming more and more sedentary.
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.
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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.
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.
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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.
Particularly led by Canada and the United States, the North America fitness equipment market has been depicting a highly commendable growth rate in the last few years. According to an industry statistics report by the government of Canada, the average annual revenue of around 6,984 fitness & recreational sports centers was about $310,000 in 2016. These numbers are further expected to rise as more and more individuals sign up to fitness centers for better health.
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.
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