Fitness Equipment Market in Office Segment is Expected to Showcase Substantial Growth by 2024

The fitness equipment market is experiencing a high adoption in offices owing to the increased corporate focus on the health conditions of employees & staff members. The multinational companies, which have large infrastructure & buildings are developing a separate space for establishing health & wellness centers for their employees. The companies are offering such services to increase the employee productivity in the organization. Moreover, the manufacturers in the fitness equipment industry are developing and offering several advanced systems that are specifically developed for corporate sectors.

The Asia Pacific region is surprisingly touted to be one of the most opportunistic belts for the growth of fitness equipment market. This change of dynamics since the last few years may be attributed to a barrage of determinants, such as the increasing disposable incomes, the subsequent lifestyle changes, increasing purchasing power, and most importantly, the rising number of cardiovascular and other disorders arising due to lack of fitness and a lethargic lifestyle. In addition to growing health awareness due to fitness drives, the rising spending capacity has also led to consumers willing to expend on luxury goods such as home gym equipment.

In an era expounded by sedentary lifestyles but increased consumer awareness subject to health, fitness equipment market seems to have made its mark in more ways than one. Of late, the global populace has been depicting signs of increased lethargy subject to hectic professional lifestyles, which has gradually resulted in a worldwide awareness epiphany, leading to people increasingly pursuing fitness activities.

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Fitness equipment industry giants have dutifully acknowledged this dynamic shift, and have been working continuously to bring about a plethora of innovative products for the fitness conscious crowd. As is the case with major domains lately, technology has heavily penetrated fitness equipment market. The manufacture of IoT-equipped multi-functional fitness devices is on a rise, pertaining to the fact that every end-use sector now demands a hefty chunk of the technology space. A recent instance demonstrating the infiltration of technology in fitness equipment industry is that of Apple’s announcement to launch Apple Watch-compatible gym equipment by September this year.

Apple, a renowned name in the tech cosmos, recently declared at the Developers Conference WWDC 2017 that it will be forming alliances with numerous fitness equipment market behemoths including the likes of Matrix, Core Health and Fitness, Technogym, and Life Fitness, who, between them, manufacture more than 80% of gym equipment globally. If sources are to be believed, the Apple Watch will be equipped with an NFC chip, which, by means of a simple tap, will open up the communication channels for the gym equipment.

In effect, the equipment in motion will be able to communicate with the Watch and inform the device about all the fitness details of the person using the equipment. The Watch enabled equipment may ready to be shipped and commercialized by September. With this critical initiative, Apple intends to mark its footprints in fitness equipment market, which is anticipated to cross a valuation of USD 14 billion by 2024.

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Furthermore, it is noteworthy to mention that one of the essential factors driving fitness equipment industry is that of consumer awareness, which is continually being exploited by fitness companies. Most of the fitness equipment market players and even the regional governments have been collaborating with the local fitness clubs and new entrants to launch fitness drives for generating a sense of awareness regarding the importance of health maintenance. Ireland’s 2016 launch of a ten-year National Physical Activity Plan to promote a healthy lifestyle via fitness training is an instance of the same.

Furthermore, these companies also have intensive marketing and promotional tactics on the cards, which will further augment product sale, indirectly spurring fitness equipment industry. The increasing health consciousness among consumers is sure to prompt companies to expand their product portfolios, which will gradually propel fitness equipment market even further, leading this business sphere to register a growth rate of 4% over 2018-2024.