Fitness Equipment Market by Equipment Type (Cardiovascular Training Equipment, Strength Training Equipment, and Other Equipment), End-user (Health Club/Gym, Home Consumer, and Other Users), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

Global Fitness Equipment Market Analysis

The global fitness equipment market size is predicted to garner $15,762.57 million in the 2021–2028 timeframe, growing from $11,214.06 million in 2020, at a healthy CAGR of 4.5%.

Market Synopsis

A growing number of health clubs and gyms is expected to accelerate the growth of the fitness equipment market.

However, exercise equipment is expensive and requires periodic maintenance, which is expected to restrict the market growth.

According to the regional analysis, the Asia-Pacific workout equipment market is anticipated to grow during the forecast period and is expected to generate revenue of $4,350.47 million by end of 2028, with a CAGR of 6.1%, due to the increasing consciousness of consumers about the benefits of daily exercise.

Fitness Equipment Overview

Fitness equipment are instruments or devices used by the individual to enhance body strength. Gym machines include spin cycle, elliptical, treadmills, weightlifting instruments, dumbbells, kettlebells, and other accessories such as stretch band, hammer, and sled machine required to build strength and physique. These machines help an individual in enhancing cardiovascular strength, stamina, and physical strength. Countries like China, the Philippines, and India are investing in high-value-low-budget gyms which is expected to propel the demand for workout equipment during the forecast period.

Impact Analysis of COVID-19 on the Global Fitness Equipment Market

Though the novel coronavirus pandemic had a devastating effect on several industries, the home gym market experienced significant growth during this period.

The importance of a healthy lifestyle and routine exercise has not stopped with the spread of COVID-19 but has instead changed dramatically. Many people seek to reduce stress thus adopting healthy routines during the lockdown imposed by the government to restrict the spread of the coronavirus disease. The purchase of fitness equipment has increased during the pandemic. As the health complications have increased, people have started opting for exercise, cardio exercise, and yoga to boost their immunity, leading to the increased demand for residential gym equipment. Therefore, the importance of good health has skyrocketed, thus driving the growth of the market.

The outbreak of novel coronavirus has fueled the demand for virtual gym and yoga classes. The trend has fueled the demand for dumbbells, kettlebell, resistant bands, spin cycles, and treadmills, among others. Furthermore, millennials are opting for virtual classes for relieving stress and mindfulness, thereby fueling the demand for gym machines and fitness equipment during the forecast period. The above-stated factors show that the pandemic may generate substantial investment opportunities in the market in the coming years.

Increasing Demand for Fitness Equipment for Home Use Is Expected to Drive the Market in the Coming Days

The spread of novel coronavirus has increased people's interest in practicing healthy routines and sports at home. The sales of wellness equipment have skyrocketed during the COVID-19 pandemic. The growing importance of a healthy lifestyle and exercise among millennials have fueled the demand for home use fitness equipment. People are investing in gym machines such as spin cycles, elliptical machines, treadmills, kettlebells, dumbbells, and stretch bands.

As gyms, fitness centers, fitness boutiques, and health clubs shutter due to the COVID-19, the purchase of fitness equipment through the online channel has increased significantly. Moreover, many fitness trainers, gyms, health clubs, and fitness boutiques have started virtual classes, which in turn is fueling the demand for home use exercise equipment. As per the DIGITAL JOURNAL INC., in an article published by Dr. Tim Sandle, on July 14, 2020, at eBay, sales of dumbbells during the lockdown period increased by 1,980% compared to March and April in 2019. The sales of weight plates increased by 1,355% in the same period. The increase in sales is attributed to growing demand from residential buyers.

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High Cost of Fitness Equipment to Restrain the Market Growth

The increasing cost of raw materials has fueled the price of workout equipment worldwide. In recent years, the price of raw materials such as steel, iron, and the composite has increased significantly. As per Monarch Metal, Inc., a leading manufacturers and supplier of Monarch Z Clips and fine custom architectural metal products, raw material prices for steel have increased about 60% from the pre-pandemic low in 2020 and continue their upward trajectory. The price increase is due to the shortage of cold-rolled steel sheets. Furthermore, the steel demand is expected to increase by 6.7% in North America this year as the economy rebounds. This may further fuel the price of steel, thereby hampering the market growth.

Growing Gym Membership is expected to Create Massive Investment Opportunities in the Global Fitness Equipment Market

The growing importance of good health among millennials has fueled the investment in sport and fitness activities. Moreover, the COVID-19 pandemic has shifted consumers’ interest in routine exercise to boost immunity and strength. This market trend has fueled gym membership in countries such as India, China, and the U.S. As per the Global Health & Fitness Association, the emerging market experienced an increase in gym membership in 2018. The Philippines (+33%), China (+30%), and Finland (+25%) took the top three spots, with India came in 10^th, with a 10% growth.

With the increasing number of sports enthusiasts, gyms, health clubs, and fitness boutiques are investing in renovation and expansion. For instance, RunRepeat.com, the boutique fitness industry, is expected to add around 2,000 new studios around the globe in the next five years. Moreover, the growing trend of the connected gym is expected to create investment opportunities in the global fitness equipment market.

To know more about global fitness equipment market opportunities, get in touch with our analysts here.

Source: Research Dive Analysis

The cardiovascular training equipment sub-segment is predicted to have a dominating market share by 2028. The sub-segment is expected to register a revenue of $8,749.72 million during the forecast period. Cardiovascular training equipment include a spin cycle, elliptical machine, and treadmills. This gym equipment is used by the home users and fitness boutiques to enhance the heart’s health and strength. Growing demand for fitness equipment among the sports enthusiast and the home user is the main factor driving the demand for cardiovascular fitness equipment during the forecast period.

Source: Research Dive Analysis

The home consumer sub-segment of the global fitness equipment market is projected to have the fastest growth. It is also projected to surpass $4,536.66 million by 2028, with an increase from $3,084.42 million in 2020. This growth in the market can be attributed to rising consumer interest in routine exercise and fitness actives. Increasing prevalence of obesity and cardiovascular disease has shifted consumer interest in healthy lifestyle and routine exercise. This trend is expected to fuel the demand for fitness equipment among the home consumer in the coming years.

The health club / gym sub-segment of the global fitness equipment market had the dominant share in 2020. It is also projected to surpass $7,830.41 million by 2028, with an increase from $5,599.75 million in 2020. Growing number of health clubs, gyms, and fitness boutique in countries like the U.S., China, and Japan is the main factor driving the demand for fitness equipment in the health clubs.

Source: Research Dive Analysis

The Market for Fitness Equipment in North America to be the Most Dominant

The North America fitness equipment market accounted $4,126.77 million in 2020 and is projected to register a revenue of $5,422.32 million by 2028. The extensive growth of the North America fitness equipment market is mainly driven by higher disposable incomes with the existence of top leading companies augmenting the industry growth in the region. Moreover, the strong presence of leading gyms and boutique fitness chains that offer virtual training is fueling the market growth across North America. These factors will ultimately drive the demand in the fitness equipment market across the region.

The Market for Fitness Equipment in Asia-Pacific to be the Fastest Growing

The share of the Asia-Pacific fitness equipment market is expected to rise at a CAGR of 6.1%, by registering revenue of $4,350.47 million by 2028. The growth shall be a result of increasing awareness about healthy lifestyles among millennials. Additionally, the growing presence of fitness franchises and gym chains is fueling the demand for fitness equipment in the region. Furthermore, growing gym membership in Countries such as China, Japan, the Philippines, and India is expected to fuel the demand for fitness equipment during the forecast period.

Competitive Scenario in the Global Fitness Equipment Market

Product launches and mergers & acquisitions are common strategies followed by major market players.

Source: Research Dive Analysis

Some of the leading fitness equipment market players are Life Fitness, Peloton, True Fitness, iFIT.com, Core Health & Fitness, LLC, Johnson Health Tech, Rogue Fitness, JERAI Fitness Pvt. Ltd, Cosco Sports Equipment, and ShuHua Sports Co., Ltd, among others.

Porter’s Five Forces Analysis for the Global Fitness Equipment Market:

• Bargaining Power of Suppliers: The suppliers of raw materials are high in number and are larger and more globalized. So, there will be less threat from the suppliers.
  Thus, the bargaining power of suppliers is low. 
• Bargaining Power of Buyers: The fitness equipment manufacturers such as Life Fitness, iFIT.com, Core Health & Fitness, LLC, and Peloton are present globally, providing a myriad of options to the buyer.
  Thus, the bargaining power of the buyers is high.
• Threat of New Entrants: The global market is highly competitive with major players such as Life Fitness, iFIT.com, Core Health & Fitness, LLC, and Peloton among other, dominating the global gym equipment market. Furthermore, the demand connected gym equipment is gradually increasing with the growing penetration of smartphones which may require high investment.
  Thus, the threat of the new entrants is moderate.
• Threat of Substitutes: No substitute available.
  Thus, the threat of substitutes is low.
• Competitive Rivalry in the Market: The competitive rivalry among industry leaders is rather intense, especially between the global players including Peloton, Life Fitness, Core Health & Fitness, LLC, and iFIT.com. These companies launched connected gym equipment in the international market and are strengthening the footprint worldwide.
  Therefore, competitive rivalry in the market is high.