Global Functional Fitness Equipment Market to Experience Noteworthy Growth by 2031 With an Increase in the Number of Users Using Functional Fitness Equipment

In today’s fast-paced society, health has become more important and popular. People are becoming more health-conscious and taking steps to live a healthier lifestyle. As a result, there has been a huge growth in the need for health-related products and services. This is where the functional fitness equipment solution comes in.

The functional fitness equipment market has been increasing rapidly in recent years. Functional fitness equipment allows the body to operate in the same way it does in everyday life. This makes it possible to move the entire body in all directions and is similar to movements used in daily life, sports, and the workplace. Balance balls, barbells, dumbbells, boards, beams, kettlebells, and cable balls are all crucial pieces of functional fitness equipment. This enables total flexibility in all physiological motions that mimic daily tasks and activities.

Recent Trends in the Functional Fitness Equipment Market

The functional fitness equipment market is continuously evolving with new trends and innovations. Group fitness classes, such as boot camps and CrossFit, have grown in popularity in recent years. This has resulted in an increase in demand for functional fitness equipment that can be utilized in a group setting, such as resistance bands, medicine balls, and agility cones. Moreover, wearable technology such as smartwatches and fitness trackers has grown in popularity in recent years. These devices may track a variety of fitness parameters, such as calories burned, steps taken, and heart rate, and can help users set up and meet fitness goals.

Newest Insights in the Functional Fitness Equipment Market

As per a report by Research Dive, the global functional fitness equipment market is expected to grow at a CAGR of 47.7% and generate revenue of $273,315.2 million by 2031. The primary factors driving the growth of the market are the growing number of people participating in physical activity competitions, the surge in the urban population, the increase in the sale of in-home equipment, and the rise in government measures to support a healthy lifestyle. However, the high cost and maintenance associated with fitness equipment are expected to hinder the market growth.

The functional fitness equipment market in North America is expected to remain dominant in the coming years. The region's high revenue in 2021 was driven by the increased prevalence of obesity and physical inactivity, and many individuals who are concerned about their health have prioritized exercise in their daily routines. This has led to an increased need for functional fitness equipment, which is rising as more individuals look for easy and efficient ways to workout at home or in a gym.

How are Market Players Responding to the Rising Demand for Functional Fitness Equipment?

Market players are responding to the rising demand for functional fitness equipment by investing in research and development to create innovative products that satisfy consumer needs. They are also focusing on branding and marketing in order to meet the increased demand for functional exercise equipment.

In addition, market players are increasingly focusing on strategic partnerships and collaborations with other players in the industry to leverage their strengths and expand their reach. Some of the foremost players in the functional fitness equipment market are Precor SA Technogym, Concept 2, Johnson Health Tech, XFit Brands, Hampton Fitness, Torque Fitness, Escape Fitness, Brunswick Corporation, Total Gym Global, and others. These players are focused on implementing strategies such as mergers and acquisitions, novel developments, collaborations, and partnerships to reach a leading position in the global functional fitness equipment market. 

For instance:

• In April 2022, MoveStrong, a functional fitness training product maker and seller based in the United States, added a new device called, squat rack, to their line of functional training equipment. The squat rack is made with high quality materials and has modular design and features, as you would expect from a FitGround or T-Rex outdoor FTS product line.
   
• In April 2022, Core Health and Fitness, a leading maker of commercial fitness equipment with vertical integration, announced the acquisition of Wexer Holding LLC to boost digital adoption and improve the digital fitness sector.
   
• In October 2022, Aktiv Solutions, a top provider of functional fitness equipment, announced the official launch of Ecosystem, a novel new outdoor training facility. The newest addition to the Gym Rax® family of Smart RiggingTM products, Ecosystem, was developed in response to the rising demand for supervised outdoor exercise.

COVID-19 Impact on the Global Functional Fitness Equipment Market

The COVID-19 pandemic had a moderate impact on the global functional fitness equipment market. The pandemic had imposed additional rules and regulations, such as social isolation and lockdowns, to stop the infection from spreading. As a result, people all over the world were forced to stay at home, which led to the emergence of new trends like working from home. The pandemic had a significant impact on a number of businesses, yet the functional fitness equipment market experienced enormous growth during this time. Throughout the pandemic, the growing popularity of home activities increased the demand for fitness equipment. During the pandemic, a growing focus on self-care, exercise, and health helped fitness programmes and platforms in gaining popularity. These factors are projected to fuel market growth in the post-pandemic period as well.