The equipment used to build or work on an individual’s body are known as fitness equipment. There are several varieties that cater to different parts of the body which include treadmills, spin cycles, and weight lifting material as well.
COVID-19 Impact on the Global Fitness Equipment Market
The repercussions of the pandemic were felt across several industries as governments all over the world started implementing lockdowns as a safety measure. This led to many people investing in home gym equipment to keep their health in check. Working out also became a way of bringing down the stress levels while also boosting immunity amidst the rapid increase in coronavirus cases. Many people ended up buying treadmills, cycles, dumbbells, resistance bands, and more to assist with enhancing the effectiveness of their workouts. Additionally, these equipment also were helpful during virtual classes that a majority of the people opted for due to closure of gyms and fitness centers. These efforts helped propel the growth of the market amidst the pandemic.
Key Developments in the Industry
Several organizations have been working on initiatives to assist the market in its growth while also making efforts to boost their presence. The companies have also been using novel methods to supply high quality equipment to their consumers.
For instance, in December 2020, Nautilus Home Fitness, a supplier of home exercise equipment launched a new type of equipment known as the Bowflex Max Trainer. The machine which focuses mainly on cardio workout also helps in building the upper body and engages it by over 80%. Upon using the equipment, an individual continues to burn calories even post workout for upto 48 hours. One of its primary advantages is that the equipment is extremely compact which makes it easy to have for home workouts.
Also, in May 2021, HRX a popular athleisure brand from India announced their plans to launch a plethora of workout gear and equipment to make home workouts easier. The products range from skipping ropes, kettlebells, and even yoga mats.
Similarly, Strength Master Fitness Tech Co., a pioneer in the manufacture of fitness equipment, unveiled their new product – the LifeSpan TM7050 Electric Treadmill, at the Taiwan Excellence’s 2021 Smart Fitness Online Product Launch. The equipment contains a vast array of features such as Bluetooth speakers, a 10-inch screen to watch videos on as well as a mirroring feature.
Forecast Analysis of the Global Market
According to a recently published report by Research Dive, the global fitness equipment market is anticipated to witness a significant increase in revenue from $11,218.41 million in 2020 to over $15,762.41 million by 2028 at a stable CAGR of 4.5% during the forecast period from 2021-2028. Also, the North America region is predicted to gain the highest market share with a revenue of $5,422.32 million by 2028. The increasing number of fitness centers found in the region along with the rapid rise of disposable income among people is further predicted to propel the growth of the North America market.
The pandemic has been one of the primary causes for people opting to buy fitness equipment which has led to an accelerated increase in demand. People also started focusing on building up their immunity which is possible via a combination of working out and an overall healthy lifestyle. To add further, closure of gyms as a way of following social distancing guidelines also led to gym owners starting virtual classes. This further led to individuals purchasing elliptical machines, stretch bands as well as dumbbells to make a home gym. These factors are expected to add to the growth of the fitness equipment market in the analysis period.
On the other hand, the cost of raw materials and especially metals, such as iron and steel has risen immensely. This has resulted in a worldwide increase in the overall cost of workout equipment as well, which is expected to limit the growth of the market in the forecast period.
People today have gradually started initiating a shift towards leading a healthy life which led to them implementing regular exercise and fitness into their routines. To add further, the pandemic boosted the need to improve immunity in order to keep away from any illness. This has led to an increase in gym memberships in countries such as U.S, China, and India. These have further fueled renovations within health clubs and fitness centers. This awareness about the benefits of exercise has also resulted in an increase in the latest concept of connected gyms, which is further predicted to provide a growth opportunity for the market in the estimated time period.
To add further, multiple industry experts and pioneers of the market have been working on initiatives to improve the effectiveness and durability of the fitness equipment. Some of them are Life Fitness, True Fitness, Core Health and Fitness, LLC, Rogue Fitness, Cosco Sports Equipment, Peloton, iFIT.com, Johnson Health Tech, JERAI Fitness Pvt. Ltd, and ShuHua Sports Co. Ltd.