Functional Fitness Equipment Market Size is Projected to Generate a Revenue of $2,73,315.2 Million by 2031

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The Global Functional Fitness Equipment Market Size is predicted to be valued at $2,73,315.2 million by 2031, surging from $6,325.0 million in 2021, at a noteworthy CAGR of 47.7%.

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

The pandemic of COVID-19 had a slightly positive effect on the functional fitness equipment market size. The pandemic introduced new norms and rules such as social distancing and lockdowns to control the spread of the virus. As a result, individuals all over the world were forced to sit at home, resulting in new trends such as at-home exercise. During the pandemic, the increased popularity of at-home exercises fueled the need for fitness equipment. Putting more emphasis on self-care, exercise, and health was beneficial. Functional fitness equipment platforms advanced significant traction in the wake of the pandemic.

The spread of novel coronavirus has increased demand for virtual gym and yoga programmes. The trend has increased demand for kettlebells, dumbbells, resistance bands, spin cycles, and treadmills, among other fitness equipment. Additionally, millennials are turning to virtual courses to relieve stress and cultivate mindfulness, fueling demand for functional fitness equipment and exercise equipment throughout the projection period. The above elements indicate that the pandemic may result in significant market investment opportunities in the upcoming years.

Global Functional Fitness Equipment Market Analysis

Functional fitness equipment is any equipment or item necessary for physical activity in order to control overall weight, enhance physical stamina, and develop muscular strength. As a result of growing health awareness, global demand for workout equipment has surged. Physical activity is also recommended during some medical treatments. Rowing machine medballs, flat bench, squat rack, bars and plates, and other types of functional fitness equipment are the most often utilized. The rise in obesity incidence and health consciousness has greatly aided the growth of the global functional fitness equipment industry. In addition, growth in the number of functional fitness center memberships, increase in the sale of in-home equipment, rise in the urban population, and increase in government measures to encourage healthy living drive the adoption of functional fitness equipment growth. These are the major factors anticipated to boost the functional fitness equipment market share during the analysis timeframe.

However, many individuals increasingly prefer activities that require a minimum of fitness equipment, such as dance, aerobics, pilates, and yoga. This has resulted in fitness clubs purchasing less functional fitness equipment and providing more and more free space. This is also projected to restrict the growth of the global functional fitness equipment market. Additionally, it is difficult to obtain functional fitness equipment components such as heart handle bars, rate grips, tension knobs, motors, and so on, and most of them are difficult to fix. This requires the replacement of the entire group, raising total maintenance expenses. This issue is projected to restrict the functional fitness equipment market growth during the forecast period.

People in today’s environment demand a smart phone for communication, grocery shopping, doctor consultations, and self-awareness. Many individuals can't imagine their lives without their cellphones. They prefer to exercise at home in their own time rather than going to gyms or fitness clubs. As a result, the functional fitness equipment app serves as a link between people who use their fitness app to get fitness schedules, diet plans, and workouts, among other things. More individuals are using cellphones in their daily lives as countries improve and develop technologically. All these factors create excellent opportunities for the functional fitness equipment market share during the forecast period.

Global Functional Fitness Equipment Market, Segmentation

The global functional fitness equipment market analysis is segmented based on type, application, and region.

Type:

The type segment is further classified into medballs, bars and plates, flat bench, squat rack, rowing machine, kettlebells and dumbbells, and others. Among these, the rowing machine sub-segment is anticipated to generate the maximum revenue during the forecast period. Globally the growing senior population has boosted the growth of the rowing machine segment. The senior population places a high value on reducing joint discomfort, controlling cholesterol, and increasing bone density. This group has radically different needs than the earlier population. The rising demand for functional fitness equipment such as rowing machines, particularly for seniors looking to undertake low-impact workouts, is likely to fuel the growth of the rowing machine segment.

Application:

The application segment is further classified into health clubs, home, hotels, hospitals, corporate offices, and others. Among these, the health clubs sub-segment accounted for a dominant market share in 2021. Increased awareness of the benefits of fitness and healthy living has resulted in increased membership in health clubs. These facilities offer a wide range of services and equipment to customers, allowing them to engage in a variety of workout activities. Health clubs also specifically target health issues, helping customers to create a personalized training routine. Health and wellness clubs are primed to acquire considerable popularity with large memberships, fueling the need for current workout functional fitness equipment market growth.

Region:

The functional fitness equipment market in the Asia-Pacific region is projected to have the highest CAGR during the forecast period. Individuals in the region are consuming more alcohol and other high-calorie beverages, and eating fast food more frequently. Due to the increase in weight reduction services and the significant interest in personalized training regimens, there is a greater need for personal trainers and fitness instructors. There is an increasing demand for trainers with specific understanding of safe and efficient fitness routines for elderly persons as baby boomers actively focus on their health. As a result, a number of functional fitness equipment market forecast global players are expanding their presence in Asia-Pacific in an effort to expand their customer base and outperform competitors. For instance, in June 2022, Johnson Health Tech (JHT) and Cravatex Brands Limited's fitness division announced an acquisition agreement. JHT became the first business to have a wholly owned subsidiary in India.

Key Players in the Global Functional Fitness Equipment Market

Some of the leading functional fitness equipment market players are

• Concept2
• Precor SA Technogym
• Johnson Health Tech
• Torque Fitness
• Hampton Fitness
• Escape Fitness
• Total Gym Global
• Brunswick Corporation
• XFit Brands

In April 2022, Core Health and Fitness has announced the purchase of Wexer Holding LLC to increase digital adoption and improve the digital fitness sector.