Fitness Products and Services Market Overview
Fitness Products and Services Market Size is estimated to reach $76.4 billion by 2027. Furthermore, it is poised to grow at a CAGR of 10.1% over the forecast period of 2022-2027. Fitness products are basically used during physical exercise to maintain or develop physical fitness of the body used in the home, fitness centers, health clubs, or gym. Fitness products include various training equipment, fitness devices, wireless health devices, nutrition food products, energy drinks, and other many consumables. Increasing urbanization and sluggish lifestyle, increasing consumption of unhealthy food, and stressful work life lead to obesity, cardiovascular diseases (CVD), Hypertension, and other diseases, creating the need for Fitness Products and Service Market. Also, there is rising health awareness among the government and key market players. Innovations and developments in the healthcare industry and ongoing fitness trends like online, live and on-demand exercise classes, Strength training with free weights, High-intensity interval training, and others are helping to drive the market. As per the fitness research statistics in 2020, sales of consumer fitness equipment reached $5.59 billion in the U.S. Such increasing interest of people in fitness products fuels the Fitness Products and Service Market over the forecast period 2022-2027.
The report: “Fitness Products and Services Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Fitness Products and Services Market.
By Type: Cardiovascular Training Equipment (Elliptical Machines, Treadmills, Exercise Bikes, Climbers, and Others) Strength Training Equipment (Weightlifting, Weights, Barbells & Ladders, Extension Machines, Power Racks, and Others) Weight Training Equipment, Mobile Apps, Nutrition and Food Drinks, Wearable Devices and Others.
By End Use: Home Consumers, Health Club/Gym, and Others.
By Distribution Channel: Supermarkets, Hypermarkets, E-commerce websites, Others.
By Geography: North America (U.S., Canada, Mexico), Europe (Germany, United Kingdom (U.K.), France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan India, South Korea, Australia, and New Zealand, and Rest of Asia Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), and Rest of the World (the Middle East, and Africa).
- Geographically, North America held a dominant market share in the year 2021, owing to the rising prevalence of obesity, CVD, hypertension, and lifestyle-related diseases driving the market.
- The Fitness Products and Services Market is predicted to expand owing to the increasing obese population, in 2020 more than 2 billion young population are overweight and 600 million are obese. Obese people have a high chance of diabetes, hypertension, CVD problems, and other health issues, hence to keep weight in control, Fitness products and Service Market grow at a high rate over the forecast period 2022-2027. However, the high cost of fitness equipment and the use of second buy equipment may limit market growth over the forecast period 2022-2027.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Fitness Products and Services Market Report.
Fitness Products and Services Market: Market Share (%) by Region, 2021
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Fitness Products and Services Market Segmentation Analysis- By Type
Fitness Products and Services Market based on type can be further segmented into Cardiovascular Training Equipment (Elliptical Machines, Treadmills, Exercise Bikes, Climbers, and Others) Strength Training Equipment (Weightlifting, Weights, Barbells & Ladders, Extension Machines, Power Racks, and Others) Weight Training Equipment, Mobile Apps, Nutrition and Food Drinks, Wearable Devices and Others. The cardiovascular Training Equipment segment held a dominant market share in the year 2021, owing to the increasing number of CVD-related diseases and deaths around the world. As per the WHO report, CVD takes 17.9 million lives each year. As per CDC, CVD is the leading cause of death in men and women. Such increasing cardiac health-related diseases and deaths fuels Cardiovascular Training Equipment and helps to drive the Fitness Products and Service Market.
However, Weight Training Equipment is estimated to grow with the fastest CAGR rate of 11.4% over the forecast period, owing to the increasing prevalence of obesity and malnutrition. Obesity gives rise to numerous health diseases while malnutrition creates a weakness in the body. Most people are conscious of their looks and wanted to keep their bodies in shape. In 2022, 30% of the global population are obese, as per the world population review. In 2021, 1.9 billion peoples are overweight, while 462 million are underweight as per World Health Organisation.The rising population under overweight and malnutrition and to maintain the body in proportion Weight Training Equipment is fuelling the Fitness Product and Service Market.
Fitness Products and Services Market Segmentation Analysis- By End Use
Fitness Products and Services Market based on end use can be further segmented into Home Consumers, Health Club/Gym, and Others. Home Consumers segment held a dominant market share in the year 2021. Home consumers purchased various equipment for their personal health care. Also, the rising of online live and on-demand exercise classes and various mobile applications in the market, and wearable devices to exercise and track health records fuels home consumer segment growth.
However, Health Club and Gym is estimated to grow with the fastest CAGR rate of 11.2% over the forecast period 2022-2027. The growth is attributed to the increasing number of people preferred live training sessions with expert consultancy for health management, and diet management. Also, various affordable price packages as per customer need provide by such health clubs and gyms and the availability of advanced equipment which is not affordable for average income single person fuels Health Club and Gym Segment over the forecast period.
Fitness Products and Services Market Segmentation Analysis- By Geography
The Fitness Products and Services Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 35% in the year 2021, owing to the increasing prevalence of obesity and related diseases in the region. As per fitness equipment statistics sale of consumer fitness equipment recorded $5.59 billion in 2020. According to the global wellness institute organization, the U.S. spent more on physical activity than any other country, which is about $265 billion, and per capita spending is $ 810 in the year 2021.
Furthermore, Europe is estimated to grow with the fastest CAGR over the forecast period 2022-2027. More than 53% of the European population is overweight, out of that 36% are pre-obese and 17% are obese. The higher percentage of obesity is contributed by people in the 65-74 age group. Croatia and Malta contribute about 65% of the obese population in European Union. Such increasing prevalence of obesity in European countries propel market growth over the forecast period 2022-2027.
Fitness Products and Services Market Drivers
Increasing Numbers of Health Centers and Gyms Aid Market Growth
Increasing consumer awareness about health, the impact of ongoing trends to look fit, and encouragement by many organizations and governments to follow a healthy lifestyle is driving the fitness products and service market. As per current fitness statistics, there are 106,132 gyms, and health and fitness clubs located in the U.S and about 201,000 health and fitness clubs around the world. According to Global Health and Fitness Association Report 2021, global health clubs and gyms made revenue of $98.7 billion and from that U.S made $35 billion in 2019. Also, about 184 million people practice gym around the world. Such an increasing number of health centers and the interest of people going to the gym drive the Fitness Products and Service Market over the forecast period 2022-2027.
Rising incidence of Health-Related Diseases Fuels Market Growth
Most people around the world work under pressure, which makes life busy. People prefer to eat Ready-to-Eat food instead of cooking at home. According to recent statistics 76% of U.S adults like to eat at outdoor and 83% of Americans eat fast food at least once a week. Such habits increase obesity and related diseases like CVD, hypertension, Join pain, and others. As per Medline, 36.5% population in the U.S is obsessed and Every year about 659,000 people in the United States die from heart diseases which cost $363 billion. Such increasing health-related diseases fuels the Fitness Products and Service Market over the forecast period.
Fitness Products and Services Market Challenges
High Cost of Equipment and Use of Second Buy Fitness Equipment Limits Market Growth
The skyrocketing price of raw materials used for making equipment and equipped technology increases the price of Fitness equipment over the years. Most fitness equipment is made by use of steel, iron, and composite other materials. The increased prices of the raw materials is due to a shortage in supply, impacting the fitness equipment’s production industry. In 2021, India’s top steel makers JSW Steel, ArcelorMittal Nippon Steel, and Jindal Steel and Power hiked their prices by 3,000 to 3,500 per tonne. Such price rise adds production cost of a final product made from steel such as fitness products which limit the market growth.
Fitness Products and Services Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Fitness Products and Services Market. The top 10- Fitness Products and Services Market companies are-
1. Brunswick Corporation
2. Technogym S.p.A.
3. ICON Health & Fitness, Inc.
4. Nautilus, Inc.
5. TRUE Fitness Technology, Inc.
6. Core Health and Fitness, LLC
7. Precor Incorporated
8. Johnson Health Tech Co., Ltd.
9. Amer Sports Corporation
10. SportsArt Fitness, Inc.
- In December 2021, Brunswick Corporation announced the expansion of production capacity of Reynosa manufacturing facility by adding 150000 square feet to the current facility and by providing 385000 square feet for manufacturing of their brands like Bayliner, Trophy, Heyday, Sea Ray, and Lund brands. This expansion is increasing the 60% of company production capacity and creating more than 600 jobs.
- In September 2021, Nautilus, Inc announced the acquisition of VAY – a leader in motion technology, to upscale Nautilus JRNY digital platform to enable real-time data analysis during workouts. Also, the company aims to use this technology in Bowflex, Schwinn, and cardio products.
- In March 2020, Technogym launched Mywellness, a new digital feature to assist fitness clubs to welcome back their members after the pandemic. Mywellness platform engages customers, gives coaching, and offers training experience with support service at home.
Report Code: HCR 0834
Report Code: FBR 0364
Report Code: HCR 0348
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