The fitness equipment market worldwide is expected to reach $11.9 billion by 2020, according to the report "Global Fitness Equipment Market - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2014 - 2020" by Allied Market Research, Portland, Oregon.
That would mean a compound average growth rate (CAGR) of 3.89 percent during 2015-2020.
Cardiovascular fitness equipment is expected to continue driving the fitness equipment market during this period. Cardiovascular equipment would contribute more than 50 percent of the market size throughout the analysis period. The adoption by health clubs would grow at a CAGR of 4.13 percent between 2015 and 2020, according to the study by the market research and business-consulting wing of Allied Analytics LLP.
The main driver of the growth is the increasing obese population across the world, especially in developed countries where two-thirds of the global obese population resides.
The study found that strength training equipment is most commonly preferred by younger people, which bodes well for strength equipment sales in developing regions with a large youth population.
Among end user segments, home/ individual users will drive the market growth. A majority of home users of fitness equipment are from the United States. The study also projects a significant increase in the number of health-conscious people in the aging population across developed countries that indicate a higher preference for exercising at home, which, in turn boosts the market for fitness equipment.
Key findings of the study:
- The fitness equipment market will grow at a steady rate during the forecast period owing to the increasing demand by the obese population and rising health and fitness awareness.
- The North American region will continue to dominate the market making up about two-fifths of the market size each year.
- The cardiovascular equipment segment will drive the market throughout the forecast period making up 50 percent of the market size by value.
- The adoption of fitness equipment by commercial customers, such as hotels, hospitals and corporate fitness, is expected to increase at a CAGR of 3.95 percent during the forecast period.
The market growth can be attributed to innovative product launches and increasing collaborations between fitness equipment vendors and the commercial user segment. The need of the commercial user segment to improve its infrastructure offerings largely supplements the demand for fitness equipment.
To request more information about the report, visit the website at: https://www.alliedmarketresearch.com/fitness-equipment-market